What a novice trader should know.

Very often, the reason for refusal to hire is the applicant’s insufficient qualifications or insufficient preparation.

The employer understands that an untrained employee will perform his duties poorly and is unlikely to bring him profit. There are no employers in Forex and each trader independently pays for all the mistakes made; it is for this reason that most novice traders simply completely ignore training, paying attention exclusively to trading.

What should a novice trader know to successfully trade Forex? – as it turns out, not so much. The main thing is to correctly apply the existing knowledge in practice and not expose your deposit to excessive risk.

Basic disciplines necessary for a novice trader.

1. Skills in working with a trading terminal - sometimes you are simply surprised what questions come to your email, and they are asked by people who have been trading in the Forex market for more than one year.

The Trader's Terminal is currently a rather complex and multifunctional program, with which you can not only trade, but also conduct analysis, study trading results, test new strategies and create scripts, indicators and advisors. The easiest way to get an idea of ​​all its functions is from the instructions for use, which you can download from the website of almost any dealing center .

2. Market analysis - and it is not so important which method of technical or fundamental analysis you use - there must be analysis.

From my own experience I can recommend price channels and levels. Using these two options usually does not cause difficulties for a novice trader, and learning them does not take much time. 3. Ability to use technical analysis indicators - it is advisable not only to know how to install a Forex indicator in a trader’s trading terminal, but also to have an idea of ​​how to correctly make all the necessary settings.

Working with indicators is one of the components of technical analysis, so it is difficult to imagine effective trading without using this tool.

4. Know what money management is in Forex - this includes calculating the optimal sizes of opened transactions and determining the parameters of stop loss and take profit orders, as well as some other points that are important to consider in trading.

That's probably all. What a novice trader should know to successfully trade on the foreign exchange market, and the amount of profit or loss will depend on how correctly you use your knowledge.