What does it take to be a forex trader?

[bisdak40]

I would advise newbie to focus on crypto trading, because there they will be able to understand more about trading with trading spot. That would reduce their risk they won't be any fear of liquidation. And they can also help them to build confidence in it too

Yeah, spot trading in cryptocurrency is best for newbies as it can't be liquidated and it is like you are holding coins only. Learn and earn experiences from spot trading as you can use it when you are already ready to do future trading.

yeah that was what I was basing on and was pretty helpful till I jump into future trading and I made losses countless times, so have to stop for a while and learn more. But I guess was the weak or poor knowledge I had back then but now am focusing most of my earning percent in holding but I would soon resume my trading and I would need all the help I could get from more experience trader's here

That's the usual act of newbies, jump into action right away not knowing what the risks are in trading but as you said, you can learn from those mistakes and never commit that again.

It's good to know that you are now into future trading and I'm hoping that you are successful in your endeavor mate.

[antonyyu3]

At least from the stats, most of the retailed traders lose their money in forex trading. I think some of your experience in crypto trading can be transferred to forex market. Keep in mind that trading forex contains a higher risk. If you're really interested in and want to be committed. I suggest you do your research, open a demo account and give yourself a couple of months to test your strategy. Once you feel comfortable then you can start to fund your account and trade with small size each time. It is fine if you just wanna mess around and give it a go. Just don't put too much money in cause you will probably blow your account lol

[Alston Liu]

If you consider being a forex trader, I also just started this journey not so long ago. I literally went through lots of tutorials before I actually traded with real money. I would suggest you learn some basic knowledge first and open a demo account to give it a try to see if you are interested in it. Many pros recommend using a demo account to trade with a few months before actually funding your account. You can form and test the strategy to see if it helps you make money. Besides, keep learning and haveing a risk management plan is definitely necessary to succeed in this market.

[emmybd]

Well, you don't have to know a lot of things to start. You can start forex trading anytime with a small amount, as you move on you will gradually gain knowledge and experience. At first, you can start by doing demo trading and after some time you can start real trading.

[Rruchi man]

so if I may ask with the knowledge I have in crypto trading can it help if I wanna learn forex too?

There are many similarities between crypto trading and forex trading, so it is easier for someone with an idea about crypto trading to easily switch to forex trading, and likewise, someone with knowledge of forex trading can easily switch to crypto trading when compared to someone who has no knowledge at all trying to learn any of the two. If you have mastered the emotional side of trading cryptocurrency, you are already prepared to start trading forex as soon as you understand the little differences.

[SmartGold01]

Trading is not that easily to go with especially forex trading because it requires more technicality and studying moreover you must be sounds enough to read vast information concerning various currencies since most of them has their trading days and weeks, this made me to lose interest in anything trading on forex rather gradually picking interest on binary since is more less stress free though there is much studying there.

[Agbe]

I don't really much or have much  knowledge about forex trading though the little I've comes from my friends that are doing it and the little I've made about it. Because I mainly specialize on crypto trading, so if I may ask with the knowledge I have in crypto trading can it help if I wanna learn forex too?

They are kind of the same technically, if I may ask what are the reasons you have for switching from crypto to forex trading? Is crypto trading not profitable for you at all or not profitable enough? Well for you to stand out as a good trader you must be disciplined and also learn emotional control, this is something that's very key in forex trading because at any time you might experience some losses and if you are not disciplined enough you might make careless decisions. Have a strategy and stick to it if it works.

[Thyplaymaker]

I don't really much or have much  knowledge about forex trading though the little I've comes from my friends that are doing it and the little I've made about it. Because I mainly specialize on crypto trading, so if I may ask with the knowledge I have in crypto trading can it help if I wanna learn forex too?

They are kind of the same technically, if I may ask what are the reasons you have for switching from crypto to forex trading? Is crypto trading not profitable for you at all or not profitable enough? Well for you to stand out as a good trader you must be disciplined and also learn emotional control, this is something that's very key in forex trading because at any time you might experience some losses and if you are not disciplined enough you might make careless decisions. Have a strategy and stick to it if it works.

Well was just interested in having some good knowledge on how Forex trading works , me I prefer dealing with cryptocurrency, because some of my friends are like forex really nice and stuff while some are saying that Forex will drain you and it's more gambling, but I know that is not only Forex trading one can Also lose In crypto trading but all that matters is what you mentioned above which having good self-control, management of risks etc.

[Sukii]

Well although crypto and forex are different in diverse ways there are still very similar in some aspect
Firstly I will tell you that the risk involved In forex trading is just like that of crypto if not more
So you should ensure you learn forex from a very good teacher
And have complete understanding of it
If you do that then it would be easier for you to trade since you were already a crypto trader and I will assume you already have experience in risk Management and emotional control

[Asiska02]

Well was just interested in having some good knowledge on how Forex trading works , me I prefer dealing with cryptocurrency, because some of my friends are like forex really nice and stuff while some are saying that Forex will drain you and it's more gambling, but I know that is not only Forex trading one can Also lose In crypto trading but all that matters is what you mentioned above which having good self-control, management of risks etc.

Both of them has their drawbacks and many things are similar in them but if you diversify in them and don’t focus on one of them, it could cause you to lose a lot. I mean try and focus on one of them and learn them well, it would be better for you. They may be kind of similar and also have make technicalities that makes them look alike, but ones you’ve learnt one of them and want to switch to the other one, you’ll see some little difference in them.

For those that see Forex as more of gambling is because of the high volatile nature it can be and the control of risk is kind of handles more by you than the broker itself. While in exchanges used for crypto trading, you have to go extra to use high leverage to liquidate your account, the risk management is more controlled by the exchange to give you low risk unless you want otherwise. Both are risky and can cause you many losses.

[Aanuoluwatofunmi]

If you want to be a forex trader, then you have to learn on how to get started, there are things necessary for us to do, such could be like learning how to trade, how to speculate the market, the currencies to chose, the types of trading strategies to adopt for use, and even the way one can maintain his startup capital for doing forex without the fear of missing out at any point in time.