The most common thing that many newcomers to Forex do is: Think that Forex can make a lot of money quickly in a short period of time.

It is undeniable that you can indeed make money in a short period of time, but this does not mean that you are profitable. As we said before, profitability is the only indicator of whether you are making money or not. Therefore, to become a truly profitable forex trader, "time" is the most important factor!

When we are just starting out, we need to learn the basics. At the beginning of trading, you also need to spend a lot of time reading charts, news reports and other relevant information.For full time traders, it is naturally fine to spend 24 hours a day on Forex trading. Whereas most people still need to work, go to school, etc. and cannot devote all their time to trading, making it more suitable for long term trading.

For this type of person, a certain amount of time should be spent every day analyzing the markets. Certain news can cause markets to change, so it is important to watch economic developments around the world and make them part of your daily life.

Of course, all this information is available to you through FxGecko ：https:// fxgecko.net/en_US/

Four things need to be considered when conducting a market analysis:

1. Forex market developments

See what analysts are talking about and the recent trends in currencies.

2. Press Releases

Find out what news stories are released each day and how they affect the market. The more important the news story, the more currency price movements can be expected.

3. Market prices of other asset classes

Oil prices or U.S. Treasury yields can affect currency movements, so find out why oil prices or U.S. Treasury yields are rising or falling, and factor their impact into your strategy when trading currency pairs.

4. Current Events

Check multiple news sites to find out what is happening around the world. You can get relevant information by following the SNS accounts of some forex platforms (e.g. follow FxGecko's Twitter account: FxGecko Forex News, etc.)

Finally, after completing the daily economic analysis, you must review the charts. The charts can be analyzed for key support and resistance levels, trends, and expected price points of entry into the market.

Every trading day is a learning day, and as long as we are still trading, we must never stop learning in order to become a truly successful trader.

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