Poolut posted: I feel the same way about newbies. A lot of them come to the forum and they're like, 'Oh, how do you do stuff here, give me some advice!' And you don't even know what to write back to this question. Yes, when they ask some general questions, that's great. When they ask questions like 'What leverage do I have to choose' or 'How much money do I deposit', it's just something... It's like they don't understand that there are more personalized questions, that more difficult to answer without knowing the information about the trader himself.
I feel its best to give them a direction or reference to read because most every trader is unique in their ability to trade the market plus the strategies vary. I have been reviewing some of the Mark Douglas videos and it has upgraded my approach to the FOREX market strictly from a psychological point of view. The questions provided above have to be answered and researched by the trader. No one else can advise them on this because only they know how much to risk in their unique situation once fundamental knowledge has been achieved regarding how to read the charts, indicators & platform operation. This is only my opinion on the situation your describing Poolut.
We the traders should choose the currency pair which is more appropriate to the concept of trading that will be used , if you depend on scalping should choose the pair which always ensures lowest comfortable trading spreads.
The demo account is really important for all kinds of traders in particularly the newcomers. in my trading career, after passing a long time I still depend on demo account for some inevitable reason, I use all my trading strategies first of all in demo account to see the performance how it works. this approach always helps me for avoid risk in live account when trading practically. What is your experience in demo ?
For a Beginner, it is to recommended to get the prerequisite knowledge and skills and make best use of it in this trading world. With constant practice, research work and continuous evaluation of the market trends you can attain optimum level of supremacy in forex trading, but also keep in mind that the greed for earning higher profits can lead you to fall the ladder.
The traders who are particularly scalpers have to choose the broker which allows trading concept such as this. As a scalper from my first day of trading I have been using lowest trading spreads as well as minimum margin requirements. actually we have to choose the platform that is more appropriate to the concept of trading that will be used , if you love scalping should choose the broker that allows scalping without any restrictions.
for beginners Demo is the most decent way of learning Forex , as beginner 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.
loss is a thing that always taught us a great lesson but we generally cant take this general issue, we got upset when making losses and trade over and over for recovery, as a result, lost almost whole equity.
If you are new in this market, You need to be very careful when you are going to trade. Because this is a very risky market. Many traders lose their money in this market because of making wrong decisions.
Trading in Forex requires a lot of patience. It is impossible to trade without patience. In most cases, new traders become impatient and face losses by over-trading. New traders should usually practice demo trading. New traders can learn a lot from online. They can learn from Google and YouTube. You need to learn to trade. If you don't learn to trade, you will lose. For this, you have to do this work in the gap of learning the demo.
expkhaled posted: It you want right mind set the just trade with Demo as long as you can. Bcz you can find traders primary level from demo. And gather knowledge step by step and use it in demo. Hopefully within 2 yrs you will find a way to trade. When you are learner about forex plz away from real trade.
Yes, I am agree with, deom trading is very useful for a newbie for learning and a newbie can practice more and more with demo to get good knowledge and level of experience.
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 Guys I'm new to trading, is there any South Africans here that has some experience under there belt regarding Brokers to use in SA ]
My name is Hendrik I'm From South Africa. Im new to the whole Forex Trading experience, but have been fascinated by it for some while now. I have already complete a course on Udemy called Complete Foundation FOREX Trading Course. Currently busy with a course on Baby Pip on Forex.
Is there any experienced SA Day Traders to advise on Brokers in SA?
Trading is a very risky business. Not everyone can do that business. If you want to do this business, you have to be emotionally strong. If you want to do forex trading, you have to gather a lot of information. And first, you have to practice the demo. In addition to practicing the demo, you have to learn from a good mentor and collect a lot of information online. You have to manage risk and trade. A maximum of 2% risk can be taken in a trade. As a beginner trader, you need to select a good broker. when I started my trading carrier, I had no knowledge about Forex. I learn the basics with the help of Eurotrader markets.
Everything is uncertain in Forex market, so the newcomers always feel frustrated when trading. So before kickoff live account we have to make sure sufficient trading balance that can remove our frustration , otherwise it will be great difficult to survive in this volatile trading market.
AVERTISSEMENT SUR LE RISQUE ÉLEVÉ : Le trading de devises comporte un niveau de risque élevé qui peut ne pas convenir à tous les investisseurs.
Leffet de levier crée un risque supplémentaire et une exposition aux pertes. Avant de décider de négocier des devises, examinez attentivement vos objectifs dinvestissement, votre niveau dexpérience et votre tolérance au risque.
Vous pourriez perdre une partie ou la totalité de votre investissement initial. Ninvestissez pas largent que vous ne pouvez pas vous permettre de perdre. Renseignez-vous sur les risques associés au trading de devises et demandez conseil à un conseiller financier ou fiscal indépendant si vous avez des questions.
Toutes les données et informations sont fournies "en létat", uniquement à titre dinformation, et ne sont pas destinées à des fins de trading ou de recommandation.
Les performances passées ne sont pas indicatives des résultats futurs.