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Need help for be a good trader

lucywarren
Jun 04 2018 at 13:36
9 posts
Since you have very little idea about forex trading I would suggest that you take small steps. Don’t rush into it. Start by reading news daily and keeping track of what is happening in the forex market, particularly the currency that you are interested in. There are countless websites you can find online that could provide you with daily/hourly analysis of various currency pairs. You can also open a demo trading account to get some practical experience.
JamesAnderson
Sep 17 2018 at 08:15
31 posts
natalieFx posted:
hi everyone, I am a Natalie, I am a teacher, I am interested in forex trade but I have no experience in trading, I heard that myfxbook is a good community and I should get here good suggestion or advice.

if I say 100% truly I have just idea about forex but not in trading so I want to be a trader,,,

Now your turn, forgive me for suggestion or resource,,, advanced thanks. 😐

Hi Natalie

Hope Everything is fine

If you still looking for a good trader then you can do yourself by searching on google. And before choose, any trader kindly check review and reputation on different sites. Thanks


    
Mohammadi
Oct 11 2018 at 18:34
886 posts
In Fx trading as a newbie I am looking for a great source for gathering proper market principle which is very supportive to lead a comfortable trading life with certainly , many of us suggest me to trade demo account , but honestly speaking , I always feel boring when trading in demo account . but I have acquired some basic information from here about trading .
EddyEdgardo
Oct 12 2018 at 10:05
11 posts
have you tried micro account. I like it. Only small trading lots (0.01). Keeps it interesting but still low risk. it could really help you
frank (crabby12)
Oct 15 2018 at 05:59
9 posts
natalieFx posted:
hi everyone, i am a natalie, i am a teacher, i am interested in forex trade but i have no experience in trading, i heard that myfxbook is a good community and i should get here good suggestion or advice .

if i say 100% truly i have just idea about forex but not in trading so i want to be a trader,,,

Now your turn, for give me suggestion or resource,,, advanced thanks. 😐

Hope it would help:
A lot of beginners just want to make money. But many experienced traders think Forex trading is a business and run it on business principles. Further reading: Jiro Dreams of Sushi, here is a story about a Michelin three-star cook shows you how to continue the pursuit of perfection.
I use a grid trading strategy. So I can’t choose an entry point at one specific price. Further reading: Bird watching in lion country.
There are some of the other strategies that will help me to trade Forex. For example, the one direction grid trading, the Bidirectional grid trading or the Martingale trading. Still check out this list of traders https://fx-list.com/ I use it constantly and can rely in it.
Many experienced traders have been building a trading plan and a Forex trading checklist. I believe that they can review and analyze the Forex markets
I often write down my forex trading mistakes on the journal.
yellowman94
Oct 15 2018 at 07:04
41 posts
Hey Natalie,
hope you’re good. I would recommend you to start with a demo account first and then go for a micro account. So that you have an idea how the real market works.
bellabella
Nov 01 2018 at 07:05
12 posts

Hope it would help:
A lot of beginners just want to make money. But many experienced traders think Forex trading is a business and run it on business principles. Further reading: Jiro Dreams of Sushi, here is a story about a Michelin three-star cook shows you how to continue the pursuit of perfection.
I use a grid trading strategy. So I can’t choose an entry point at one specific price. Further reading: Bird watching in lion country.
There are some of the other strategies that will help me to trade Forex. For example, the one direction grid trading, the Bidirectional grid trading or the Martingale trading. Still check out this list of traders https://fx-list.com/ I use it constantly and can rely in it.
Many experienced traders have been building a trading plan and a Forex trading checklist. I believe that they can review and analyze the Forex markets
I often write down my forex trading mistakes on the journal.
Wow, thanks for the tip. I hope, after reading this literature, I will start earning, and not be in one loss.🙄😭
Balakrishna
Nov 01 2018 at 11:16
10 posts
Do you find that grid trading actually works? I thought that it was a one of those high risk strategies like martingale?
jamesgwyther
Nov 02 2018 at 06:15
289 posts
ElbowMusic posted:
Don't spend too much money on paid education. There is loads of free information out there. babypips is a good site


At the beginning spend none. Babypips will teach you everything in terms of basics.
Denis
Kalamo
Nov 05 2018 at 07:22
108 posts
Becoming a good trader takes time, you also need some very important indicators on your charts. Daily, weekly, monthly pivots supports and resistances.

