Before you trade any market, you should understand who else is in it, what they're trying to do, and how prices form. This is your starting point.
Participants
Markets are not a single venue. They're networks of banks, hedge funds, retail brokers, market makers, and individual traders, each operating on different timeframes and with different objectives.
How price forms
A quoted price is the meeting point between the highest buyer and the lowest seller at a given moment. Liquidity providers continuously update those quotes based on order flow, news, and inventory.
Spreads and slippage
The spread is the gap between the buying and selling price. Slippage is the difference between the price you expected and the price you got. Both are normal costs of doing business in the market.
Time horizons
Scalpers hold positions for seconds. Day traders close out within the same session. Swing traders hold for days. Position traders hold for weeks or months. Pick a horizon that matches your life, not your hopes.