Beginner's Tips

Hi. For risk management i use this indicator for mt4 or mt5. (Link at the botton)

There you can calculate your lote size by percentage of risk on that trade or even for the value you want risk.

If you are a beginner don't use high leverage. For me the best is 100. Just because if you use high leverage you gonna open more trades then you should. My risk management strategy is. I only expose the maximum 2% of my account balance. And i open trades with 0.5% of my account balance. I just open more trades if the previous ones are in breakeven. This kind of approach you can control better your drawdown.

I also set daily goals. 4% gains and 2% loss. To avoid overtrading. (That was my biggest issue on trading).



https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator/

goncalo008 posted:
Hi. For risk management i use this indicator for mt4 or mt5. (Link at the botton)

There you can calculate your lote size by percentage of risk on that trade or even for the value you want risk.

If you are a beginner don't use high leverage. For me the best is 100. Just because if you use high leverage you gonna open more trades then you should. My risk management strategy is. I only expose the maximum 2% of my account balance. And i open trades with 0.5% of my account balance. I just open more trades if the previous ones are in breakeven. This kind of approach you can control better your drawdown.

I also set daily goals. 4% gains and 2% loss. To avoid overtrading. (That was my biggest issue on trading).



https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator/

thank you sir. i will definitely use it.

If you are new in this market, you need to choose a good and reliable broker. You can take help from those websites that provide broker reviews on their websites.

Satisfied with the work with Amarkets. They regularly add bonuses, constantly strive for innovations, improve trading conditions. I definitely recommend it.

I would say a micro lot, and if you are new, then don't use more than 5:1 as leverage.

If you are a beginner, I will suggest you get a good broker. Don’t use more than 5:1 leverage and keep a track on your risk management strategies. Good luck.

Of course, the choice of a broker is very important, but the most important thing is that you do not need to give in to your emotions and hurry to earn money as quickly as possible.

Every new traders should gather proper education before starting their forex career.

Every new coach needs to understand that this is really a job that requires focus and that you need to be very attentive and consistent.

i like to depend on Forex , because its really a royal business than others. generally we the take Forex as money making place  and this greed comes from making profit from demo account. 

When we learn from our mistakes, we gain much more experience and confidence in our trading.

mistake is very common i do agree ,
 but when the same mistake happens again and again then we can consider this habit as personal choice .

Hi, where I cam watch online news, when Lagard is speaking or some other central banks?

Tradelist45 posted:
mistake is very common i do agree ,
 but when the same mistake happens again and again then we can consider this habit as personal choice .

Indeed, making the same mistakes is not a desire to correct and analyze them.

success is not easy we know very well but still we try to bring success with no learning , as a result we become loser when try to make it in practical.

Beginners, just one tip for you. Do not start without proper knowledge. This market has too much to explore and learn and without proper know-how, one cannot achieve anything here. Many traders just trade on hit and trial, which never gives good earnings in the long run. So, it is most important to do the best as far as learning is concerned.

A beginner should choose a regulated broker to trade in the market. There are so many brokers in the market. Some are good and some are bad. So, be careful at the time of choosing your broker.

having a losses is very common attitude and there is no one who can avoid it in spite of having most powerful analyzing trade knowledge and experience.

Practise makes you perfect.
Having a mentor helps in any field you choose.
Choose the correct mentor with proven track record.
Only 2-5% forex traders are successful long term. It's not easy money. You need to work for it.
Work smart by investing in correct mentor, practising on a demo account for few months until you make profit on consistent basis, use stop loss before entering in the market.

Invest in a safe broker.
I use forex peace army to check the rating of a broker before i invest money in them. Anything below 3/5 , i wont invest in them.
Brokers i use are keytomarkets, darwinex, pepperstone.


I used to do manual trading. Now, i only does EA trading ( removing emotions out of the equation and getting discipline in return). EA is turned off completely on high impact news days.

If you are lucky to have a mentor, you might achieve your goals earlier or ATLEAST wont loose lot of money investing.
I did have a mentor/teacher though who taught me the basics. However i moved on from him since his goal was only to achieve around 5k per year. I learned from many institutions online , youtube channels etc. I paid an institution once only to ask for a refund as their strategies didn't pan out. I don't think hardly anyone would teach profitable strategies free of cost or for a low charge. Forex is a trillion dollar industry. Why teach their own trillion dollar strategies for small price. PAMM would be a better option safe guarding their property. If you decide to have a mentor, please check his myfxbook record first.

A professional trader supplements their income by providing basic lessons on teamviewer, youtube channel, PAMM accounts , copy trades , making forex bots,indicators etc..

All the best.

Regards

George