Complete newbie looking for advice
Jul 14, 2023 at 09:33
423 Visa
3 Replies
Medlem sedan Jul 14, 2023
1 inlägg
Jul 14, 2023 at 09:33
Hello everyone,
My name is Gary and I have recently decided to start trading after some of my friends convinced me it is a worthwhile endeavor.
I would love to hear some advice from other experienced traders.
What should I be looking out for?
How do I choose which broker I should be working with?
Is there an optimal strategy to follow as far as a beginner trader is concerned?
Thank you all in advance, and I hope you all have a great day.
My name is Gary and I have recently decided to start trading after some of my friends convinced me it is a worthwhile endeavor.
I would love to hear some advice from other experienced traders.
What should I be looking out for?
How do I choose which broker I should be working with?
Is there an optimal strategy to follow as far as a beginner trader is concerned?
Thank you all in advance, and I hope you all have a great day.
Medlem sedan May 22, 2017
85 inlägg
Jul 19, 2023 at 16:24
GaryEvanson posted:Hello Gary!
Hello everyone,
My name is Gary and I have recently decided to start trading after some of my friends convinced me it is a worthwhile endeavor.
I would love to hear some advice from other experienced traders.
What should I be looking out for?
How do I choose which broker I should be working with?
Is there an optimal strategy to follow as far as a beginner trader is concerned?
Thank you all in advance, and I hope you all have a great day.
Welcome!
Hope you are doing great!
Trading is hard endeavor and you will need to master your mind a lot in the process.
The best advice I can give you is not to start with a lot of money and learn as much as you can from your mistakes.
As brokers goes I strongly suggest:
- ICMarkets
- FxPro
- Pepperstone
All of them are regulated and have around for a while!
Hope this helps!
Have a wonderful day!
F*** it we ball!
Medlem sedan Nov 29, 2023
3 inlägg
Nov 29, 2023 at 06:15
Hello Gary! As you kick off, prioritize learning the basics – check out places like Babypips for a solid start. When picking a broker, go for the reputable ones. Begin with a small account to get the hang of things without risking too much. Make risk management your buddy – set stop-loss orders and stick to a clear risk-reward ratio. Explore different strategies until you find one that vibes with you. Stay on top of market news, and, most importantly, be patient and disciplined.
Medlem sedan Aug 10, 2021
178 inlägg
Dec 17, 2023 at 02:26
Embarking on a journey into the world of forex trading as a complete newbie can be both exciting and overwhelming. The foreign exchange market, with its dynamic nature and potential for profit, is a realm that demands careful navigation and continuous learning.
First and foremost, educate yourself thoroughly. Understand the basics of forex trading, including currency pairs, market trends, and the various trading strategies available. Numerous online resources, tutorials, and courses cater specifically to beginners, providing a solid foundation.
Practice with a demo account before risking real money. Most reputable trading platforms offer simulated trading environments, allowing newcomers to gain hands-on experience without financial risk. This helps in honing skills, testing strategies, and building confidence.
Risk management is paramount. Establish clear goals and set realistic expectations. Don't invest more than you can afford to lose, and employ tools like stop-loss orders to mitigate potential losses.
Stay informed about market news and economic indicators that influence currency values. Regularly analyze your trades, whether successful or not, to identify patterns and refine your approach.
Lastly, seek guidance from experienced traders, join online communities, and absorb the wisdom of those who have walked the forex path before you. Building a network and learning from others' experiences can significantly accelerate your learning curve.
Remember, patience and continuous learning are keys to success in forex trading. The journey may be challenging, but with dedication and a thoughtful approach, even a complete newbie can navigate the forex markets effectively.
First and foremost, educate yourself thoroughly. Understand the basics of forex trading, including currency pairs, market trends, and the various trading strategies available. Numerous online resources, tutorials, and courses cater specifically to beginners, providing a solid foundation.
Practice with a demo account before risking real money. Most reputable trading platforms offer simulated trading environments, allowing newcomers to gain hands-on experience without financial risk. This helps in honing skills, testing strategies, and building confidence.
Risk management is paramount. Establish clear goals and set realistic expectations. Don't invest more than you can afford to lose, and employ tools like stop-loss orders to mitigate potential losses.
Stay informed about market news and economic indicators that influence currency values. Regularly analyze your trades, whether successful or not, to identify patterns and refine your approach.
Lastly, seek guidance from experienced traders, join online communities, and absorb the wisdom of those who have walked the forex path before you. Building a network and learning from others' experiences can significantly accelerate your learning curve.
Remember, patience and continuous learning are keys to success in forex trading. The journey may be challenging, but with dedication and a thoughtful approach, even a complete newbie can navigate the forex markets effectively.
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