Beginner's Tips

Roberto21 posted:
for beginners i emphasis always for learning , but i can say you will get noting after having great learning process if you don't have regular practice on trading,  so, always focus on practice besides learning. 

Yes well put tbh...using the charts and setting your own trades is the best way to learn.

if there is most powerful analyzing money management , there is a good chance to get better result by using any kinds of trading strategies, success in Forex its all about money management, nothing without it.

This is just my opinion based upon my own experience.

Risk management

Emotionless trading

Automation where possible

Fundamentals and Technicals are equally important

Trade the majors

Forget about making 100% each month, that's completely unrealistic.

It is better to make a consistent low risk profit over a long period of time, than to try and get rich quick and lose it all.

Making a flat 25% annual ROI on $400,000.00 is $100,000.00 profit.

25% ROI / 12 months = 2.083333 % per month (non-compounding)

$100,000.00 / 12 months = $8333.333 averaged monthly ROI

A person can live a pretty comfortable life on $100,000.00 USD per year.

I will say that learning how to trade forex profitably is very analogous to learning how to ride a bicycle. Just like initially while learning a bicycle there are frequent chances of you being fallen down and being hurt, in the same way while learning stage of forex trading overall you may loose.

But once you learn how to balance the bicycle left and ride while you move ahead on it, even if you try to fall it is very difficult for you to fall. In the same way once you learn how to balance the profits and losses and continue to trade in forex, then it is very difficult for you to loose with some exceptions like sudden news or currency crash etc which are similar to an accident you face on the road and you should not doubt on your knowledge and experience of your learning. Because profit and loss balance is very important since you can't close each trade in profit and each trade in loss even if you try to do so.

So the most important thing is using low and reasonably low risk per trade and using a reasonable stoploss to start with for beginners, then even if you try to loose still it is difficult for you to loose in long run. For example, try to trade with 0.01 lot in a 1000 USD or 2000 USD balance or more with a reasonable stoploss with support and resistance levels , then even a worst kind of trader can't loose in long run though he may not make profit everyday or every week.

But try the same 0.01 lot with a 100 USD balance or 200 USD balance, then a series of losses account will go down and the trader will switch to a new strategy and repeat the process.

So my advice is to use a very low risk and reasonable stoploss(not very high or low) and preferably start with a cent account so that you can't loose a lot from the beginning, but still have the privilege of trading in a large balance.

Professional4X posted:
This is just my opinion based upon my own experience.

Risk management

Emotionless trading

Automation where possible

Fundamentals and Technicals are equally important

Trade the majors

Forget about making 100% each month, that's completely unrealistic.

It is better to make a consistent low risk profit over a long period of time, than to try and get rich quick and lose it all.

Making a flat 25% annual ROI on $400,000.00 is $100,000.00 profit.

25% ROI / 12 months = 2.083333 % per month (non-compounding)

$100,000.00 / 12 months = $8333.333 averaged monthly ROI

A person can live a pretty comfortable life on $100,000.00 USD per year.

Good advice. Interesting to see all the numbers laid out. Shame I don't have $100,000 to start with though

Professional4X posted:
This is just my opinion based upon my own experience.

Risk management

Emotionless trading

Automation where possible

Fundamentals and Technicals are equally important

Trade the majors

Forget about making 100% each month, that's completely unrealistic.

It is better to make a consistent low risk profit over a long period of time, than to try and get rich quick and lose it all.

Making a flat 25% annual ROI on $400,000.00 is $100,000.00 profit.

25% ROI / 12 months = 2.083333 % per month (non-compounding)

$100,000.00 / 12 months = $8333.333 averaged monthly ROI

A person can live a pretty comfortable life on $100,000.00 USD per year.

How do you suggest getting the $400k...…..

Rohtas posted:

Professional4X posted:
This is just my opinion based upon my own experience.

Risk management

Emotionless trading

Automation where possible

Fundamentals and Technicals are equally important

Trade the majors

Forget about making 100% each month, that's completely unrealistic.

It is better to make a consistent low risk profit over a long period of time, than to try and get rich quick and lose it all.

Making a flat 25% annual ROI on $400,000.00 is $100,000.00 profit.

25% ROI / 12 months = 2.083333 % per month (non-compounding)

$100,000.00 / 12 months = $8333.333 averaged monthly ROI

A person can live a pretty comfortable life on $100,000.00 USD per year.

