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Learning Forex Trading

Martin (martinkolbe)
Aug 11 2016 at 10:14
35 Posts
Invest as much as you are willing to lose. But my personal advise for you is to start by teaching yourself with a demo account. Try different leverage levels there and see which type of combination between balance and leverage is working the best for you, then and only after you have done this, you can move to real live trading.
Martin (martinkolbe)
Aug 11 2016 at 10:14
35 Posts
Invest as much as you are willing to lose. But my personal advise for you is to start by teaching yourself with a demo account. Try different leverage levels there and see which type of combination between balance and leverage is working the best for you, then and only after you have done this, you can move to real live trading.
mlawson71
Aug 11 2016 at 10:41
1487 Posts
I agree - learning on a demo account at first is vital and just plain common sense.
My other advice would be to always have a trading plan and never to open positions impulsively.
james_m
Aug 14 2016 at 06:50
4 Posts
This page has a short but very comprehensive list of everything you should think about when choosing a broker, I know I wish I had thought about it more https://forexsignals.io/brokers/ - it takes a while to open an account and you want to get it right the first time.
insa
Aug 15 2016 at 08:50
1 Posts
Hi markjasonmanikan,

you can start with 500€ on a real account. That's no problem. In this thread I saw formulas like

'To put that into perspective, the value of your trade is : current price x lot size x lots
So in EurUsd at current prices 1.09 x 0.01 x 100 000 = 1090. '

Of course, your profit and loss depends on the lot size and the amount of pips you close your trade in profit or loss. If you can trade with 0.01 lots (that depends on your broker) it should be possible to trade very small profits and losses. (down to cents).
But I suggest to use a tool, that is automatically calculating the possible profit and loss BEFORE you open the order. For newbies, who have no idea about lot-sizes, this is very important! There are a lot of tools like this in the market of mql.
I'm using the Easy Order Creator, because you have here the option to select, if you want to trade directly in lots or in percent of your account balance or as a fixed value in your currency. (e.g. 10 USD). This really helps, if you are a beginner!
There's no need to deal with formulas... ;-)
If you don't want to use an additional tool, you can test your trade with a 'pending order'. Simply place a pending order far away from the actual market price and add stop-loss and take-profit. When you move the mouse afterwards over the take-profit or stop-loss level, a tooltip pops up and shows you the corrsponding profit or loss. With this, you can get an idea of the amount of profit and loss if you open a market order with the same entry to stop-loss distance and same lot size. Or - start with a demo account. This is absolutely risk-free ;-)
Have fun!
Fredrick (shirley_F)
Oct 26 2016 at 12:10
41 Posts
insa posted:
Hi markjasonmanikan,

you can start with 500€ on a real account. That's no problem. In this thread I saw formulas like

'To put that into perspective, the value of your trade is : current price x lot size x lots
So in EurUsd at current prices 1.09 x 0.01 x 100 000 = 1090. '

Of course, your profit and loss depends on the lot size and the amount of pips you close your trade in profit or loss. If you can trade with 0.01 lots (that depends on your broker) it should be possible to trade very small profits and losses. (down to cents).
But I suggest to use a tool, that is automatically calculating the possible profit and loss BEFORE you open the order. For newbies, who have no idea about lot-sizes, this is very important! There are a lot of tools like this in the market of mql.
I'm using the Easy Order Creator, because you have here the option to select, if you want to trade directly in lots or in percent of your account balance or as a fixed value in your currency. (e.g. 10 USD). This really helps, if you are a beginner!
There's no need to deal with formulas... ;-)
If you don't want to use an additional tool, you can test your trade with a 'pending order'. Simply place a pending order far away from the actual market price and add stop-loss and take-profit. When you move the mouse afterwards over the take-profit or stop-loss level, a tooltip pops up and shows you the corrsponding profit or loss. With this, you can get an idea of the amount of profit and loss if you open a market order with the same entry to stop-loss distance and same lot size. Or - start with a demo account. This is absolutely risk-free ;-)
Have fun!

Very good advise to use the Easy Order Creator indicator! I'm really happy with it, thanks
Charles_F
Oct 27 2016 at 14:52
38 Posts
togr posted:
arigoldman posted:
Demo isn't going to teach you how to trade so beware. It's going to teach you how to use the platform and that's it.

Of course you can learn trading on demo. Its the same as real.
Hard point is to handle psychological burden when you trade real money.

