New in forex trading

voketexpert posted:
Multi-demo accounts are a good idea.
You need persistent technique in a long time.
Remember the fatal factor, your mental.

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Why is multi-demo account better than one demo account? I do not understand what benefit this could bring

1. Focus on the Process and the Profits Will Follow
2. Trying Harder Is the Worst Thing You Can Do
3. Take Responsibility for Everything
4. When in Doubt, Do Nothing

Knowledge is the key to success in Forex. There is nobody who can make success from here without knowledge . so we have to emphasis on acquiring real trading knowledge and we can get most powerful analyzing trade knowledge by passing a long time. Otherwise that’s not possible at all.

I have seen so many forex trader always consider high leverage at risk , but I don’t consider it at all. if there is any risk it is completely with non-sense planning and zero risk managing plan , nothing to do with high leverage at all.

yellowman94 posted:
1. Focus on the Process and the Profits Will Follow
2. Trying Harder Is the Worst Thing You Can Do
3. Take Responsibility for Everything
4. When in Doubt, Do Nothing

Point number 5 is, try to demo until you are consistent! Because I see, a number of new traders try to jump for live trading too early.

AniLorak posted:

yellowman94 posted:
1. Focus on the Process and the Profits Will Follow
2. Trying Harder Is the Worst Thing You Can Do
3. Take Responsibility for Everything
4. When in Doubt, Do Nothing

Point number 5 is, try to demo until you are consistent! Because I see, a number of new traders try to jump for live trading too early.

6. Patient and discipline are the key to make all the points go smooth.

Accept that there will be losses. No trader gets it right 100% of the time. Many trader have losing months so don't freak out of you win one week and lose the next

My advice for new traders is make sure that you have enough knowledge and tools to trade this market. There is always a winner and a loser, just pick your side. You are the only one who has the control over your entries and exits. A very important point that helped me after I started was to split my capital into many different accounts and use different trading strategies. You cannot always win but you cannot always lose (unless you are really not made for this). Be patient, do not overtrade, analyze the market and watch out for high impact news releases.


I wish everyone a happy and safe trading, there is a lot of money to make on the Forex market but there is also a lot of money to lose. Be patient, be careful and ask for advice if you don't know how to trade this market.

Keep trying. If you blow 4 demo accounts then try a fifth. You will never get anywhere without trying and persistance.

Before you start (or if you are still struggling in forex), please read this:
https://optimusfutures.com/tradeblog/archives/3-tips-to-trading-unpredictable-markets/

...and this:
https://optimusfutures.com/tradeblog/archives/how-to-look-past-your-trading-biases/

...and this:
https://dailypriceaction.com/articles/is-forex-trading-gambling

My suggestions:
- Don't trade with less than $10,000 (read: under-capitalisation)
- Don't open large positions when you start (read: over-leveraging)
- Don't believe ANYONE that claims they are an expert and can read the market and guarantee your returns! (read: scammers)
- Don't buy any system, product, course, materials, etc. that promises to make you a professional trader! (read: fantasies)
- Save your money for trading, not for products, systems, etc. (read: costs of doing business)
- There is no shortcut to success: read everything, learn, practice, adapt (read: study)
- Be prepared to lose, and be prepared to lose more than once. Only risk money you can afford to lose (read: failures)
- Have PATIENCE: if a trade is going against you, re-evaluate, but don't just close it because you are unsure or afraid. Have some tolerance to risk, to drawdown, to being wrong a little bit. The market is UNPREDICTABLE, news can happen and change the entire market dynamic in your favor. Manage the trade exit rather than simply closing a losing trade. Use higher timeframes.
- Lastly, DO NOT GIVE UP: success does not come easy, anything worthwhile is hard (read: determination)

Babypips school. First thing to do.

Kalamo posted:
My advice for new traders is make sure that you have enough knowledge and tools to trade this market. There is always a winner and a loser, just pick your side. You are the only one who has the control over your entries and exits. A very important point that helped me after I started was to split my capital into many different accounts and use different trading strategies. You cannot always win but you cannot always lose (unless you are really not made for this). Be patient, do not overtrade, analyze the market and watch out for high impact news releases.


I wish everyone a happy and safe trading, there is a lot of money to make on the Forex market but there is also a lot of money to lose. Be patient, be careful and ask for advice if you don't know how to trade this market.

You are absolutely right! New Forex traders should focus on their learning process! Forex trading is too much risky without proper trading knowledge & experience.

read as much as you can before starting to trade. then start with demo and then when you think you are ready to go live open a micro account.

Newcomers always attacked by the greed and fall a great trouble when trading practically. We cannot avoid greed and emotions. Because this is a part of common human nature but we can be discipline which can support us to control greed and emotions.

There are a lot of things needed to be mentioned. Courses are good but most course providers haven’t actually traded. Half of them are just bringing clients to brokers to earn commissions. I prefer some trusted platforms https://fx-list.com/stock-forex-brokers. It is the best list to start without losing money. If you did find a neutral educator then great but most are not but will pretend they are. So I would say don’t waste too much time finding people to teach you.

For leading a secure and profitable trading life with certainly we the traders have to choose in regulated trading broker which guarantee their clients funds. Only regulated trading broker make sure security of funds at any deposits with a wide range of trading technologies.

My recomendation is you must learn the Forex first and babypips school is the best place where you can learn and gain lot of knowldge about forex trading.

As everyone said, babypips is the best place to get educated and learn about forex. Read some articles and books on forex. Research on your own and gain knowledge. Before you sign up with any broker, make sure you evaluate the broker well enough. There are brokers who manipulate their trading conditions and traders just end up burning their pockets. Go for a reputed broker who is in the market for long. Also, demo trading will definitely give you an edge before you start real trading.

IF you are new in this market, you need to be very careful. First of all, be careful when you choose a broker for you. Than be careful when you make a plan for you \r trading to make profit.