Good advice. Interesting to see all the numbers laid out. Shame I don't have $100,000 to start with though

You don't need $100,000.00 to start with. It was just an example.
Start small, invest wisely, and allow your investment capital to grow over time.

jamesgwyther posted:

Professional4X posted:
This is just my opinion based upon my own experience.

Risk management

Emotionless trading

Automation where possible

Fundamentals and Technicals are equally important

Trade the majors

Forget about making 100% each month, that's completely unrealistic.

It is better to make a consistent low risk profit over a long period of time, than to try and get rich quick and lose it all.

Making a flat 25% annual ROI on $400,000.00 is $100,000.00 profit.

25% ROI / 12 months = 2.083333 % per month (non-compounding)

$100,000.00 / 12 months = $8333.333 averaged monthly ROI

A person can live a pretty comfortable life on $100,000.00 USD per year.

How do you suggest getting the $400k...…..

$400,000.00 isn't a hard requirement for investing, It was just an example of how to make $100,000.00 per year with Forex and the ROI required to do as an example. Small investments can grow quite large over time.

It is better to make a consistent low risk profit over a long period of time, than to try and get rich quick and lose it all.

Managing the risk is the most demandable ability in Forex market where risk is everywhere. My trading career, many times I fallen a great loss due to lack of exact risk management . now I am studying about this

Professional4X posted:

jamesgwyther posted:

Professional4X posted:
This is just my opinion based upon my own experience.

Risk management

Emotionless trading

Automation where possible

Fundamentals and Technicals are equally important

Trade the majors

Forget about making 100% each month, that's completely unrealistic.

It is better to make a consistent low risk profit over a long period of time, than to try and get rich quick and lose it all.

Making a flat 25% annual ROI on $400,000.00 is $100,000.00 profit.

25% ROI / 12 months = 2.083333 % per month (non-compounding)

$100,000.00 / 12 months = $8333.333 averaged monthly ROI

A person can live a pretty comfortable life on $100,000.00 USD per year.

How do you suggest getting the $400k...…..

$400,000.00 isn't a hard requirement for investing, It was just an example of how to make $100,000.00 per year with Forex and the ROI required to do as an example. Small investments can grow quite large over time.

It is better to make a consistent low risk profit over a long period of time, than to try and get rich quick and lose it all.

Lol yes I get that :)

Basically we the traders in particularly the newcomers try to make money very rapidly by using high leverage and practically fall a great loss due to non-sense planning and zero risk management policy, nothing to do with high leverage at all. So, before trading with high leverage we have to know how to manage risk.

its more appropriate go through the school level minimum for 2-3 times, but beginners can do it within very short time just for once , as a result they got nothing

Imamul posted:
its more appropriate go through the school level minimum for 2-3 times, but beginners can do it within very short time just for once , as a result they got nothing

What school you talking about?

trading with own , its a right one but borrowing money from family and others , its completely a wrong decision, its a mental pain and traders cant focus when trading in practically.

Never borrow money to trade and never trade with anyone else money. It will ruin your trading and your relationship

Rohtas posted:
Never borrow money to trade and never trade with anyone else money. It will ruin your trading and your relationship

NOt sure that even needs to be said does it?

Irrespective of how many tips given to beginners, usually it is almost inevitable for most of the beginners to loose and that's how market is designed to absorb money from beginners in terms of losses and give it back to professional traders as profits since forex market is a zero sum game.

So till now more than 90% of traders consistently loose money which contributes to the profits of the remaining successful traders.

So if you are a beginner, then you should never even think to make profit and you should only focus as how to loose less while you learn how the forex market behaves and moves. Once you learn to get a balance between profits and losses, then even if you want to loose still you can't loose if it is your money you are trading.

2 truths about making profits in forex:
----------------------------------------------------
1.If you are trying hard to make profit and you are loosing, then still you are a beginner irrespective of how many years you are trading it may be 10 years or 20 years.
2.If you are just waiting for the forex market to give you profit, then you are a professional trader. Making profit in forex must not be hard and if you are finding it hard, then something is wrong in your system or in your trading psychology.

In Fx trading , by and large traders in particularly the newcomers fall a great loss by taking high leverage due to non sense planning and zero risk management policy, nothing to do with high leverage at all. so, I think, before trading with high leverage we have to know how to manage risk.

Learning is the foremost ways to keep survive in this volatile trading place in a proper way. But sorry to say maximum traders who are particularly newcomers try to make money from here without learning. As a result they become loser when trading practically. It would be great if we choose the broker which always ensures best trading environment for learning this trading place by providing exclusive educational facilities.