to become a good trader in this market you have to gather all kinds of knowledge about trading and about the market.
Feb 25 2021 at 12:49
robindude posted:Garyneville221 posted:jamesmaxwell52 posted:
I don’t think that a new trader should go for large investments in the beginning. You must wait for some time until you obtain enough knowledge to manage your investments and prevent risks.
Large investments as a beginner might also mean big losses that may dishearten you as a trader. So, it’s better to keep the investments low and save yourself from unnecessary losses.
So true. It can be very useful if you can also learn how to do money and risk management.
Any tips would be helpful, I am as it is not risking more than 1%
Feb 26 2021 at 04:49
It’s good that you are aiming at making great profits in the forex market. But if you focus solely on making money, you won’t get what you want. It is your skills that get you profits in the long run.
Feb 26 2021 at 05:19
PercymcDonnell54 posted:
It’s good that you are aiming at making great profits in the forex market. But if you focus solely on making money, you won’t get what you want. It is your skills that get you profits in the long run.
rightly said
Feb 27 2021 at 12:06
Garyneville221 posted:jamesmaxwell52 posted:
I don’t think that a new trader should go for large investments in the beginning. You must wait for some time until you obtain enough knowledge to manage your investments and prevent risks.
Large investments as a beginner might also mean big losses that may dishearten you as a trader. So, it’s better to keep the investments low and save yourself from unnecessary losses.
Yes, it is smart to start small and keep the investments low in the beginning. Also a good idea to risk a small percent of your trades to stay in sync with risk management.
Feb 27 2021 at 17:29
PercymcDonnell54 posted:
It’s good that you are aiming at making great profits in the forex market. But if you focus solely on making money, you won’t get what you want. It is your skills that get you profits in the long run.
In my opinion, traders should focus on learning rather than making money.
Mar 01 2021 at 09:58
Some newbies only look at profits which is not at all a good thing to begin with. Focusing on developing new skills and learning new things about forex is the way to go. Just looking at profits and money can be dangerous for them.
Mar 01 2021 at 11:56
You don’t have to compromise with the profit margins when you clearly have the option to switch your broker. Just pick one with a lower transaction fee and you’ll be fine.
advancedsmifser posted:
Any tips would be helpful, I am as it is not risking more than 1%
1% is fine, even 2% is the maximum that many can hope and to achieve without risking too much. I have been getting 1.5% to 2% risk management for the most of my trades and I am pretty happy with that.
And for the tip, pick one pair and try to stay trading with the same one. And consider using limit order.
Mar 02 2021 at 09:54
Johnathankim posted:
You don’t have to compromise with the profit margins when you clearly have the option to switch your broker. Just pick one with a lower transaction fee and you’ll be fine.
I kind of agree with you on this one. I had the same issue but then a friend suggested I should move to another platform that was charging less. I also did the same a while back by shifting to Etoro and Fxview. The commissions have been low. And I only trade major currencies, mostly eurusd, so the spraed cost is also manageable. Makes a slight difference but even a marginal profit is better isn’t it?!
Mar 02 2021 at 12:45
@Mike Absolutely why not, even if I am able to save a penny more on one platform comparatively, I am a much happier trader
Mar 02 2021 at 12:46
robindude posted:advancedsmifser posted:
Any tips would be helpful, I am as it is not risking more than 1%
1% is fine, even 2% is the maximum that many can hope and to achieve without risking too much. I have been getting 1.5% to 2% risk management for the most of my trades and I am pretty happy with that.
And for the tip, pick one pair and try to stay trading with the same one. And consider using limit order.
What pairs are you trading?
Mar 03 2021 at 04:59
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
Mar 03 2021 at 10:42
PercymcDonnell54 posted:
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
That’s right and even for beginners, it is fine that they go with one lot at a time. Much more important is the risk and money management here. Can’t take that lightly.
Mar 04 2021 at 05:03
donelderly posted:PercymcDonnell54 posted:
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
That’s right and even for beginners, it is fine that they go with one lot at a time. Much more important is the risk and money management here. Can’t take that lightly.
Trading with lower lots can be a very good tip and this also allows a person to manage their accounts well. This will also prevent them from getting any margin call and to avoid that, some measures should be taken. Like when I’m trading with about 1 lot using some platforms (Xtb), I try to keep my leverage low. This allows me to save myself from higher risk. It is better to go with low commission brokers so that you don’t end up losing most of your money in commissions.
Mar 04 2021 at 08:22
Rosstaylorr posted:donelderly posted:PercymcDonnell54 posted:
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
That’s right and even for beginners, it is fine that they go with one lot at a time. Much more important is the risk and money management here. Can’t take that lightly.
Trading with lower lots can be a very good tip and this also allows a person to manage their accounts well. This will also prevent them from getting any margin call and to avoid that, some measures should be taken. Like when I’m trading with about 1 lot using some platforms (Xtb), I try to keep my leverage low. This allows me to save myself from higher risk. It is better to go with low commission brokers so that you don’t end up losing most of your money in commissions.
That seems manageable and honestly I see no harm in being careful while trading. Using stop loss, lower leverage and cost effective brokers can add up to a good risk and money management.
Mar 04 2021 at 11:10
PercymcDonnell54 posted:Rosstaylorr posted:donelderly posted:PercymcDonnell54 posted:
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
That’s right and even for beginners, it is fine that they go with one lot at a time. Much more important is the risk and money management here. Can’t take that lightly.
Trading with lower lots can be a very good tip and this also allows a person to manage their accounts well. This will also prevent them from getting any margin call and to avoid that, some measures should be taken. Like when I’m trading with about 1 lot using some platforms (Xtb, Fxview), I try to keep my leverage low. This allows me to save myself from higher risk. It is better to go with low commission brokers so that you don’t end up losing most of your money in commissions.
That seems manageable and honestly I see no harm in being careful while trading. Using stop loss, lower leverage and cost effective brokers can add up to a good risk and money management.
Thanks for that. I was advised by my trader friends to trade simply and without risking so much at first. Trying to learn with every step of the way.
Mar 05 2021 at 04:54
donelderly posted:PercymcDonnell54 posted:
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
That’s right and even for beginners, it is fine that they go with one lot at a time. Much more important is the risk and money management here. Can’t take that lightly.
That is very good advice and I think every beginner should be aware of such details. Trading 1 lot is fine to begin with.
Mar 05 2021 at 10:53
It doesn’t matter if you are trading a demo or going live, a lot size often helps traders in understanding how much to risk and how much they should trade. Better to determine the lost size for trading in the beginning.
Rosstaylorr posted:donelderly posted:PercymcDonnell54 posted:
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
That’s right and even for beginners, it is fine that they go with one lot at a time. Much more important is the risk and money management here. Can’t take that lightly.
Trading with lower lots can be a very good tip and this also allows a person to manage their accounts well. This will also prevent them from getting any margin call and to avoid that, some measures should be taken. Like when I’m trading with about 1 lot using some platforms (Xtb), I try to keep my leverage low. This allows me to save myself from higher risk. It is better to go with low commission brokers so that you don’t end up losing most of your money in commissions.
It is nice that you at least know how to go about the leverage and I’ve seen most newbies fail because they kept risking very high. As for me, when I started with it, I also went as high as 1:500 at times with some brokers, Fxcm, etc. and I ended up losing almost everything. Now I prefer keeping it low and playing safe. Using the same platforms but keeping the leverage ratio real low.
