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Your Forex Trading Education Checklist

You are interested in forex trading and you're about to learn from a broker or a seasoned trader. But since everything is new to you, you don't have the slightest clue on what you should learn. And take note that your teacher is not perfect and may miss some points. So, here's a short checklist you can use to make sure you don't miss anything in your foreign exchange education.

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Your Forex Trading Education Checklist

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  1. Your Forex Trading Education Checklist

  2. You are interested in forex tradingand you're about to learn from a broker or a seasoned trader. But since everything is new to you, you don't have the slightest clue on what you should learn. And take note that your teacher is not perfect and may miss some points. So, here's a short checklist you can use to make sure you don't miss anything in your foreign exchange education.

  3. The first thing you should learn about is fundamentals. There are basically three fundamentals: the market, the players, and the stakes. You can ask your forex brokeror teacher about these three factors. But basically, like in a game of cards, you need to know the rules of the game, the players involved, and the bets required. To explain it more technically, you need to learn about currencies, margins, leverage, loss, gains, and other basic terminologies

  4. The next thing you should ask the broker or trader who's teaching you is what kind of forex trading platform you're going to use. You are likely to use the MetaTrader 4 platform if you are under a good brokerage firm. This platform is known to be quite friendly to new users yet preferred by many seasoned traders. Forex trading can be done in many ways, but if you're using the MetaTrader, you should be accustomed to the program fast.

  5. Finally, your forex tradingeducation must include analysis and prediction. The first part means you must be able to look at graphs or figures and interpret what they mean. Does this graph mean that the US dollar is gaining? Do these figures represent a decline in the Japanese yen? It may sound intimidating at first but when you get used to it, you can do it in a heartbeat. The next part is the application of your analysis: prediction. You must predict based on your analysis of data. You must know which currencies you must buy and which ones you must sell based on how you analyse them.

  6. The only way to get accustomed to a forex trading platform is to actually use it. Therefore, if you're trading with the MetaTrader 4 platform, you must be able to access it and try buying and selling currencies. But how will you do that without risking your capital? Simple. Go for a practice account first. A good forex brokerwill always offer free trials of platforms. They will give you a demo account for you practice on. Once you're confident in using the platform, you can then apply for an active or regular account.

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