The market bounces a lot between these levels
danmulligan
Nov 06 2018 at 11:20
8 posts
to become a good forex broker the most important thing you need is patience.
Moneywoman17
Nov 06 2018 at 15:10
5 posts
Watch some youtube videos and find what strategy that will work for you. Patience. Practice a demo account first before going to live account. Thats how I learned.
Mohammadi
Nov 14 2018 at 14:31
886 posts
Actually only due to lack of trading knowledge is not the foremost reason for failing , according to me most of them are loser because of emotions and they try to take revenge when fall a loss. Nothing without it there is no reason behind major losses.
Sergio (SerjJems)
Jan 11 2019 at 06:54
2 posts
Read books- Books provide a wealth of information and are inexpensive compared to the costs of classes, seminars, and educational DVDs sold across the web. Some good books are How to make money in stocks by William J O’Neil ,One up on wall street by Peter Lynch ,
Buffet: The making of an American Capitalist by Roger ,

Lowenstein Market Wizards by Jack Schwager etc.

2. Zerodha Varsity- Educate yourself online. From here you can learn online about stock and everything what you need to know befor investing.

3. Read articles
Articles are a fantastic resource for education. So read articles from investopedia and by Google search.

4. Find a mentor
A mentor could be a family member, a friend, a past or current professor, co-worker, or any individual that has a fundamental understanding of the stock market. A good mentor is willing to answer questions, provide help, recommend useful resources, and keep spirits up when the market gets tough. All successful investors of the past and present have had mentors during their early days.

Forums can be another source for question and answer.

5. Study the greats
Learning about the greatest investors of years past will provide perspective, inspiration, and appreciation for the game which is the stock market. Some of them are Warren Buffet, Jesse Livermore, George Soros.

6. Read and follow the market

News sites such as Zerodha Pulse, Yahoo Finance, Google Finance serve as a great resource for new investors. And stock market related news is available here.

7. Consider paid subscriptions
Paying for research and analysis can be both educational and useful. Some investors may find watching or observing market professionals to be more beneficial than trying to apply newly learned lessons themselves.

8. Go to seminars, take classes
Seminars can provide valuable insight into the overall market and specific investment types.

9. Practice trading through a online simulator

NascarLover
Jan 11 2019 at 11:04
8 posts
Make sure you use a demo account for a few months practicing first. Then move on to a micro account to understand the difference between demo and live trading. Some people have a lot of emotional problems when trading with real money. Start small to avoid those problems
Tcollinwood
Jan 15 2019 at 11:56
11 posts
I like using a micro account it is a great tool to get started. I can see why people need a demo first but I learn a lot more on miro account. Especially how to control my emotions
Sergio (SerjJems)
Jan 15 2019 at 14:58
2 posts
Here are my 10 tips for you to start:
1) You must always come up with a new trading plan.
2) You should have the ability to treat trading like a business.
3) One can also use trading as technology.
4) You should have the ability of protecting your trading capital.
5) You must become a student of the markets.
6) You must understand that, you must risk the things that you can afford to lose.
7) Also develop a trading methodology based on facts.
8) You must always use a stop loss.
9) You should be knowing when it is the perfect time to stop trading.
10) Keep trading in perspective.
Professional4X
Jan 15 2019 at 21:32
1189 posts
All of these items are of equal importance.

1) Patience - Professional traders have patience and understand that they have no control over what the markets do.

