Hello Yosef Minda! Welcome to the world of forex trading. As a beginner, take the time to educate yourself about the forex market, including its mechanics and various trading strategies. Start with a demo account to practice and gain experience without risking real money. Develop a solid trading plan with clear goals and risk management rules. Avoid overtrading and emotional decision-making. Stay updated on global economic events and market news that can impact currency prices. Be patient and realistic about your expectations, as forex trading requires time and effort to become consistently profitable. Best of luck on your trading journey from Ethiopia!
You exactly mention true ideas. For avoiding overtrading you can adhere to well-crafted plans and have strong risk management. And try to make analytical decisions based on market trends rather than being influenced by emotions.
Forex is the hardest market to trade and has the highest failure rate. It is absolutely the worst place to start a trading career.
Start with stocks. Domestic, international, it doesn't matter. Avoid day trading. Don't trade short. Learn how to analyse fundamentals. Ignore technical analysis. Pick a few good investments and set entry/exit criteria. Do 100 trades. THEN, if you feel like applying what you learned to forex, knock yourself out.