In the previous lesson we learned very little about what Forex is and how to make money from it . We will learn those things more clearly in future lessons. In this lesson we are going to learn about the things we need to do Forex Trading.
If you missed the previous lesson, go to the link below and read it.
Things that you need to trade Forex
Okay now we are going to talk about what are the things that you need to do forex. First I will divide this into two parts.
- Things we need Internally
- Things we need externally
01. Things we need Internally
Patience
You know there is nothing new to teach you about patience. We need patience in our daily work. So forex also needs a lot of patience. You can never do forex without patience. When we open a trade we have to wait patiently for it. It is not good to be hurry and trade arbitrarily. You must have patience.
work into an order
Everything is in an order, and this too needs an order. You need to follow the instructions in the articles in an order which you have read before. Everything has to go step by step. It is not good to go from the first article to the fourth article at once. You have to learn everything from the beginning.
Need to give up more desire
The reason many people lose out on forex trading is because of more greed. Some people try to earn thousands of dollars from the beginning of forex trading. Then it is normal to get lost. In the early days of forex trading, maybe our profit was as low as $ 10 per day. We need to increase this profit little by little. Otherwise, this will not work for those who are trying to earn thousands of dollars in two days. Then it will be a lost anyway. Because of that we have to give up more greed.
02. Things we need externally
Computer / mobile phone and internet facilities
To do forex you need a computer or laptop or even a tab. In addition you need an internet connection. Because forex is dealing with the online financial market. But when you learn forex, complete your training and invest money, you can do this even from your mobile. A computer is needed only during initial training.
Forex Broker
What is a Forex broker? If we invest in the stock market, we cannot go directly and invest money. We need a broker for that. Also, a brokerage firm is needed to trade in the financial market. We have to create a forex account just like we create a face book account. It has been said in previous articles. This can be done completely free of charge.
If we are trading Forex we need these things. One thing to keep in mind is that no money goes into learning forex or practicing forex. You can learn completely for free. Once you have fully learned forex you can invest money if you want to do real trading. Or you can leave. It means that something to learn is not wasted. Try this yourself. So we will see in the next article.
Next Lesson – Currencies Used in Forex
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