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New Forex Trader Here

Mohammadi
Mar 06 2019 at 20:22
886 posts
in Forex trading we the traders who are particularly newcomers make so many mistake in our trading life due to lacking proper trading experience. Taking wrong trade without proper analysis and risk management is one of the major from all of them.

dylanjessop
Mar 07 2019 at 12:23
34 posts
Risk to Reward ratio is vital in trading.

dylanjessop
Mar 07 2019 at 12:23
34 posts
Imamul posted:
newcomers first of all have to ensure  all basic level , i like most pips school which is mainly considered as a best learning place for newcomers. besides this school demo is more appropriate for live trading experience.   


Great place to learn.

REB_FX (REB_FX)
Mar 11 2019 at 07:32
36 posts
Mohammadi posted:
in Forex trading we the traders who are particularly newcomers make so many mistake in our trading life due to lacking proper trading experience. Taking wrong trade without proper analysis and risk management is one of the major from all of them.


We will all make mistakes as we learn.

Those that will be successful are the ones who will review their trades and learn from the mistake.

walpants
Mar 12 2019 at 09:32
47 posts
dylanjessop posted:
Risk to Reward ratio is vital in trading.


definitely, get that right and you don't have to win every trade.

AdebayoTheBest
Mar 12 2019 at 10:52
8 posts
R to R is not to be underestimated. I remember the first time someone explained to me that even with a win rate lower than 50% you can still make profit if you use a 1:2 RR. I have focused all my trading strategy around using high RR. I am still learning but I have confidence that I will get there

forex_trader_[565984]
Mar 12 2019 at 15:11
144 posts
AdebayoTheBest posted:
R to R is not to be underestimated. I remember the first time someone explained to me that even with a win rate lower than 50% you can still make profit if you use a 1:2 RR. I have focused all my trading strategy around using high RR. I am still learning but I have confidence that I will get there

Good Risk to reward means take only those trades which has very high probability of success with take profit and stoploss ratio of more than 2 or even more.

But if someone will take just every trade and hope the market will give at least 2 times profit pips compared to his stop loss, then it is a wrong approach.

All new traders must reduce the number trades they take every day or every week to half and then, naturally their trading profits will increase since they will take only high probability trades.

If emotions create problem for new traders, then set and forget type style of trading is best with pending orders to get triggered automatically with fixed stoploss and takeprofit.

If new traders will enter market orders, it very easy to make wrong decisions based on emotions or fear of missing out trades etc.

REB_FX (REB_FX)
Mar 13 2019 at 07:23
36 posts
AdebayoTheBest posted:
R to R is not to be underestimated. I remember the first time someone explained to me that even with a win rate lower than 50% you can still make profit if you use a 1:2 RR. I have focused all my trading strategy around using high RR. I am still learning but I have confidence that I will get there


If you are taking high probability trades with this R to R you will go far.
A very sound principle to follow

Imamul
Mar 13 2019 at 11:13
593 posts
Demo trading the first of trading in Forex , but Honestly speaking I have never used this trading place when I was a newbie. Because I was bored in here. I studied in Pips School and besides this i was in live account with small balance. It worked greatly instead of demo account.

Treeny
Mar 17 2019 at 09:46
135 posts
Imamul posted:
Demo trading the first of trading in Forex , but Honestly speaking I have never used this trading place when I was a newbie. Because I was bored in here. I studied in Pips School and besides this i was in live account with small balance. It worked greatly instead of demo account.


I understand that. Demo trading can be boring cause it's not real money. Using tiny lots with real money is a viable alternative but only if the amount you lose means very little to you.

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