What is the first thing we should learn in Forex?

[Suba]

The world of forex is very promising, so many beginners are tempted to enter forex trading, but they don't know where to start. Do they have to learn about currency pairs and terms in forex, do they have to study the causes of exchange rate fluctuations, etc.
Can you give directions, what they should do and learn first.

 

[Bisolami]

The world of forex is very promising, so many beginners are tempted to enter forex trading, but they don't know where to start. Do they have to learn about currency pairs and terms in forex, do they have to study the causes of exchange rate fluctuations, etc.
Can you give directions, what they should do and learn first.

I think you need to learn about the stocks first. That is the basic thing to do before trading.

 

[nomad]

You need the ability to read signals. Once you master this skill, you can start trading.

 

[Ebutech]

I'm not yet an experienced Forex trader, I'm still in my learning stage, so I'm patiently waiting for the expert traders in the house to give us some first hand information.

 

[Bisolami]

You need the ability to read signals. Once you master this skill, you can start trading.

I think the person should learn about the stocks even before learning how to read signals

 

[uptrendfinancialsignal]

If it has to do with the technical analysis it is often better to learn how to identify the support and resistance zones first.

 

[IB D]

The first thing to learn in forex trading is understanding the basic concepts such as currency pairs, exchange rates, market analysis, risk management and developing a trading strategy.

 

[Bisolami]

The first thing to learn in forex trading is understanding the basic concepts such as currency pairs, exchange rates, market analysis, risk management and developing a trading strategy.

Exactly
The person needs to know about each stock even before learning how to trade

 

[Carson20t]

Forex (Foreign Exchange) Trading is the process of buying and selling different currencies in the global market. The basic concepts include:

1. Currency Pairs: Forex trading involves buying one currency and selling another, hence the market is represented by currency pairs (e.g. EUR/USD).
2. Exchange Rates: The price of a currency is determined by its exchange rate with another currency.
3. Leverage: Forex traders can use leverage to trade larger positions than the amount of money they have on hand.
4. Margin: Margin is the amount of money required to open and maintain a leveraged position.
5. Buy/Sell: In forex trading, you can either buy a currency pair if you think the base currency will appreciate against the quote currency, or sell if you think it will depreciate.
6. Stop Loss Order: A stop loss order is a risk management tool that closes a trade at a pre-determined price level to limit potential losses.
7. Take Profit Order: A take profit order is a pre-determined order to close a trade at a certain profit level.

Forex trading involves significant risk and may not be suitable for all investors. It is important to understand the market, develop a trading strategy and educate yourself before engaging in any trades.

 

[Bisolami]

Forex (Foreign Exchange) Trading is the process of buying and selling different currencies in the global market. The basic concepts include:

1. Currency Pairs: Forex trading involves buying one currency and selling another, hence the market is represented by currency pairs (e.g. EUR/USD).
2. Exchange Rates: The price of a currency is determined by its exchange rate with another currency.
3. Leverage: Forex traders can use leverage to trade larger positions than the amount of money they have on hand.
4. Margin: Margin is the amount of money required to open and maintain a leveraged position.
5. Buy/Sell: In forex trading, you can either buy a currency pair if you think the base currency will appreciate against the quote currency, or sell if you think it will depreciate.
6. Stop Loss Order: A stop loss order is a risk management tool that closes a trade at a pre-determined price level to limit potential losses.
7. Take Profit Order: A take profit order is a pre-determined order to close a trade at a certain profit level.

Forex trading involves significant risk and may not be suitable for all investors. It is important to understand the market, develop a trading strategy and educate yourself before engaging in any trades.

I am glad that you have written them step-by-step because a lot of people believe that you need to learn how to trade first which is a lie

 

[Elendu]

The first thing to learn in Forex trading is the basic concepts such as currency pairs, exchange rates, and how to read a Forex quote. Additionally, it's important to have an understanding of the economic, financial, and political factors that drive currency values. It's also crucial to have a clear trading plan and risk management strategy in place.

 

[Carson20t]

I am glad that you have written them step-by-step because a lot of people believe that you need to learn how to trade first which is a lie

What will they trade when you do not understand trade pairs, leverage, margins, stop loss and all that, I have been taking my classes from babypips but still I have not gone in the live market rather I just HODL because I just can't dedicate my time to trading to that level because of a lot of psychology demands and how addictive it. I will have to abandon so many things if I am to become a professional forex trader.

 

[Shavkat]

In my view, the first thing what we need to know is how to work on forex trading. I am sure it will be complicated and need more time to know them by heart.

 

[Magnus2022]

The first thing to learn about forex is the forex terminology. It is the most important because without full understanding of the language, the whole learning process will shrouded in mystery and confusion.

 

[Heatman]

The world of forex is very promising, so many beginners are tempted to enter forex trading, but they don't know where to start. Do they have to learn about currency pairs and terms in forex, do they have to study the causes of exchange rate fluctuations, etc.
Can you give directions, what they should do and learn first.

Don't jump into any trade without the full knowledge of how the market works. You will lose your money.

 

[Reedex]

I think one of the first thing that should be learnt in forex is basically learning about how to analyse the market critically because sometimes it could be very difficult to analyse the forex market if you do not have the understanding.

 

[flower]

Rookie forex investor should learn a lot about the fundamental and technical analysis before he can try to delve into forex trading because if he tried to trade without having the knowledge, it could be detrimental.

 

[Reedex]

There are so many things to be learnt in Forex but it is important to have the understanding of how to analyse the forex charts first before you can think of any other things.

 

[flower]

Investment in Forex need a lot of understanding because if you do not learn what you're supposed to learn on time, it could be detrimental. it is important to always follow news and understand all the terms.

 

[uptrendfinancialsignal]

Investment in Forex need a lot of understanding because if you do not learn what you're supposed to learn on time, it could be detrimental. it is important to always follow news and understand all the terms.

It is very correct that investment in forex need a lot of knowledge because that is how people make reasonable amount of money.