When a trader is a newbie

When you are new to trading always prefer to trade on a demo account first and use stop loss after then switch to a live account after practice and try spending more and more time on daily market study.

AndrewMcCalam54 posted:
the new Forex trader always try to bring good amount of profit with no learning . this is a very common mistake.

True. I feel like beginners often focus more on dollars than self-improvement and confuse long-term goals with short-term ones.

A newbie should take his time to practise in demo trading. Newbie traders are still learning, and understanding how forex trading works. If they start trading in a live account from the very beginning, they will be putting their capital at high risk. So, it is better to practise for a good amount of time, at least for a year. Practising in a demo account will help the trader strengthen his skills and understand which timeframe, risk:reward, leverage, etc suits his strategy the best.

Every human being is infected with several bad qualities which should be removed to become a good trader.

Marcolis posted:
Every human being is infected with several bad qualities which should be removed to become a good trader.

Not all bad qualities make a person a bad trader.
In fact, what kind of person does not give a shit. What matters is whether he or she makes money or not. Those who don't know how are not even considered. And those who can will be in demand with all their bad qualities. Even if there are not several.

As for the topic of the thread.
When a trader is a newbie he trades on demo :)

Thousands of new traders join the forex market every month, but only a small percentage of trades manage to survive. Why? The cause of their failure is their lack of discipline & skills. As a newbie, you lack understanding of the market. To develop that, you need practice and learning. This, however, new trades are not open to. Hence, they fail. My suggestion to new traders is not to take any risk until you have a tested trading system. Also, trade for at least 6 months on demo trading before taking a risk.

In my personal opinion, fibonacchi is a great tool for market analysis. It shows traders with different trading angles and points.

Forex is a 24-hour open market and you can trade here anytime you want. Besides that, brokers allow traders with a multitude of trading facilities.

I believe when a trader is a newbie they should devote their time in practicing on a demo account to understand the trading more precisely. Trading without a plan can result in drastic losses for those who jump into the process without a plan. So as a newbie learning should be a primary goal.

LeoGM posted:
In my personal opinion, fibonacchi is a great tool for market analysis. It shows traders with different trading angles and points.

Its true. But how does this relate to the topic?😄

Even though your broker offers you high leverage, you shouldn’t take high leverage because it will put you at stake.

When I was a newbie, I was desperate to make money and took the wrong steps. Results? I blew up multiple accounts. Don’t make this mistake! Focus on your forex education first. You will make money once you know your way around the market.

When I started I used to practice my trading strategies with demo accounts.

A trader is a newbie when he is new to Forex and has no trading expertise. We see these types of traders run wrong approaches over the market which result in losses.

Day trading is a popular type of trading especially for those who fear to trade at night due to news movements. Those day trading is hard for those who are already engaged I other professions.

Whitethroat posted:
I believe that after the first thousand dollars earned, you are no longer a newbie.

The number trading capital will associated to the profit result, if traders only start with $100 it is need long time to become thousands dollar
Except trading skills already supported to make one hundred percent profit a day.

As a newbie, I focused only on learning. The end goal is to make money, but it is not possible unless you are familiar with how the market functions. So, devote time to understanding the market and develop a trading system.

Even though many traders don’t demo trade, newbies should practise for a few weeks so they’re familiar with the process. Knowledge and skill is learnt over time and newbies should focus on their personal end goal. Learning is constant in the market like this so traders need to be willing to adapt and make their info larger.

Blaming luck is a kind of ignorance and traders who don’t have sufficient trading knowledge do this job after suffering losses.