for beginners education in Forex is very easy , pips school free for beginners but difficult to keep continue , mostly lost interest after passing sometime. so it is more appropriate to keep discipline when learning.
AdrianG001 posted: Get a good trading education Dont even think about trading with scared money Paper trading only until you are consustently profitable for a minimum of six months Journal everything Analyse your trades daily or at least weekly, understand why Understand that you cannot even find a trade until you understand how to find value Understand how to read the tape Understand that all markets are connected Understand *why* price moves Learn to create your own scenarios based upon all the metrics you can derive from price action, volume and intermarket analyses. Then watch your scenarios evapourate or come true. Understand why they did, and you’re ready to begin learning to trade.
You have said it nicely. I would also add a small suggestion to use babypips to learn more about forex topics.
It's okay if you lose interest after a failure. We are all human beings and sometimes emotions prevent us from moving forward. It seems to me that there are two ways of acting in such a situation. Firstly, you can give yourself some time to rest and decide if you really want to do trading. Sometimes it is useful to take a step back and look around. Secondly, you can just make yourself continue working right now. I know that a lot of people are helped by motivational videos or articles that tell about successful traders who have already achieved high results. It seems to me that each of us was in a situation where failure was so frustrating that you lost your goal. I'm sure everything will work out. Good luck with any decision you make.
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.
Roberto21 posted: 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.
One thing about demo account is that it helps you to understand your trading strategy...with correct one, it can show you positive output of your trading journey Another thing is do not be dishearten if you are not making profit..it happened, infact loss are the best teacher to grow your knowledge.. Keep your heads up and try your best with prepared risk management
We loss for many reasons , one of the most common reason is immature trading plan or target , this approach always make us emotional and greedy , as a result we trade here at random and become loser . we it is more appropriate to make trading plan according to practical situations.
we beginners should choose the brokers in cool mind, we have to choose the broker which is more appropriate to the concept of trading of trading that will be used , the traders who are particularly scalpers have to choose the broker which allows trading concept such as this.
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.
When trading Forex you definitely need to know where are the daily, weekly and monthly pivots, supports and resistances of the currencies that you are trading. Without having these on your charts is like trading blind. Always draw you Fibonacci retracements for extra help.
You must then try to identify the market direction on larger time frames and trade with good money management. Also beware of the economic news as some of them have a huge impact on the currencies.
Don't ever think you can trade a make money on Forex by doing it from a smartphone...
I am not sure if this content is cloned or reiterated or not, but it is so important that should be reminded to both newbie and experienced traders over and over.
Money and Risk management and respective provisions Before executing any trade, regardless of long-term or short-term, please make sure the exit levels are predefined. Calculate the exit quotes meticulously irrespective of profit or loss. Utilise the chart tools, indicators, and your imagination to illustrate the worst case scenario, and then you should come up with a getaway plan in case the market moves against your transact.
Keep an eye on news, economic calendar and market sentiment.
The market resembles a war zone but between bulls and bears, make sure you are ready to be in frontier.
Before large investments we generally open a demo account in a broker to see the performance how it works. But I have seen, after large investments brokers attitude changes sometimes that is not available in micro accounts.
The newcomers cannot avoid losses by their greediness and emotions, it’s true. But the regular traders cannot come out their losses because of having most powerful risk management and MM. they always fours on just acquiring good trading knowledge . of course we have to do it. But besides it must be focused on risk managing approach if we want to avoid losses.
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.
The question is why should beginner make any money on forex? If you would like to earn money in any proffession it would take years of studies and practice. Becoming doctor or even plumber is not fast and easy way. So why would be forex any different?
togr posted: The question is why should beginner make any money on forex? If you would like to earn money in any proffession it would take years of studies and practice. Becoming doctor or even plumber is not fast and easy way. So why would be forex any different?
Ostrzeżenie o wysokim ryzyku: handel walutami obcymi wiąże się z wysokim poziomem ryzyka, który może nie być odpowiedni dla wszystkich inwestorów.
Dźwignia stwarza dodatkowe ryzyko i ryzyko straty. Zanim zdecydujesz się na handel walutami, dokładnie przemyśl swoje cele inwestycyjne, poziom doświadczenia i tolerancję ryzyka.
Możesz stracić część lub całość początkowej inwestycji. Nie inwestuj pieniędzy, których nie możesz stracić. Zbadaj ryzyko związane z handlem walutami i zasięgnij porady niezależnego doradcy finansowego lub podatkowego, jeśli masz jakiekolwiek pytania.
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