There is a difference between what you learn about the forex market and how it really is. Obtaining knowledge about the concept should be your first step and the next step should be applying your knowledge. After demo trading for a while, use a small amount when you go live. Understand the market well before you take a big step.
the newcomers should choose the broker which is more appropriate to the concept of trading that will be used , if you love doing scalping should choose the broker which allows trading concepts such as this.
AhmadAli89 posted: Leverage and spread are the most talked issue on the market. Not only leverage but also we focus on spread, margin level, account types and similar other issues.
True that! Apart from leverage and spreads, margin level also plays an important role in trading. Before choosing any broker you need to check and understand all their trading conditions and their offerings.
It takes time to fully comprehend forex trading. It is preferable to concentrate on your studies at this time. Upgrading your knowledge and skills is the solution to all of your problems. After gaining the necessary knowledge and skills, you will be able to read charts and predict the market.
hi all. i'm newbie too. and would be great for advices. i try and try trade on a demo account. but it's too complicated for me. and now i was even thinking about investing so get experience like that. and tried scalping. and tried long-term trading. and i really don't know what do. how did you find your way to make money?
My advice, with draw everything from your broker. Half of this money, take out as cash and burn it. The other half spend on your family. At least that way some of the money will do some good. If you leave it all in your broker, you will soon lose everything
If you are new to forex trading, you should first have finished a course, and demo traded before opening a live account. By seeing the picture attached, it seems to me you are over trading. Although the picture speaks of the majority of profits, remember that it is easy to make profits in the short term, but difficult to maintain profitability in the long run. So practise trading psychology. Do not indulge in over-trading and revenge trading. Fix a particular currency pair that you want to trade. Focus on only one pair at a time, at least for a year, and be consistent with your strategy.
I would advise you to start with a small amount you can raise your capital when you will have complete confidence in your trading. And ya one more advice is do use a combination of indicators! Happy trading.
Newbies could refer to some technical analysis books to understand how to read the charts better and then implement the knowledge practically on a demo account. Remember, learning is an ongoing process and it takes time to master the art of trading, so be patient.
Register yourself for a course. Babypips offers a free course, you can definitely go there. You should also buy books to read. In the meantime when you are learning, trade simultaneously in a demo account.
Hi there, newbies should check out this book written by Michael Covel named, ‘Trend Following.’ Also, they need to first figure if you wish to trade short term or long term. Find your style of trading and then move forward. All the best!
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.
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