for the beginners, 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.
My best tips for newbie, if you willing to learn this trading place, please go Babypips School. And of source trade in a demo account before live trading. Always trade various currency pair and leverage in demo to see the performance how it works. It will be supportive for avoiding risk in live account when trading.
I prefer for the Beginner Forex.com pips school FPA forum Fx Factory and Earn Fx forum where many important threads are available about trading which is really supportive for the beginner to be a knowledgeable trader very rapidly.
for the beginners, It is really difficult to get satisfied by Forex , because most of the traders are loser from here and me also. But I never gave up. Still I am trying to survive by means of my trading skill that I have gathered by passing a long time.
As a beginner, first thing you need to do is to common in Forex trading and that means you need to have lots of extra time not only in trading but in learning also. And the most important thing is that you need to spend lots of time practicing and not going to make profit or don’t expect to get profit in the first two or three months.
The traders who are particularly beginners first of all have to move on demo trading which is the primary source to acquire exact basic information which is very supportive to continue a live account in a proper way. but mostly traders don’t believe the importance of this trading place at all and kick off a live trading without demo . ultimately they come loser due to lack of real trading experience.
togr posted: Majority of trades are successful and yet traders are losing Why do major currency moves bring increased trader losses? For example, the Euro saw an impressive 61% of all trades closed out at a gain If traders were right more than half of the time, why did most lose money? We can now clearly see why traders lose money despite being right more than half the time. They lose more money on their losing trades than they make on their winning trades.
It is about the golden rule - cut the losses soon and keep profitable trades to grow. Simply said tight stop losses and usage of medium TP or Traling SL
togr posted: What currency pairs to trade in Forex?
Although there is lots of currency pairs offered to Forex traders, if you are a beginner it is easier to start with major currency pairs:
EUR/USD GBP/USD USD/JPY
There are several good reasons for that:
1. These currency crosses are widely traded, thus providing liquidity which is needed in order to benefit from price changes. 2. They have tight spreads, except may be for GBP/USD, which most of the time receives higher spread quotation from Forex brokers as it is more volatile (e.g. has wider price ranges than other pairs). 3. They all are traded against US dollar, which automatically suggest that the most active trading hours would be during New York trading session – the session with the highest volume of trades. 4. And finally, there are many Forex trading systems that are developed for trading those pairs and can be found online.
What currency pairs to avoid?
Exotic and uncommon currency pairs should be avoided by novice Forex traders as some further knowledge is needed to trade such pairs successfully.
Here is the list of major currencies beginner traders should focus on:
Euro (EUR) US Dollar (USD) British Pound (GBP) Swiss Franc (CHF) Japanese Yen (JPY) Australian Dollar (AUD) Canadian Dollar (CAD)
Also novice Forex traders should try to avoid currency pairs which have high spreads. Spreads vary from broker to broker. The information about spreads can be found at brokers’ websites, or at the special column called “Spread” on the trading platform itself, or from the Ask/Bid table (found also on the trading platform) by subtracting Bid price from the Ask.
Another quick way to learn is by using a semi-automated system where the system places the trades and the trader do the trade management. Or the trader places the trades and the EA does the trade management.
This method of trading will perform half of the task for the trader and will quickly add discipline to a trader. This can save some time for a newbie trader while learning and trading in demo account.
In Forex trading fundamentally, all of novice traders start their trading with zero level! In addition, Forex trading is a knowledge based business! So, which new traders try to make real money by live trading before acquiring enough knowledge, they may suffer in their live trading account! That’s very simple! Yes, I also made common mistakes in my demo, but now my long term trading experience helps me to recover my bad trades!
In Forexd trading we the traders first of all have to make sure a best trading broker for leading a secure and comfortable trading life, because the trading broker can affects the result of our trading with certainly. we can choose regulated trading broker which guarantee their clients funds.
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UPOZORNĚNÍ NA VYSOKÉ RIZIKO: Obchodování s devizami přináší vysokou úroveň rizika, které nemusí být vhodné pro všechny investory.
Páka vytváří další rizika a ztráty. Než se rozhodnete obchodovat s devizami, důkladně zvažte své investiční cíle, úroveň zkušeností a toleranci vůči riziku.
Můžete přijít o část nebo všechny své počáteční investice. Neinvestujte peníze, které si nemůžete dovolit ztratit. 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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