If you are newcomer in Forex trading and want to start trading then you should be very careful in Forex because Forex is very risky business and if you have no knowledge and skills before then you must learn the basics of Forex first and then join Forex trading.
Start small – Focus on big wins and you forget the importance of following the pattern. Over the long run, taking smaller positions will give you greater control. Then you can gradually increase your position size as your confidence grows.
Aug 24 2020 at 07:54
cardigan posted:
Start small – Focus on big wins and you forget the importance of following the pattern. Over the long run, taking smaller positions will give you greater control. Then you can gradually increase your position size as your confidence grows.
That is good advice
Do not be greedy and enhance your trading knowledge.
Sep 03 2020 at 17:48
As a new trader, you can practice on a demo account to improve your ability and knowledge about forex. Almost every trader starts their trading journey with a demo account.
You can find a successful trading strategy from various sources , but if you want to get maximal result by your trading strategy first of all you have to make sure real money managing plan , otherwise that’s not possible at all to make profit with consistency despite of having most successful trading strategy.
The traders who are particularly newcomer can lern Fx from lots of sources that available right now. But in order to my trading experience I think Pips school is more appropriate which always all important trading tips with essential terms and condition which is really supportive for the newbie.
Honestly speaking, Earning is Forex is not easy at all. There is too many who loses money simply because they take it lightly. They think knowing minimum knowledge about Forex is good to kick off trading right away. They think they can earn good amount of money in here. But one thing I want to say in order to my trading experience , in Forex trading you like digging a hole, the deeper you dig the more chance its can turn into a well and get water.
Sep 08 2020 at 09:25
Demo is the most decent way of learning Forex trading, but I also use back testing feature of Mt4 trading platform. Yes, no doubt demo is useful, but it’s a slow process! Besides, back testing is quick process! I used back testing after practicing my demo for 5 months.
Sep 09 2020 at 11:31
Make a plan and stick to it.
hello sir.
i have a question. if f.ex. i have $1000. what a lot size may i use? and what leverage is better used?
i have a question. if f.ex. i have $1000. what a lot size may i use? and what leverage is better used?
Sep 09 2020 at 17:09
Hi. For risk management i use this indicator for mt4 or mt5. (Link at the botton)
There you can calculate your lote size by percentage of risk on that trade or even for the value you want risk.
If you are a beginner don't use high leverage. For me the best is 100. Just because if you use high leverage you gonna open more trades then you should. My risk management strategy is. I only expose the maximum 2% of my account balance. And i open trades with 0.5% of my account balance. I just open more trades if the previous ones are in breakeven. This kind of approach you can control better your drawdown.
I also set daily goals. 4% gains and 2% loss. To avoid overtrading. (That was my biggest issue on trading).
https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator/
There you can calculate your lote size by percentage of risk on that trade or even for the value you want risk.
If you are a beginner don't use high leverage. For me the best is 100. Just because if you use high leverage you gonna open more trades then you should. My risk management strategy is. I only expose the maximum 2% of my account balance. And i open trades with 0.5% of my account balance. I just open more trades if the previous ones are in breakeven. This kind of approach you can control better your drawdown.
I also set daily goals. 4% gains and 2% loss. To avoid overtrading. (That was my biggest issue on trading).
https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator/
goncalo008 posted:
Hi. For risk management i use this indicator for mt4 or mt5. (Link at the botton)
There you can calculate your lote size by percentage of risk on that trade or even for the value you want risk.
If you are a beginner don't use high leverage. For me the best is 100. Just because if you use high leverage you gonna open more trades then you should. My risk management strategy is. I only expose the maximum 2% of my account balance. And i open trades with 0.5% of my account balance. I just open more trades if the previous ones are in breakeven. This kind of approach you can control better your drawdown.
I also set daily goals. 4% gains and 2% loss. To avoid overtrading. (That was my biggest issue on trading).
https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator/
thank you sir. i will definitely use it.
Sep 11 2020 at 17:52
If you are new in this market, you need to choose a good and reliable broker. You can take help from those websites that provide broker reviews on their websites.
Satisfied with the work with Amarkets. They regularly add bonuses, constantly strive for innovations, improve trading conditions. I definitely recommend it.
Oct 16 2020 at 12:41
I would say a micro lot, and if you are new, then don't use more than 5:1 as leverage.
Oct 26 2020 at 06:12
If you are a beginner, I will suggest you get a good broker. Don’t use more than 5:1 leverage and keep a track on your risk management strategies. Good luck.
Of course, the choice of a broker is very important, but the most important thing is that you do not need to give in to your emotions and hurry to earn money as quickly as possible.
every new trader should control their emotions while trading.
Nov 10 2020 at 20:51
Every new traders should gather proper education before starting their forex career.