An this is quite a significant hard point I think...
Samm
proyecto
Feb 26 2017 at 06:52
36 Posts
insa posted:
Hi markjasonmanikan,

you can start with 500€ on a real account. That's no problem. In this thread I saw formulas like

'To put that into perspective, the value of your trade is : current price x lot size x lots
So in EurUsd at current prices 1.09 x 0.01 x 100 000 = 1090. '

Of course, your profit and loss depends on the lot size and the amount of pips you close your trade in profit or loss. If you can trade with 0.01 lots (that depends on your broker) it should be possible to trade very small profits and losses. (down to cents).
But I suggest to use a tool, that is automatically calculating the possible profit and loss BEFORE you open the order. For newbies, who have no idea about lot-sizes, this is very important! There are a lot of tools like this in the market of mql.
I'm using the Easy Order Creator, because you have here the option to select, if you want to trade directly in lots or in percent of your account balance or as a fixed value in your currency. (e.g. 10 USD). This really helps, if you are a beginner!
There's no need to deal with formulas... ;-)
If you don't want to use an additional tool, you can test your trade with a 'pending order'. Simply place a pending order far away from the actual market price and add stop-loss and take-profit. When you move the mouse afterwards over the take-profit or stop-loss level, a tooltip pops up and shows you the corrsponding profit or loss. With this, you can get an idea of the amount of profit and loss if you open a market order with the same entry to stop-loss distance and same lot size. Or - start with a demo account. This is absolutely risk-free ;-)
Have fun!

Good point, I agree with you.😉
can start with 500€ on a real account.

But I recommend you start with a quantity that you feel comfortable and without pressure. An amount that you can risk without problems and that is enough to open and close positions while you learn and optimize your investment strategy. That is why this adequate amount to start investing is variable according to the profile of each person and their financial situation.
jhonix
Feb 27 2017 at 21:54
37 Posts
insa posted:
Hi markjasonmanikan,

you can start with 500€ on a real account. That's no problem. In this thread I saw formulas like

'To put that into perspective, the value of your trade is : current price x lot size x lots
So in EurUsd at current prices 1.09 x 0.01 x 100 000 = 1090. '

Of course, your profit and loss depends on the lot size and the amount of pips you close your trade in profit or loss. If you can trade with 0.01 lots (that depends on your broker) it should be possible to trade very small profits and losses. (down to cents).
But I suggest to use a tool, that is automatically calculating the possible profit and loss BEFORE you open the order. For newbies, who have no idea about lot-sizes, this is very important! There are a lot of tools like this in the market of mql.
I'm using the Easy Order Creator, because you have here the option to select, if you want to trade directly in lots or in percent of your account balance or as a fixed value in your currency. (e.g. 10 USD). This really helps, if you are a beginner!
There's no need to deal with formulas... ;-)
If you don't want to use an additional tool, you can test your trade with a 'pending order'. Simply place a pending order far away from the actual market price and add stop-loss and take-profit. When you move the mouse afterwards over the take-profit or stop-loss level, a tooltip pops up and shows you the corrsponding profit or loss. With this, you can get an idea of the amount of profit and loss if you open a market order with the same entry to stop-loss distance and same lot size. Or - start with a demo account. This is absolutely risk-free ;-)
Have fun!

Excellent subject. These tips must be put into practice.. They are very useful.. 😁
Alessan
alessanFX
Mar 01 2017 at 07:53
10 Posts
markjasonmanikan posted:
How much is the minimum amount I should invest for my leverage if I will open new account?

For example if you are new .. It would be 100 euros to buy a forex contract with a value of 10,000 euros. In this case, the leverage ratio would be 1: 100.
Baldo (BaldoN)
Mar 06 2017 at 13:03
522 Posts
Hello,
'Learning Forex Trading' - is not just a kind of step following matter (do this as step1, then 2 etc.) and after a time you will be successful trader. This is a long journey and there are not mathematical definition how to be successful, because this is a complex from many different thinks: proper education, training, acquiring screen time/experience, strict discipline, proper psychology and mind set, willing to beat the losses and not to get desperate and also many other smaller points.
Just everyone needs to be loaded with enough patience... and many, many power to willing to reach the target :)
darren (darrengreg)
Mar 09 2017 at 13:29
37 Posts
BaldoN posted:
Hello,
'Learning Forex Trading' - is not just a kind of step following matter (do this as step1, then 2 etc.) and after a time you will be successful trader. This is a long journey and there are not mathematical definition how to be successful, because this is a complex from many different thinks: proper education, training, acquiring screen time/experience, strict discipline, proper psychology and mind set, willing to beat the losses and not to get desperate and also many other smaller points.
Just everyone needs to be loaded with enough patience... and many, many power to willing to reach the target :)

