What a novice trader should know.

A frequent reason for rejection is the applicant's lack of qualifications or training. Employers understand that an unprepared employee will perform poorly and is unlikely to generate profits.

In Forex, there are no employers, and each trader pays for every mistake they make. This is precisely why most novice traders simply ignore training, focusing solely on the basics of trading.

What does a novice trader need to know to trade Forex successfully? It turns out, not much. The key is to apply existing knowledge correctly and avoid exposing your deposit to excessive risk.

Basic disciplines necessary for a novice trader.

1. Trading terminal skills – sometimes you're simply amazed by the questions I receive via email, especially from people who have been trading in the Forex market for years. A trader's terminal is currently a fairly complex and multifunctional program that can be used not only for trading, but also for analysis, studying trading results, testing new strategies, and creating scripts, indicators, and expert advisors.

The easiest way to get an overview of all its functions is by reading the user manual, which you can download from the website of almost any dealing center .

2. Market analysis – it doesn't matter which method of technical or fundamental analysis you use – analysis is essential. From personal experience, I can recommend price channels and levels. Using these two options usually doesn't pose any difficulties for a novice trader, and learning them doesn't take much time.

3. Ability to use technical analysis indicators – it's desirable not only to know how to install a Forex indicator in a trader's trading terminal, but also to have an understanding of how to correctly configure all the necessary settings.

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

4. Know what capital management is in Forex – this includes calculating optimal trade sizes, determining stop-loss and take-profit order parameters, and some other important aspects to consider in trading.

That's about it. What a beginner trader needs to know to trade successfully on the forex market, and how well you use your knowledge will determine the size of your profits or losses.