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Beginner's Tips
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Roberto21

Member Since May 02, 2019  73 posts Roberto21 Aug 22 at 07:48
discipline not only a human habit it also a character , to be experienced in discipline we have to be mentally strong first of all, otherwise no way to maintain

Imamul

Member Since Aug 09, 2017  324 posts Imamul Aug 23 at 10:05
The beginner should use demo account minimum for three months, sometimes many brokers organize demo contest with real money prizing. Newcomers can join here. It could be great to acquire real trading exeprince.

marco_mmbiz

Member Since Jul 20, 2019  26 posts marco_mmbiz Aug 24 at 14:22
Some 'beginners-tips' from me:
- start with a demo account, learn the best strategy for your own mindset (everyone is different) in more than 6 months. after that try with a low budget first (even if you could afford more)
- always use low leverages (if trading outside of MetaTrader)
- always use microlots first (depending on your account (your max. account leverage) and asset leverages (assets need to be tested))
- patience, a lot of patience! if you trade the 'professional way' with sl and tp, always respect them and also the charts. if you trade the 'semi-professional' or 'hedged way' use microlots or low leverages only combined with loads more of patience and professional charts analytics (best without any indicators) on higher time frames (D1, W1)
- never let your margin-level come to less than 1000% (if you trade with 0,01lot; with higher lot-sizes you might need to use an even higher min. margin-level), if it's lower it's gambling (you won't have any chance in a flashcrash scenario)
- never be a greedy person (also outside of trading); make some trading plans (maybe start a private trading journal with goals like 100, 50 or 30% per month, if not reached set them lower)
- use only 1 of your favorite indicators (and learn how it could work in your favor)

Examples:
- MetaTrader account with 1:500 leverage: always start with 0,01lot if your account is lower than 2k, use 0,02lot if the account is lower than 3k, and so on (only try with 1lot (or higher) if the account is higher than 100k)
- with non-MT accounts: if in the EU use the ESMA's max. leverages, if outside: use the same max. leverage as with an ESMA account (e.g. 1:30 for currencies, 1:10 for oil, 1:2 for cryptos and stocks, and so on)

patience is the key
expkhaled

Member Since Sep 12, 2018  21 posts Bongotrader (expkhaled) Aug 25 at 05:35
I think new comer should study first what is the forex and how it works. Then use demo account as long as you need. use various kinds of technics and choose what is easy and uderstandable. Need huge patience. try demo like real. Correct your mistakes. try again and again.

Day by day having better, better and better...
Roberto21

Member Since May 02, 2019  73 posts Roberto21 Aug 25 at 07:21
experience traders dont depend on same trading strategies completely, they change their strategy according to market movements.

marco_mmbiz

Member Since Jul 20, 2019  26 posts marco_mmbiz Aug 25 at 09:16
Roberto21 posted:
experience traders dont depend on same trading strategies completely, they change their strategy according to market movements.

I only have my very own strategy (for my mindset)... but yes., it fits to every market. wink

patience is the key
Roberto21

Member Since May 02, 2019  73 posts Roberto21 Sep 07 at 09:01
in Fx leverage is a very complicated issue , sometimes it bring profit very rapidly , sometimes it causes a great losses and risk in spite of having risk management , but after all its one of the major financial issue in Forex.  

Imamul

Member Since Aug 09, 2017  324 posts Imamul Sep 13 at 10:17
practice can make you perfect , but in Fx we practice at random in demo and got nothing ultimately. si, i recommend micro account for practicing.

joha51

Member Since Sep 09, 2015  8 posts joha (joha51) Sep 13 at 14:27
1)go to class study technical analysis with pro teacher/mentor , Pick the strategy and practicing the strategy DEMO , Challenge yourself with 1k demo make it profit 600k with demo account
2) After success at least 80% win on that demo then open real account (micro or cent ) is recommended
3) Check the win/profit % ,DD% analysis ( Go to tab Mt4/MT5) Right click download report every Week (Saturday).Make weekly analysis with H4/D1/W1 chart & News Eco calendar for next monday.
4)If ready with your strategy and then try standard acc .
5) Use some profit ....If success then you find the programmer convert your strategy to robot /EA , Create EA to save your hard-work /strategy/idea on EA as portfolio of yourself..

Joha AL fath
Gabor33

Member Since Dec 09, 2016  41 posts Gabor33 Sep 13 at 21:01
joha51 posted:
1)go to class study technical analysis with pro teacher/mentor , Pick the strategy and practicing the strategy DEMO , Challenge yourself with 1k demo make it profit 600k with demo account
2) After success at least 80% win on that demo then open real account (micro or cent ) is recommended
3) Check the win/profit % ,DD% analysis ( Go to tab Mt4/MT5) Right click download report every Week (Saturday).Make weekly analysis with H4/D1/W1 chart & News Eco calendar for next monday.
4)If ready with your strategy and then try standard acc .
5) Use some profit ....If success then you find the programmer convert your strategy to robot /EA , Create EA to save your hard-work /strategy/idea on EA as portfolio of yourself..


Open a forex beginners COMEDY tips topic and post it there :)

step 1 is to make 1k to 600k on demo??? that might take a lifetime, but staying on demo forever might be better for some ppl

to program a whole news calendar into an EA must be fun too.

risk management, trading psychology, fundamental analysis... all ignored in the list?

this topic should be about helping beginners

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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.