It is better if you know that you have the capital to trade forex, and the time to trade forex, there is one more question you will ask yourself. The question is, "do I know about the forex pair market that I want to trade, and what are the risks to me?" Crowds of people only know that they enter buy and sell without knowing the base of the currency pair market.
What pair can you trade? GBP / USD. Pound / USDollar. Ok, also ask yourself, what article of Great Brittain and America do we know? Because for me, forex trading is not as easy as relying solely on technical analysis. As a forex trader, you also know the political, economic situation, and other news that can have an impact on the currency or pair we want to trade.
You can search on google about the Currency economy that you want to trade with. Find the pair that best suits your trading technique. Maybe you fit a scalper up and down, take little pips, you need to find a pair that has a lot of sideways and hit your technique. If you are a swing trader, you need to find a trending pair. After that, you can examine the economic and political factors, the basis of the bank, monetary policy, news regarding your pair so that your trading decisions are made more precisely. Learn to explore the one-on-one pair that you feel is appropriate so that you really understand the movements of the eyes of economic and political news.
Don't start trading, but you know about the economic calendar for the currency pairs you will trade. Previously, what news was there today, what time was the news release, and what was the impression, was it strong or weak. For example, if you are a scalper, trade pairs that are often sideways, news releases may result in strong movements of the pair up or down, so you might want to avoid trading at that time. The most popular reference place for economic calendars is www.forexfactory.com
Always alerts with news, because forex traders are busy when we ask, claiming to be forex traders, but in their minds, they only need to catch up with the ups and downs of the graph, why can't they go up and down. Although there are certain traders who are allowed to profit by means of fully technical analysis, we rarely meet and most traders who never take to know about forex news and what the news reports are traders who fail. Ca'mon. This is not a place where you can gamble without knowledge, and this is not the 4D Magnum version of forex. We are a forex trader, not a gambler.