Yes Forex trading is profitable only if you know how to trade. No doubt it has a great profit potential but at the same time it is very risky and requires experience, skills to earn such profit. Forex trading is not just about, you decided and start trading. Forex trading seems very simple but you actually need to put a lot of efforts to be a good trader. You can simply start with understanding the market, have the knowledge of the market, how it works, how to implement trading strategies, market psychology.
Baldo (BaldoN)
Mar 10 2017 at 10:37
522 Posts
Hello,
After gaining of experience, trading FX looks simple. The complexity is coming from the traders, for example by adding so many indicators on the chart some time, that the price itself (which must be the guideline) disappear.
Other complexity came from the point that we cannot control the market - we just have control over our funds, but this many traders miss when start to fight with price direction - because of their ego and inability to accept the loss, while it is still small.
There are many other examples confirming that if it simple it would works better and would have much more chance for success :)
jackwilliams
Mar 17 2017 at 08:50
22 Posts
It is rightly said that learning forex trading is not at all an easy task. It can be profitable for some but can also ruin the financial condition for the others. Entering the forex world in the lure to earn more and more profits would not help much, instead true passion to become a successful trader can help one become profitable. Learning is a very essential part whether a person is a newbie or an expert, as it is a never ending process. Proper trading plan, hardwork & knowledge of the market, determination and true desire to succeed can help one achieve goals.
darren (darrengreg)
Mar 20 2017 at 10:53
37 Posts
BaldoN posted:
Hello,
After gaining of experience, trading FX looks simple. The complexity is coming from the traders, for example by adding so many indicators on the chart some time, that the price itself (which must be the guideline) disappear.
Other complexity came from the point that we cannot control the market - we just have control over our funds, but this many traders miss when start to fight with price direction - because of their ego and inability to accept the loss, while it is still small.
There are many other examples confirming that if it simple it would works better and would have much more chance for success :)

Agree with you mate! Simple is always effective! One should adopt such a strategy which makes it easy to understand the underlying concepts.
mlawson71
Jun 05 2017 at 12:35
1487 Posts
The more you complicate your strategy, the more chances you will have to do something wrong. Keeping it simple, in a way, lowers your risk.
Baldo (BaldoN)
Jun 09 2017 at 11:14
522 Posts
Craden20 posted:
AliKhan1 posted:
1:100 would be okayy aswell ... People go crazy with 1:400++
The truth is that extreme leverages are not the best for the new trader. Leveraged trading might seem attractive as it could be amazing controlling $40000 with just $100 when you use a leverage ratio of 1:400. But with what I have seen in the forex practically, leverages might seem lucrative with the possible profit you could make from a leveraged account but the true reality is that it requires good experience to properly operate a highly leveraged account and eventually not get a margin call. Especially as there is no guaranty that prices wouldn't go against your direction. On the highest end, I think a leverage of 1:20 is almost enough if well done with proper risk management.

The trader who knows what is doing and how to trade does not care whether the leverage is 100:1 or 400:1 or 1000:1. He is just following his trading style and position size and keep control over the risk.
That is why does not really matter if the required margin based on the leverage is 1000 or 500 or 2000 currency units.
Cameron Gill (camerongill)
Jun 10 2017 at 06:01
110 Posts
Still there are many people entering forex trading with the concept that after a bit of training they can make a full-time living. This is not the case.

The analogy I like to us is that of professional golfers, only a fraction of a percent of golfers make the big dollars, a couple of percent make a decent living, 5% to 10% break even and the remainder and majority lose money (after costs). Same with forex trading.

Even after doing courses that cost thousands of dollars they find that only 50% make money and the majority do not make much.

The other thing I think of is that during the gold rush, the people who made money are the ones selling the shovels - perhaps the people making money in forex trading are the brokers, the education providers and system/signal/indicator vendors!?

It is important that people are realistic. The dream that people portray of the forex trader lifestyle of expensive watches, luxury boats, mansions, bikini clad girls, fast cars is just not the case...
kieran (snapdragon1970)
Jun 11 2017 at 17:28
1948 Posts
Most professionals trade forex futures ,the index, stocks, etc. If you want to build wealth that's the route they take ,retail forex is not the best place to start, the Gold rush analogy is correct although I would advise people to get educated .
"They mistook leverage with genius".
mlawson71
Jun 13 2017 at 11:54
1487 Posts
True. I'm an amateur trader and trading indices is very daunting to me, but I have been trying to learn lately, with varying success.
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