Beginner's Tips

My top tip is to use a demo account for as long as you can bear. At least 3 months. Learn - demo - earn that should be your plan

For me, Forex doesn’t mean unlimited profit! Now I am making only 10% profit (in average) with my 5 years trading experience! BY the way, yes I am happy on my trading performance!

3 months is too long. Just do it for a week. Then move to micro account. It is much better for learning. Only when money is involved do you take trading seriously. That is how pros learn. They use a small account and then learn properly

AlHashim posted:
My top tip is to use a demo account for as long as you can bear. At least 3 months. Learn - demo - earn that should be your plan

I would say even longer.

There is anybody who has 0 pips trading spreads , as a scalper now I am looking for 0 pips trading spreads which is the key to success for scalping that brings profit in a short time than other trading strategies in Forex.

Imamul posted:
There is anybody who has 0 pips trading spreads , as a scalper now I am looking for 0 pips trading spreads which is the key to success for scalping that brings profit in a short time than other trading strategies in Forex.

Do a facebook/google search for ECN brokers

RedSox posted:
3 months is too long. Just do it for a week. Then move to micro account. It is much better for learning.

Telling a new trader to start trading a live account after only a week is absurd. That is an absolutely a horrible idea.

RedSox posted:
Only when money is involved do you take trading seriously.

Nonsense.
I personally know several new traders that take their trading education very seriously and they trade on demo accounts right now.

RedSox posted:
That is how pros learn. They use a small account and then learn properly

No. This is NOT how pros learn.

Professional traders study and practice on demo until they have fully mastered their strategy where they can consistently generate a steady profit over a reasonable period of time.

Pro traders also understand the importance of money management, which also includes NOT trading on live if you don't know what you're doing.

Please refrain from giving bad advice to new traders.

The best broker is a broker which for all time makes sure security of funds at any deposits with a wide range of trading technologies. And any best broker does not restrict any kinds of trading techniques with scalping and hedging.

My top tip would be to take it slow. Do not rush your education , demo trading or anything else. If it takes a year before you even start on demo then that is fine. This is all about the long term. Stick with it and you will get there

The beginners should learning it a common thing , your learning process will be valueless until make sure a great place for practicing practically. Demo account can be chosen for that.

So many new Forex traders try to make money from here without learning. As a result they become loser due to lack of exact trading knowledge. It’s a common thinking. I think by and large lose because they trade with emotions and don’t know how to manage money in Forex.

Im a newbie so this is a great thread to follow :)

tracydavison posted:
Im a newbie so this is a great thread to follow :)

Are you demo trading then Tracy?

for beginners all currencies are good, just we have to experience with them by trading . We can trade all major currency in our demo account. Because we can see here the pairs performance how it works.

If you want to lead a comfortable and secure trading life you have to choose a credible trading broker which guarantee their clients funds.

1. Prepare plan of trading
2. Focus and that plan, trade according to that. Keep focused on that ONE thing. Do not alter the plan or combine it with other techniques.
3. At any moment you have to KNOW what to do, keep trade open, close, do not trade...
4. If it works - voila keep it the way it is.
If it does not work - update the plan or make new one and go to point #1

Following these simle steps always lead to point #4
People does not have the patience though to achieve it. Are you an exception?

All major currency are good. Exotics are horrible. Huge wins one day, huge losses the next. Better play around with eur, usd, cad, gbp all those are better for newbie

generally we the traders select our trading target according to our knowledge and experience , i have seen our target fall when it not realistic, over target always make us greedy and emotional.  so it is more appropriate to ensure practical trading target.  

Imamul posted:
generally we the traders select our trading target according to our knowledge and experience , i have seen our target fall when it not realistic, over target always make us greedy and emotional.  so it is more appropriate to ensure practical trading target.  

In my experience, the best practice to deal with emotions in trading is to use pending orders instead of market orders .

Placing market orders means emotions will definitely affect irrespective of how experienced a trader is and he is bound to make some mistakes by emotions. But pending orders at a fixed market price, stoploss and take profit don't have such problems of emotional trading.