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Beginner's Tips

jamesgwyther
Aug 15 2019 at 12:22
289 ieraksti
Rohtas posted:
Never borrow money to trade and never trade with anyone else money. It will ruin your trading and your relationship


NOt sure that even needs to be said does it?

forex_trader_[565984]
Aug 15 2019 at 12:59
144 ieraksti
Irrespective of how many tips given to beginners, usually it is almost inevitable for most of the beginners to loose and that's how market is designed to absorb money from beginners in terms of losses and give it back to professional traders as profits since forex market is a zero sum game.

So till now more than 90% of traders consistently loose money which contributes to the profits of the remaining successful traders.

So if you are a beginner, then you should never even think to make profit and you should only focus as how to loose less while you learn how the forex market behaves and moves. Once you learn to get a balance between profits and losses, then even if you want to loose still you can't loose if it is your money you are trading.

2 truths about making profits in forex:
----------------------------------------------------
1.If you are trying hard to make profit and you are loosing, then still you are a beginner irrespective of how many years you are trading it may be 10 years or 20 years.
2.If you are just waiting for the forex market to give you profit, then you are a professional trader. Making profit in forex must not be hard and if you are finding it hard, then something is wrong in your system or in your trading psychology.

Mohammadi
Aug 16 2019 at 07:21
886 ieraksti
In Fx trading , by and large traders in particularly the newcomers fall a great loss by taking high leverage due to non sense planning and zero risk management policy, nothing to do with high leverage at all. so, I think, before trading with high leverage we have to know how to manage risk.

Roberto21
Aug 16 2019 at 08:11
364 ieraksti
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. 

Imamul
Aug 16 2019 at 08:22
685 ieraksti
Learning is the foremost ways to keep survive in this volatile trading place in a proper way. But sorry to say maximum traders who are particularly newcomers try to make money from here without learning. As a result they become loser when trading practically. It would be great if we choose the broker which always ensures best trading environment for learning this trading place by providing exclusive educational facilities.

PitCarry
Aug 16 2019 at 09:26
11 ieraksti
I try to keep to strict trading programme. 3 months learning (no trading), 3 months demo account then 3 months on micro account. I am 4 months in and feel happy with my choice. Not yet profitable on demo but this structure gives me confidence

Imamul
Aug 19 2019 at 09:23
685 ieraksti
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.

forex_trader_[565984]
Aug 19 2019 at 10:44
144 ieraksti
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.


Imamul
Aug 20 2019 at 19:37
685 ieraksti
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. 

Mohammadi
Aug 22 2019 at 07:28
886 ieraksti
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.

Roberto21
Aug 22 2019 at 07:48
364 ieraksti
discipline not only a human habit it also a character , to be experienced in discipline we have to be mentally strong first of all, otherwise no way to maintain

Imamul
Aug 23 2019 at 10:05
685 ieraksti
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.

marco_mmbiz
Aug 24 2019 at 14:22
368 ieraksti
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)

Bongotrader (expkhaled)
Aug 25 2019 at 05:35
22 ieraksti
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.

Day by day having better, better and better...
Roberto21
Aug 25 2019 at 07:21
364 ieraksti
experience traders dont depend on same trading strategies completely, they change their strategy according to market movements.

marco_mmbiz
Aug 25 2019 at 09:16
368 ieraksti
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. 😉

Roberto21
Sep 07 2019 at 09:01
364 ieraksti
in Fx leverage is a very complicated issue , sometimes it bring profit very rapidly , sometimes it causes a great losses and risk in spite of having risk management , but after all its one of the major financial issue in Forex.  

Imamul
Sep 13 2019 at 10:17
685 ieraksti
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.

joha (joha51)
Sep 13 2019 at 14:27
11 ieraksti
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..

Gabor33
Sep 13 2019 at 21:01
49 ieraksti
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

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