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Beginner's Tips

walpants
Feb 13 2019 at 07:30
44 Beiträge
I would love to be a successful trader but i know it takes time and dedication to learn,right now i am a long way from it but hopefully will get there one day.

expkhaled (expkhaled)
Feb 13 2019 at 08:11
21 Beiträge
Just make a system and stick to it. And first look for 1 pair only for 6 month. Then you will get idea formation of market.

Day by day having better, better and better...
adan
Feb 13 2019 at 09:53
3 Beiträge
FxFTradingGroup posted:
“I’m just a beginner in Forex, how much should I put in my account?”

This question bugs me all the time. Its like walking into a casino, and asking the people around you, ‘hey how many tokens did you change?’

Seriously dude. Everyone has a different answer, some experienced people might help you (if they are kind hearted) but most people will not care how much you win or lose. You should treat forex as a form of investment, but please DO NOT use all of your income as your token to bet on the market. You might win once, twice but you will not be that lucky all the time. Spend some time and do financial planning, set aside daily expenses, insurance etc. And once you find extra money, you can then decide whether to use them for investment, or to help the needy.

For beginners, you might want to consider ‘choosing a broker’ as one of the important choices of all time. Broker can make or break your faith in trading. Next, pick a mentor. Be it a book, a youtube channel, a guru you found online or through friend’s recommendation, do just rely solely on that ONE source of information. Gather as much information as possible, talk to more people, read forum threads so that you will gain knowledge that might be useful for you in the future.

However, some people might still choose the easy way out and opt to follow the signals of the ‘chosen one’. Not to say this is the bad approach, like I said, this is a form of investment, you are free to choose what sort of investment approach you prefer. However, I’d like to call out to those investors, you might want to check the account history of the chosen one before subscribing to his signals. The results might look good on their profile, but you have no idea how many positions and how much losses they have yet to close, so people with smaller wallet size than the chosen one might not be able to follow the signals that smoothly. Hence you might want to check with the chosen one how big would they recommend you to have in order to follow their signals.

Last but not least, I’d like to emphasize the size of an account is not as important as knowing your own trading strategy or style. I’ve seen someone trading with just a $100 account, and has grown the account 10 times its size. I’ve also seen someone with $50,000 blown overnight. So it doesn’t mean that bigger wallet size is safer for trading. Smaller account is more prone to blow, but with own strategy and right mindset, you will find big potential in this forex business.


Hi, Just join this community! I am very new in Forex Trading and got some basic tips here to buy and sell crypto through brokers.

Mohammadi
Feb 19 2019 at 10:34
852 Beiträge
The broker can affects the result of our trading with certainly , that’s why choosing a broker should be in cool mind, please don’t choose a broker in an emotional state, we the traders should choose the broker which is more appropriate to the concept of trading that will be used , the traders who are particularly scalpers have to choose the broker which allows trading concept such as this.

tracydavison
Feb 20 2019 at 06:55
34 Beiträge
great thread. Im fairly new to trading and this community. looking foward to my trading journey and learning of your more experienced guys!

elikplim
Feb 20 2019 at 07:26
4 Beiträge
Hi, am new in fx trading and i want to know if i can benefit when trading one currency pair.

SkeletonTj
Feb 20 2019 at 09:58
11 Beiträge
Sure. Many trader just trade one pair. Big bank trader just trade one or two Forex pairs at a time. I prefer 7 fx pair but some trade 20 . it is all personal preference but definitely it possible to do well with one pair

walpants
Feb 20 2019 at 12:58
44 Beiträge
elikplim posted:
Hi, am new in fx trading and i want to know if i can benefit when trading one currency pair.


from what i understand it will help you to get a good understanding of how that pair behaves. when your new it will benefit because it can be very confusing trying to keep a watch on more pairs.

iDragonFly
Feb 21 2019 at 07:57
2 Beiträge
elikplim posted:
Hi, am new in fx trading and i want to know if i can benefit when trading one currency pair.


Trading one currency pair is ok, but it all depends on your strategy of executing trades.

Before you even think about trading multi-currency and different pairs at the same time, read about this subject 'Currency correlation' (to save your hard earned money).

You can start here:
https://www.babypips.com/learn/forex/what-is-currency-correlation

elikplim
Feb 21 2019 at 08:03
4 Beiträge
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