New Forex Trader Here

Imamul posted:
Demo trading the first of trading in Forex , but Honestly speaking I have never used this trading place when I was a newbie. Because I was bored in here. I studied in Pips School and besides this i was in live account with small balance. It worked greatly instead of demo account.

I understand that. Demo trading can be boring cause it's not real money. Using tiny lots with real money is a viable alternative but only if the amount you lose means very little to you.

walpants posted:

dylanjessop posted:
Risk to Reward ratio is vital in trading.

definitely, get that right and you don't have to win every trade.

Always use a minimum R:R 1:2 , add a 50% win rate and it is a winning approach.

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.

REB_FX posted:

walpants posted:

dylanjessop posted:
Risk to Reward ratio is vital in trading.

definitely, get that right and you don't have to win every trade.

Always use a minimum R:R 1:2 , add a 50% win rate and it is a winning approach.

Easier said than done. If it were that easy then everyone would be doing it. As soon as you increase the R:R the win rate will go down.

Mohammadi posted:
in Forex trading we the traders who are particularly newcomers make so many mistake in our trading life due to lacking proper trading experience. Taking wrong trade without proper analysis and risk management is one of the major from all of them.

Yes this is very true

dylanjessop posted:
Risk to Reward ratio is vital in trading.

Basic fundamental!

REB_FX posted:

walpants posted:
i keep hearing about this book i think i need to get hold of it.

have you checked out the Youtube series ? This 5 or maybe 6 hours of awesome content broken in to a 4 part series.

Yes, highly recommended!

The broker can affects the result of our trading with certainly , that’s why choosing a broker should be in cool mind, please don’t choose a broker in an emotional state, we the traders should choose the broker which is more appropriate to the concept of trading that will be used , the traders who are particularly scalpers have to choose the broker which allows trading concept such as this.

Mcross posted:

REB_FX posted:

walpants posted:

dylanjessop posted:
Risk to Reward ratio is vital in trading.

definitely, get that right and you don't have to win every trade.

Always use a minimum R:R 1:2 , add a 50% win rate and it is a winning approach.

Easier said than done. If it were that easy then everyone would be doing it. As soon as you increase the R:R the win rate will go down.

Why would you increase your R:R ??

Regarding to the risk management normally arranged by most experienced traders, how many brokers they usually use ?

Experienced trader usually have at least 3 brokers that they regularly use. It is mistake to put all your money with one broker. If they steel from you then you will have nothing left. Using a regulated broker helps but it is still better to use >3 broker

Abderrahmane1992 posted:
Experienced trader usually have at least 3 brokers that they regularly use. It is mistake to put all your money with one broker. If they steel from you then you will have nothing left. Using a regulated broker helps but it is still better to use >3 broker

Thank you, I will do so as your advice, starting with 2 brokers and more after then.

Is it possible to copy my own trading signal to my another broker account through myfxbook autotrade ?

Abderrahmane1992 posted:
Experienced trader usually have at least 3 brokers that they regularly use. It is mistake to put all your money with one broker. If they steel from you then you will have nothing left. Using a regulated broker helps but it is still better to use >3 broker

This makes sense, especially if you're a pro cause if you only have one broker and they are having techie issues on a given day, you can't go to work that day

Abderrahmane1992 posted:
Experienced trader usually have at least 3 brokers that they regularly use. It is mistake to put all your money with one broker. If they steel from you then you will have nothing left. Using a regulated broker helps but it is still better to use >3 broker

Very sound advice, not something many new traders will consider, and especially when the trading bank is a significant size as well to protect your funds.

ScottyCarsonMVP posted:

REB_FX posted:

walpants posted:
i keep hearing about this book i think i need to get hold of it.

have you checked out the Youtube series ? This 5 or maybe 6 hours of awesome content broken in to a 4 part series.

Yes, highly recommended!

i dont know if it is the same one, but i used Youtube 'tutorials' to gauge a fell of trading from more experienced traders. very helpful.

Hi everybody! I have never done anything like this before, so I'll confess to being the newbie's newb. From what I've been reading in this post, I'm hearing my brain saying, you sure you want to do this? I really have no idea of what I'm doing. I just need a better way than I had yesterday. And I've got a sneaking suspicion that this is it. I may not like myself for taking on such an ambitious task, but it's not something I plan on regretting any time soon. Anyway, I just wanted to introduce myself and acknowledge all of you as being where I want to be too.

Morrije posted:
Hi everybody! I have never done anything like this before, so I'll confess to being the newbie's newb. From what I've been reading in this post, I'm hearing my brain saying, you sure you want to do this? I really have no idea of what I'm doing. I just need a better way than I had yesterday. And I've got a sneaking suspicion that this is it. I may not like myself for taking on such an ambitious task, but it's not something I plan on regretting any time soon. Anyway, I just wanted to introduce myself and acknowledge all of you as being where I want to be too.

Hi Morrije, welcome!
This is certainly not a journey for the faint hearted.
I take it from your comments you have done some kind of trading, as you want to find something different to what you did yesterday........ what have you been doing so far?

REB_FX posted:

Abderrahmane1992 posted:
Experienced trader usually have at least 3 brokers that they regularly use. It is mistake to put all your money with one broker. If they steel from you then you will have nothing left. Using a regulated broker helps but it is still better to use >3 broker

Very sound advice, not something many new traders will consider, and especially when the trading bank is a significant size as well to protect your funds.

i totally agree with this. best advice on the thread