If you’re a beginner trader that just finished learning about the essentials in forex trading, here’s a quick and simple check list that you should go through before you start trading.
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Newbie trader’s checklist before going live
1. Newbie Trader’s Checklist Before
Going Live
If you’re a beginner trader that just finished
learning about the essentials in forex
trading, here’s a quick and simple check list
that you should go through before you start
trading on a live account
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2. Forex Basics
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Were you able to thoroughly understand how profits and losses are made
in forex trading?
Are you able to come up with trading strategies using technical or
fundamental analysis?
Do you have a basic knowledge of how technical indicators work?
Are you aware of how monetary policy and economic reports influence
price action?
3. Trading Performance
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Have you started trading on a demo account?
Were you able to track your demo progress through a trading journal?
Have you attained consistent profitability or an above 50% win ratio on
your trading performance?
Do you have a risk management plan that you follow consistently?
4. Trading Psychology
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Are you able to keep a clear head and make the necessary adjustments
even if your trade is losing?
Do you feel confident that you can bounce back from a losing streak or
large drawdown?
Have you devoted enough screen time and are willing to study the
charts further?
5. Broker Requirements
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Do you know what is the difference between an ECN and market
maker?
Have you looked at different brokers and made your choice?
Does your broker have good customer service and positive reviews from
other traders?