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Beginner's Tips
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walpants

Member Since Feb 07, 2019  42 posts walpants Feb 13 at 07:30
I would love to be a successful trader but i know it takes time and dedication to learn,right now i am a long way from it but hopefully will get there one day.

expkhaled

Member Since Sep 12, 2018  21 posts Bongotrader (expkhaled) Feb 13 at 08:11
Just make a system and stick to it. And first look for 1 pair only for 6 month. Then you will get idea formation of market.

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

Member Since Feb 13, 2019  3 posts adan Feb 13 at 09:53
FxFTradingGroup posted:
“I’m just a beginner in Forex, how much should I put in my account?”

This question bugs me all the time. Its like walking into a casino, and asking the people around you, ‘hey how many tokens did you change?’

Seriously dude. Everyone has a different answer, some experienced people might help you (if they are kind hearted) but most people will not care how much you win or lose. You should treat forex as a form of investment, but please DO NOT use all of your income as your token to bet on the market. You might win once, twice but you will not be that lucky all the time. Spend some time and do financial planning, set aside daily expenses, insurance etc. And once you find extra money, you can then decide whether to use them for investment, or to help the needy.

For beginners, you might want to consider ‘choosing a broker’ as one of the important choices of all time. Broker can make or break your faith in trading. Next, pick a mentor. Be it a book, a youtube channel, a guru you found online or through friend’s recommendation, do just rely solely on that ONE source of information. Gather as much information as possible, talk to more people, read forum threads so that you will gain knowledge that might be useful for you in the future.

However, some people might still choose the easy way out and opt to follow the signals of the ‘chosen one’. Not to say this is the bad approach, like I said, this is a form of investment, you are free to choose what sort of investment approach you prefer. However, I’d like to call out to those investors, you might want to check the account history of the chosen one before subscribing to his signals. The results might look good on their profile, but you have no idea how many positions and how much losses they have yet to close, so people with smaller wallet size than the chosen one might not be able to follow the signals that smoothly. Hence you might want to check with the chosen one how big would they recommend you to have in order to follow their signals.

Last but not least, I’d like to emphasize the size of an account is not as important as knowing your own trading strategy or style. I’ve seen someone trading with just a $100 account, and has grown the account 10 times its size. I’ve also seen someone with $50,000 blown overnight. So it doesn’t mean that bigger wallet size is safer for trading. Smaller account is more prone to blow, but with own strategy and right mindset, you will find big potential in this forex business.


Hi, Just join this community! I am very new in Forex Trading and got some basic tips here to buy and sell crypto through brokers.

Mohammadi

Member Since Aug 11, 2017  550 posts Mohammadi Feb 19 at 10:34
The broker can affects the result of our trading with certainly , that’s why choosing a broker should be in cool mind, please don’t choose a broker in an emotional state, we the traders should choose the broker which is more appropriate to the concept of trading that will be used , the traders who are particularly scalpers have to choose the broker which allows trading concept such as this.

tracydavison

Member Since Feb 11, 2019  34 posts tracydavison Feb 20 at 06:55
great thread. Im fairly new to trading and this community. looking foward to my trading journey and learning of your more experienced guys!

elikplim

Member Since Nov 19, 2018  4 posts elikplim Feb 20 at 07:26
Hi, am new in fx trading and i want to know if i can benefit when trading one currency pair.

SkeletonTj

Member Since Feb 20, 2019  11 posts SkeletonTj Feb 20 at 09:58
Sure. Many trader just trade one pair. Big bank trader just trade one or two Forex pairs at a time. I prefer 7 fx pair but some trade 20 . it is all personal preference but definitely it possible to do well with one pair

walpants

Member Since Feb 07, 2019  42 posts walpants Feb 20 at 12:58
elikplim posted:
Hi, am new in fx trading and i want to know if i can benefit when trading one currency pair.


from what i understand it will help you to get a good understanding of how that pair behaves. when your new it will benefit because it can be very confusing trying to keep a watch on more pairs.

iDragonFly

Member Since Nov 27, 2017  2 posts iDragonFly Feb 21 at 07:57
elikplim posted:
Hi, am new in fx trading and i want to know if i can benefit when trading one currency pair.


Trading one currency pair is ok, but it all depends on your strategy of executing trades.

Before you even think about trading multi-currency and different pairs at the same time, read about this subject 'Currency correlation' (to save your hard earned money).

You can start here:
https://www.babypips.com/learn/forex/what-is-currency-correlation

elikplim

Member Since Nov 19, 2018  4 posts elikplim Feb 21 at 08:03
Thanks guys..

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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.