Set up goals and

After you learn the language, build some knowledge and get acquainted with the basics, perhaps some illusions will disappear. That will be time to formulate your goals and expectations from trading. You must understand the risks, get ready to these risks in all senses and define your goals and expectations from trading.

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2.1 Check Your personal finances

If you do not have a financial cushion for 3-6 months or if your basic needs are not covered, you should not go into trading. To get started, take a break and start organizing your personal finances. Only when you feel financially secure and you have some free money that you can afford to lose, only at that point you should start trading at Forex.

Personal Financial Plan

Simple DIY article about developing your personal financial plan.

2.2 Be aware of the risks

Determine how much you are willing to lose without prejudice to your finances, do not risk the last money.

Risks for Beginners

Actually not only for beginners but every trader has to consider these risks.

Currency Risks

Some specific risks that currency traders should evaluate

Top 5 Risks

Forex trading risks selection according to Investopedia.

2.3 Assess Your stress resistance

You must understand that the market is constantly changing, and even the most successful traders lose money, and you need to be prepared for it, but when you find yourself in a situation where money is lost, this is a lot of stress, which can lead to even bigger mistakes and problems. It is important to understand your stress tolerance and knowing it to choose a strategy that will take into account your psychology and reduce the likelihood of mistakes and rash decisions. There are online tests that help evaluate stress resistance.

Stress Test

Test your stress level online for free.

Reduce Stress

Simple Ways to Reduce Your Trading-Related Stress.

2.4 Establish Your Purpose For Trading and define goals

Learn what financial goals are, determine your own goals. What do you want to get as a result and in what time period. This should form the basis of your trading strategy, the formation of which is one of the most important components of trading.

How to Set Goals

How to Set Financial Goals for your future.

Setting Financial Goals

Everything you need to know about your personal financial goals .

3. Define Your
Trading Strategy