2) Emotions - Professional traders understand that emotions have no place in trading. This is not to say that you cannot be happy at the end of the day when you've closed out in a nice profit. Just as it is perfectly acceptable to be concerned at the end of the day if all your trading has not gone well for the day. However, emotions should never impact the trades being made. Revenge trading trying to make up for previously losing trades, or over confidence trading when on a 'winning streak' are just two of the numerous situations where emotions will cause the investor to blow their accounts. Truly professional traders feel nothing when clicking the 'BUY' or 'SELL' button. It's just data on the screen, the numbers will only do one of three things..... EVER..... The numbers go up, the numbers go down, the numbers stay the same.

3) Understanding both technical analysis and fundamental analysis.

Technical analysis and fundamental analysis are both extremely valuable when it comes to understanding the markets.
Anyone who says that they only trade via technical analysis or they only trade via fundamental analysis, does not fully understand how the markets work.


4) Sufficient investment capital for your selected trading strategy.

We often hear traders say things like 'You must have at least $10,000.00 US to invest!', or 'You must have at least $1000.00 US to invest!', or some other random number.

Different strategies for investing, require different investment levels.

Consider for a moment the two following scenarios using the same initial investment of $1000 US Dollars.
For the sake of simplicity we will be ignoring whatever spread, swap, and commissions your account might be subject to, as these items are just a cost of doing business with your brokerage.

If a trader is using a strategy based upon long term trend trading, and they open a maximum of 3 trades at any one time on their account with small lot sizes 0.01, and trades only high probability setups for entry, and uses a reasonable SL, and places only 3 trades per week, it would be be reasonable to consider an initial investment of $1000.00 sufficient to invest.

EURUSD SELL 0.01 Stoploss 100 pips (LOSS $10 US)
EURUSD BUY 0.01 Stoploss 100 pips (LOSS $10 US)
EURUSD SELL 0.01 Stoploss 100 pips (LOSS $10 US)

3 bad trades is $30 lost from the initial investment capital of $1000.
Remaining account balance $970.00
The 4th consecutive lost trade will cause the remaining account balance to be $960.00

Where as if you are using a system that is 'always in' and trades with 0.10 lot sizes and uses Martingale Betting to increase their lot sizes with each bad trade, with the same SL target as the previous 'trend trader', then the account could easily be blown out with only a few bad trades.

EURUSD SELL 0.10 Stoploss 100 pips (LOSS $100 US)
EURUSD BUY 0.20 Stoploss 100 pips (LOSS $200 US)
EURUSD SELL 0.40 Stoploss 100 pips (LOSS $400 US)

3 bad trades is $700 lost from the initial investment capital of $1000.
Remaining account balance $300.00
The 4th consecutive lost trade will blow the account.


5) Money management
ALWAYS protect your investment capital. Ultimately when a trader blows out their account, it is because they didn't protect their investment capital. Just look at the two trading scenarios from item 4 above. Both started out with $1000 initial investment, but only one of them survived past their 4th consecutive bad trade because they managed their risk with minimal exposure to the markets trading only 0.01 lot sizes

6) Broker
Select a broker that has strong regulations, transparent business practices, and a solid reputation with the trading 'community' in general.



If it looks too good to be true, it's probably a scam! Let the buyer beware.
SaltaLargo
Jan 20 2019 at 07:05
11 posts
I have had problems with fundamental analysis. I kind of know about GDP data, non farm etc. but how can you actually use this information to get aid trading? I have only found information explaining what economic data is but not how to use it to enter trades or have a directional bias
Professional4X
Jan 21 2019 at 05:07
1189 posts
SaltaLargo posted:
I have had problems with fundamental analysis. I kind of know about GDP data, non farm etc. but how can you actually use this information to get aid trading? I have only found information explaining what economic data is but not how to use it to enter trades or have a directional bias


For example, when the Fed interest rate changes, this will impact the value of the US Dollar, so if the rates were to go up, you might go SHORT EURUSD.

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