How to Start Trading as a New User: A Comprehensive Guide

Welcome to the exciting world of trading! Starting from scratch can be daunting, but with the right approach and resources, you can turn your passion into success. This guide will walk you through the steps you need to take to kickstart your trading journey.

Choose a Mentor or Join a Trading Community

One of the most effective ways to learn is by seeking guidance from a seasoned trader. If financial constraints prevent you from hiring a mentor, joining a trading room or community can be a valuable alternative. Networking with other traders can provide you with valuable insights and a supportive environment for learning.

Develop a Solid Learning Plan

Based on my experience, the following strategies and currencies would be a great starting point:

Naked Chart Trading/ Pure Price Action Trading: Focus on understanding price movements and identifying key support and resistance levels without relying on indicators. Breakouts and Retracements: Learn how to capitalize on price movements as they move beyond support and resistance levels. News Trading: Know how to trade major news announcements and their impact on currency pairs.

The currencies to trade include XAUUSD, EURUSD, GBPUSD, USDJPY, and USDCHF. These pairs are interconnected, forming a web of relationships where changes in one can indicate movements in another. For example, when XAUUSD strengthens, USDCHF weakens, and EURUSD and GBPUSD also strengthen.

Understand the Fundamentals

While technical analysis is crucial, having a grasp of the underlying economic factors affecting the markets is equally important. Trading courses available on Bitget Academy can provide you with a solid foundation in both technical and fundamental analysis.

Build a Solid Skill Set

Here are some essential skills you should focus on:

Technical Analysis: Learn about price action, candlestick patterns, and basic indicators like RSI, MACD, and ADX. Trading Strategies: Experiment with different techniques to find what works best for you. Once you find a strategy that suits you, stick to it and become an expert in it.

Practice on Demo Accounts

Before you start trading with real money, it is crucial to practice on demo accounts. This will allow you to apply your knowledge and strategies without the risk of losing real capital. Bitget offers Shark Fin and Range Sniper, which can help you earn passively once you reach a certain level of proficiency.

Commitment and Patience Are Key

Becoming a successful trader takes time, dedication, and a lot of practice. Remember that success in the trading world is not overnight. Consistently applying your knowledge and strategies will gradually improve your performance over time.

Starting your trading journey with a structured plan and a supportive network will set you on the right path. Focus on learning, practicing, and refining your skills, and you will be well on your way to becoming a successful trader.