If I Could Begin Again: Tips for Mastering Forex

Restarting my trading journey - here's what I would do.

It is important to understand these 3 things of the market as it is the core to getting step 1 right. Firstly, Market Analysis. It is important for us to understand the 2 different aspects of Market Analysis. Fundamental & Technical. Now what's the difference ? Simple.

Technical Analysis involves the idea of charting and mapping out your trade idea or strategy on the market itself. This allows you to get a better understanding of what the market is trying to show you. This is also what we call Price Action. Now, Fundamental Analysis is rather different. Fundamental Analysis involves the idea of understanding how political and environmental factors affect the market and how we are able to capitalise off this knowledge to make a profit.

Moving on, the second aspect of trading that we have to understand is to know how Risk Management works in trading. Many people tend to think that trading is a very risky thing to do due to the misconception that you could potentially lose all. Whilst this is true, it depends on your approach to the market. The reason why many people lose lots of money to trading is because they do not have a cut off point or rules in placed that they should follow. Risk Management is rather simple, it is a set of trading rules that we traders have set in place to ensure that there is a cut off point ( Stoploss ) as well as the max risk we are willing to input per trade.

Now lastly, Using the Right Tools. This is the last and one of the most important aspect of trading. It is important for us to know who to work with because this affects the outcome of your journey. A brokerage is something that we will require in order to trade but there are SO MANY brokers out there, how do we know which to work with ? Simple. Here are a few things that you need to take into consideration when choosing a broker.

1. Spreads. The lower the spreads the better

2. Commission Charges. The lower the better

3. Reliability. How long have they been around for ?

These 3 simple "questions" will allow you to separate the good from the bad which will then allow you to choose the broker you want to work with.

Now, as a self taught trader that was UNWILLING to invest in a mentorship, I would want to tell you that that's the WORST decision I've ever made in this trading journey of mine. As I was unwilling to invest in a mentor, it took me over 2 years to understand the market, losing more money than I intended to. However, it is not necessary to get a mentor, it depends on how desperate you are to achieve success in this industry. However, if I were to begin again, what I would do is to invest my money into a good mentor and pay attention to every single detail that I was thought.

Well, I've come to the end of my first sharing on Lemon8. If you have made it this far, I hope that you would consider dropping a follow as I will be sharing more tips and tricks that will help you master the market. Let me know if you have any questions in the comment section and I'll look forward to answering them. Cheers !

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