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Beginner's Tips
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45656

Member Since Jun 29, 2019  65 posts 45656 Jul 08 2019 at 11:50
Beginners require developing the trading journey with carefulness. Random ways and knowledge gathering can’t provide comfort to the novice traders. A beginner must learn how to deal with the uncertainties and insecurity related with the forex market with careful hand and most importantly in the effectual manner here. A forex trader however requires taking decisions of choosing broker very carefully as naïve traders are being fooled by the fraud brokers due to ignorance.

Mohammadi

Member Since Aug 11, 2017  788 posts Mohammadi Aug 06 2019 at 13:58
As a master place to practice Forex trading in a proper way there is no alternative way to trade demo account. But practically we don’t believe the importance of this trading place especially the beginners. As a result we are becoming loser due to lack of exact market principle.

Roberto21

Member Since May 02, 2019  319 posts Roberto21 Aug 06 2019 at 18:56
for beginners i emphasis always for learning , but i can say you will get noting after having great learning process if you don't have regular practice on trading,  so, always focus on practice besides learning. 

jamesgwyther

Member Since Aug 05, 2017  289 posts jamesgwyther Aug 07 2019 at 09:47
Roberto21 posted:
for beginners i emphasis always for learning , but i can say you will get noting after having great learning process if you don't have regular practice on trading,  so, always focus on practice besides learning. 


Yes well put tbh...using the charts and setting your own trades is the best way to learn.

Mohammadi

Member Since Aug 11, 2017  788 posts Mohammadi Aug 07 2019 at 18:22
if there is most powerful analyzing money management , there is a good chance to get better result by using any kinds of trading strategies, success in Forex its all about money management, nothing without it.

Roberto21

Member Since May 02, 2019  319 posts Roberto21 Aug 07 2019 at 18:52
Learning is the foremost ways to keep survive in this volatile trading place in a proper way. But sorry to say maximum traders who are particularly newcomers try to make money from here without learning. As a result they become loser when trading practically. It would be great if we choose the broker which always ensures best trading environment for learning this trading place by providing exclusive educational facilities.

Professional4X

Member Since Jan 05, 2016  1189 posts Professional4X Aug 07 2019 at 19:42
This is just my opinion based upon my own experience.

Risk management

Emotionless trading

Automation where possible

Fundamentals and Technicals are equally important

Trade the majors

Forget about making 100% each month, that's completely unrealistic.

It is better to make a consistent low risk profit over a long period of time, than to try and get rich quick and lose it all.

Making a flat 25% annual ROI on $400,000.00 is $100,000.00 profit.

25% ROI / 12 months = 2.083333 % per month (non-compounding)

$100,000.00 / 12 months = $8333.333 averaged monthly ROI

A person can live a pretty comfortable life on $100,000.00 USD per year.

If it looks too good to be true, it's probably a scam! Let the buyer beware.
Q_FxTrader

Member Since Oct 08, 2018  144 posts Q_FxTrader Aug 08 2019 at 08:07
I will say that learning how to trade forex profitably is very analogous to learning how to ride a bicycle. Just like initially while learning a bicycle there are frequent chances of you being fallen down and being hurt, in the same way while learning stage of forex trading overall you may loose.

But once you learn how to balance the bicycle left and ride while you move ahead on it, even if you try to fall it is very difficult for you to fall. In the same way once you learn how to balance the profits and losses and continue to trade in forex, then it is very difficult for you to loose with some exceptions like sudden news or currency crash etc which are similar to an accident you face on the road and you should not doubt on your knowledge and experience of your learning. Because profit and loss balance is very important since you can't close each trade in profit and each trade in loss even if you try to do so.

So the most important thing is using low and reasonably low risk per trade and using a reasonable stoploss to start with for beginners, then even if you try to loose still it is difficult for you to loose in long run. For example, try to trade with 0.01 lot in a 1000 USD or 2000 USD balance or more with a reasonable stoploss with support and resistance levels , then even a worst kind of trader can't loose in long run though he may not make profit everyday or every week.

But try the same 0.01 lot with a 100 USD balance or 200 USD balance, then a series of losses account will go down and the trader will switch to a new strategy and repeat the process.

So my advice is to use a very low risk and reasonable stoploss(not very high or low) and preferably start with a cent account so that you can't loose a lot from the beginning, but still have the privilege of trading in a large balance.

Rohtas

Member Since Aug 08, 2019  10 posts Rohtas Aug 08 2019 at 11:54
Professional4X posted:
This is just my opinion based upon my own experience.

Risk management

Emotionless trading

Automation where possible

Fundamentals and Technicals are equally important

Trade the majors

Forget about making 100% each month, that's completely unrealistic.

It is better to make a consistent low risk profit over a long period of time, than to try and get rich quick and lose it all.

Making a flat 25% annual ROI on $400,000.00 is $100,000.00 profit.

25% ROI / 12 months = 2.083333 % per month (non-compounding)

$100,000.00 / 12 months = $8333.333 averaged monthly ROI

A person can live a pretty comfortable life on $100,000.00 USD per year.



Good advice. Interesting to see all the numbers laid out. Shame I don't have $100,000 to start with though

jamesgwyther

Member Since Aug 05, 2017  289 posts jamesgwyther Aug 08 2019 at 12:26
Professional4X posted:
This is just my opinion based upon my own experience.

Risk management

Emotionless trading

Automation where possible

Fundamentals and Technicals are equally important

Trade the majors

Forget about making 100% each month, that's completely unrealistic.

It is better to make a consistent low risk profit over a long period of time, than to try and get rich quick and lose it all.

Making a flat 25% annual ROI on $400,000.00 is $100,000.00 profit.

25% ROI / 12 months = 2.083333 % per month (non-compounding)

$100,000.00 / 12 months = $8333.333 averaged monthly ROI

A person can live a pretty comfortable life on $100,000.00 USD per year.
How do you suggest getting the $400k...…..

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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.