what is the basic thing that we should know???

hi,

what are the basic thing that a forex trader to know???? best indicators??? news??? best pair to trade??? time and so on...........

10x

hi mohan,

try & see stuff from here..

http://www.forexfactory.com/forumdisplay.php?f=56

The number one thing to know is don't lose your money.

depends on what you expect from trading ...

if you expect big and quick cash perhaps forex will make you disappointed
if you want to be a trader then you have to open your mind and eyes everyday, watch the reality what happened on the market and assumed why that happened

why do the egg in US increase by 40% why does milk increase 50%
why the Fed injected US$200 billion yesterday

you need to know basically everything to be a trader

........ and of course to know something you need to ask questions

so the good thing to be a trader is to develop an endless spirit and keep ourselves open minded since we learn new stuff every tick of price

good luck, this is a long journey not a meal at a fast food rest

LEARN TO WIN!!!!!!!! BY MAKING MISTAKES FIRST THOUGH.

Good Luck

Hi mohan,

The first thing is to realise is that trading is about learning how you respond to different situations that arise from trading on the market. (and of course you will need to have a system whether its fundamentally or technically based is up to you). The market will throw everything at you to see if you belong here, just to test you.

The next important thing is get a mentor if you are really serious about being successful, the quickest way to become successful is to take the coaching from someone who has been there before you.

Then take the coaching and read everything you can get your hands on and experiment with different idea's or systems in demo or paper trades until you are ready to go live.

I personally don't advise my students to go live until they are averaging 24 positive trades out of 30.

good luck and remember there are a lot of good threads here at forexfactory to read.

cheers Go Getter

All the above words are turely right.

as the freshman, y have to try, make mistake, try again, learn along with.

and visit FF as offen as you can.

learn to save money and youll most likely make money

To be honest, if you are expecting here professional result then only basic knowledge wouldn’t be enough for you! But it’s true you may start your learning process from basic like, Mt4 trading platform or technical tools of Forex trading! But gradually, you have to learn advance lessons also, like fundamental analysis! In Forex, maximum traders are struggling, so don’t set any shortcut way of money earning!

The first basic thing one should learn as a newbie Forex trader is that it takes a long time and a lot of effort to actually start making profits from trading. It's not something that can be learned overnight and one should be aware of that, so they wouldn't get into trading with unrealistic expectations.

Basic thing
1. Look for the momentum of the market. i.e. if the bearish momentum is shrinking, then prepare to look for a buy setup
2. Look for a contraction in Bollinger band
3. Learn Fib retracement
4. Learn Fib extension
5. Trade pairs where over that day, a high impact econ-news is about to be release.
6. Learn candle stick formation
7. Learn reversal pattern
8. Learn harmonic pattern (usually this is use as a reversal pattern)

Try download this app http://www.tradeinterceptor.com/#mob...ktop-downloads
They have trader's gym where you can use to practice your strategy. There you can learn why you failed.

Work on your mindset and risk management. For technical things, letting your winners run and cut your losers seems to be working very well. Seems to be one of the key issues 95% of all retail traders have.

Managing the risk in a proper way is a great skill from all in Fx where everything is volatile. But practically we fall a great trouble when trading only due to lack of risk management especially when using high leverage. So we have to know how to manage risk, if we want to lead a flexible trading life with certainly.

you should know how much you should have to start trading, never trade real money with a tiny account.

all the items u just mentioned.
I would recommend website babypips as the best place to go and study as a beginner.

Why you suggest not to trade with real money in micro account. I prefer that than invest large amount which always contains great risk.

Reason: if you have 100 bucks in a micro lot you can loose it in a week, but a 1000 dollar micro lot will last way longer, but hey im just throwing my two cents ok what I've learned in life. Besides in my perspective if your trading that small anyways, why not stick to demo trading?

To begin with, determine your risk tolerance and capital allocation. Tread prudently and evaluate your financial objectives. Analytically outline a timeframe and a working plan for your trading career.

Secondly, choose your broker carefully. What kind of client profile does the forex broker aim at reaching? Does the trading software suit your expectations? How efficient is customer service? All these must be sensibly studied before even beginning to reflect the intricacies of trading itself.

If you’re a novice, it is a must that you endure a period of education and run-through by the use of a mini account. As a general rule, the lower your risk, the higher your probabilities, so make your picks in the most conventional way possible, principally at the foundation of your career.

Initiate with small sums, and low leverage, while adding up to your account as it generates profits. There is no justification to the idea that a loftier account will allow grander profits. If you can upsurge the magnitude of your account through your trading choices, perfect. If not, there’s no point in keeping pumping money to an account that is burning cash like an furnace burns paper.
Emphasize on a single currency pair, expand as you better your skills. Sticking to the most liquid, and widely traded pairs can also be an excellent practice for both the beginner and the advanced traders.

In general, if you’re irresolute that you know what you’re doing, and that you can defend your judgment with forte and vigor against critics that you value and trust, do not trade. Do not trade on the basis of hearsay or rumors. And do not act unless you’re confident that you understand both the positive consequences, and the adverse results that may result from opening a position.

Other than that, make sure to confine your sentiments. Automate your trading as much as possible yet do not solely rely on forex robots, wonder methods, and other snake oil products. Keep it modest. Both your trade tactics and analysis should be easily implicit and elucidated. Don’t go contrary to the markets, unless you have enough patience and financial resilience to stick to a long term plan. Comprehend that forex is about probabilities. Be humble and patient. Do not contest the markets. Study the markets, fundamentals, and technical factors leading the price action.

And most of all, “Don’t Give Up”

There is no basic thing my friend trading is complex, difficult and takes time to master but nonetheless it can be mastered. What i wanna say is you should make learning and patience your top priority. Someone once said to me even the pro traders still learn new things in the market. So my advice would be learn as much as you can and take your time doing it.