Beginner's Tips

according to me, its much important , any smart initial amount can make you more confident when trading in practical. so we cant avoid the importance of this at all.

I have mentioned this in some other thread and I am repeating this here for beginner traders.

If you are a beginner, then just continue to trade in demo account as long as you are not consistently profitable in your strategy for 6 to 12 months.

Then, check if your strategy can meet all the below 5 conditions:
1.Good pip expectancy of 5 to 10 pips per trade or more
2.At least 100 trades per month
3.Low drawdown of around 10%
4.Minimum monthly return of 5% to 10% per month
5.Minimum track record of 6 months or more.

If you meet all the above 5 criteria, then you don't need to trade live account. Instead, you can simply continue to trade in that demo account and if needed then connect your demo account to a live account through a trade copier software and still you can make profit through trade copying to live account.

At least you can provide trading signals through signalstart and make money or join a PAMM account of broker and there are many more options.

If you follow my steps, then you can be successful in trading with zero investment of your own. The only thing required is patience.

So it doesn't matter whether it is a demo account or live account, but all the above 5 points must be satisfied since each and every point is important and has a reason behind it which describes clearly that there is a 80% to 90% chance that you are already a successful and professional forex trader irrespective of demo or live trading.

But if you jump from demo account to live account trading within few days with the greed to make money quickly, then you can keep on loosing and repeating the same cycle for ever for entire lifetime and may loose everything and still may not be a successful trader.

the most important trading tip , i think try to manage your money when trading in practical , only money management can change your trading life , otherwise no way to survive in here with successfully. 

There are many important things we the traders have to focus when choosing a broker, from all I think spreads is an important financial tool which an investor should consider when choosing a broker, if we have lowest trading spreads we the traders can make profit with certainly by using any kinds of trading strategies in particularly the scalping that brings profit in a short time.

The beginner should use demo account minimum for three months, sometimes many brokers organize demo contest with real money prizing. Newcomers can join here. It could be great to acquire real trading exeprince.

Some 'beginners-tips' from me:
- start with a demo account, learn the best strategy for your own mindset (everyone is different) in more than 6 months. after that try with a low budget first (even if you could afford more)
- always use low leverages (if trading outside of MetaTrader)
- always use microlots first (depending on your account (your max. account leverage) and asset leverages (assets need to be tested))
- patience, a lot of patience! if you trade the 'professional way' with sl and tp, always respect them and also the charts. if you trade the 'semi-professional' or 'hedged way' use microlots or low leverages only combined with loads more of patience and professional charts analytics (best without any indicators) on higher time frames (D1, W1)
- never let your margin-level come to less than 1000% (if you trade with 0,01lot; with higher lot-sizes you might need to use an even higher min. margin-level), if it's lower it's gambling (you won't have any chance in a flashcrash scenario)
- never be a greedy person (also outside of trading); make some trading plans (maybe start a private trading journal with goals like 100, 50 or 30% per month, if not reached set them lower)
- use only 1 of your favorite indicators (and learn how it could work in your favor)

Examples:
- MetaTrader account with 1:500 leverage: always start with 0,01lot if your account is lower than 2k, use 0,02lot if the account is lower than 3k, and so on (only try with 1lot (or higher) if the account is higher than 100k)
- with non-MT accounts: if in the EU use the ESMA's max. leverages, if outside: use the same max. leverage as with an ESMA account (e.g. 1:30 for currencies, 1:10 for oil, 1:2 for cryptos and stocks, and so on)

I think new comer should study first what is the forex and how it works. Then use demo account as long as you need. use various kinds of technics and choose what is easy and uderstandable. Need huge patience. try demo like real. Correct your mistakes. try again and again.

Roberto21 posted:
experience traders dont depend on same trading strategies completely, they change their strategy according to market movements.

I only have my very own strategy (for my mindset)... but yes., it fits to every market. 😉

practice can make you perfect , but in Fx we practice at random in demo and got nothing ultimately. si, i recommend micro account for practicing.

1)go to class study technical analysis with pro teacher/mentor , Pick the strategy and practicing the strategy DEMO , Challenge yourself with 1k demo make it profit 600k with demo account
2) After success at least 80% win on that demo then open real account (micro or cent ) is recommended
3) Check the win/profit % ,DD% analysis ( Go to tab Mt4/MT5) Right click download report every Week (Saturday).Make weekly analysis with H4/D1/W1 chart & News Eco calendar for next monday.
4)If ready with your strategy and then try standard acc .
5) Use some profit ....If success then you find the programmer convert your strategy to robot /EA , Create EA to save your hard-work /strategy/idea on EA as portfolio of yourself..

joha51 posted:
1)go to class study technical analysis with pro teacher/mentor , Pick the strategy and practicing the strategy DEMO , Challenge yourself with 1k demo make it profit 600k with demo account
2) After success at least 80% win on that demo then open real account (micro or cent ) is recommended
3) Check the win/profit % ,DD% analysis ( Go to tab Mt4/MT5) Right click download report every Week (Saturday).Make weekly analysis with H4/D1/W1 chart & News Eco calendar for next monday.
4)If ready with your strategy and then try standard acc .
5) Use some profit ....If success then you find the programmer convert your strategy to robot /EA , Create EA to save your hard-work /strategy/idea on EA as portfolio of yourself..

Open a forex beginners COMEDY tips topic and post it there :)

step 1 is to make 1k to 600k on demo??? that might take a lifetime, but staying on demo forever might be better for some ppl

to program a whole news calendar into an EA must be fun too.

risk management, trading psychology, fundamental analysis... all ignored in the list?

this topic should be about helping beginners

Gabor33 posted:

joha51 posted:
1)go to class study technical analysis with pro teacher/mentor , Pick the strategy and practicing the strategy DEMO , Challenge yourself with 1k demo make it profit 600k with demo account
2) After success at least 80% win on that demo then open real account (micro or cent ) is recommended
3) Check the win/profit % ,DD% analysis ( Go to tab Mt4/MT5) Right click download report every Week (Saturday).Make weekly analysis with H4/D1/W1 chart & News Eco calendar for next monday.
4)If ready with your strategy and then try standard acc .
5) Use some profit ....If success then you find the programmer convert your strategy to robot /EA , Create EA to save your hard-work /strategy/idea on EA as portfolio of yourself..

Open a forex beginners COMEDY tips topic and post it there :)

step 1 is to make 1k to 600k on demo??? that might take a lifetime, but staying on demo forever might be better for some ppl

to program a whole news calendar into an EA must be fun too.

risk management, trading psychology, fundamental analysis... all ignored in the list?

this topic should be about helping beginners

No harm just my experience view , 1k to 600k it just a challenge for newbie how to set target , most people using % of profit and ignoring DD% (risk management) it will come bad result with 1k to achieve 600k ( trading psychology) ,some says if we set target 200 hours for training most people will exhaust & unmotivated .The result will different . or if the set target i to high then make low such 50-200k..

Forex is about accurate , confident , knowledge & experience . Lets say you do 1000 trades with USD10k profit or 10 trades with 10k profit - its totally different practice.

Using demo acc the psychology level is not too complicated - if we blow the account then just re deposit the fund..

Do H4 d1 Weekly analysis & Eco Calendar - is fundamental analysis

Using News/ Eco calendar set up at EA is possible . Set up variable parameter - on High Impact News -/Medium / Low Its will enable/disable the automation Trading (Robot) operation before news and after news release , Now days lots of EA in market has this feature.

In Fx trading the bonuses we get from our trading brokers practically cannot use in a proper way due to many restrictions. So, we have to choose the regulated trading broker, otherwise it is useless to have 100-200% bonuses which cannot use in a proper way due to many restrictions.

Roberto21 posted:
initial capital how can irrelevant i don't know . according to me, its much important , any smart initial amount can make you more confident when trading in practical. so we cant avoid the importance of this at all.

The more you have the more you can make sure...…..IF you know what you are doing.

I have seen mostly brokers don’t allow scalping in their trading platforms. So we the traders who are particularly scalpers have to choose our broker carefully. First of all we have to ensure brokers trading spreads , actually without lowest trading spreads that’s not possible at all to make profit with certainly in spite of having good trading knowledge .

Read, research and learn. FX markets are really volatile and you have to be on toes to keep a track of price fluctuations and reasons for the same. Keep your yes and ears alert.

Practice hard on a demo acc , make trading plans and stick to them. Learn from your mistakes, avoid emotions while trading and most importantly, remaining calm.

At the end, you are responsible for your trades , so blaming your broker or destiny is not a good thing to do.

Mohammadi posted:
I have seen mostly brokers don’t allow scalping in their trading platforms. So we the traders who are particularly scalpers have to choose our broker carefully. First of all we have to ensure brokers trading spreads , actually without lowest trading spreads that’s not possible at all to make profit with certainly in spite of having good trading knowledge .

Only MM (=Market Makers) broker would not allow scalping. Better avoid such brokers and search for real A-Book brokers with low trading costs.

In Fx trading, Choosing a right broker is very difficult task, because there are almost thousands broker in online retail Fx market and most of them are found to be scams. Regulated trading broker can be a great choice which for all time makes sure security of funds at any deposits with a wide range of trading technologies.

success is a temporary issue ,
 it can make everyone but who can make it consistently we can consider him as a professional guy.