First Base.

When I first started out ,Trading the Market was a minefield so don't be put off it gets easier
'Hold The Line'!
Not tips but your manifesto!
Trade with what you can afford to lose especially if you're new to this game
If you can get educated in this field by a professional do so
Don't waste your time reading books about FX ,those strategies are past history
Your stop loss is what keeps you safe to fight another battle if you get it wrong
'How much can I lose', should be your first thought when you see a trade
Take advantage of major events ,do not trade if you are bored or anxious
Exit when you see weakness ,if you can't spot it ,get out of the trade.
Take at least treble profit to your normal stop loss
Know your win rate
Don't cheat yourself out of profit because of greed.
Reward yourself for sticking to your plan.

Complains department :Closed

I must say those are some really nice tips for novices.

jonny99 posted:
I must say those are some really nice tips for novices.

Cheers, some i left out because there a bit more time consuming.
Merry Christmas.

That's basic things each trader should know before starting trading. Without this things no one can be successful, as greed is very strong feeling and a lot of beginners fall in it and act not in reasoned way and that's why they lose.

Being a newbie is always difficult in any business. Because even if you come with excellent theoretical training, you will still experience excitement and even fear when you face some difficulties and unforeseen situations. That's perfectly normal. I always try to give myself time to adapt in any case, so that I don't overestimate the demands on myself and just calmly go towards my goal. It's not just that, but otherwise you can just spend all your energy in nowhere and in the end not achieve the results you predicted or lose interest at all.

Landakus posted:
Being a newbie is always difficult in any business. Because even if you come with excellent theoretical training, you will still experience excitement and even fear when you face some difficulties and unforeseen situations. That's perfectly normal. I always try to give myself time to adapt in any case, so that I don't overestimate the demands on myself and just calmly go towards my goal. It's not just that, but otherwise you can just spend all your energy in nowhere and in the end not achieve the results you predicted or lose interest at all.

With some basic training we can mitigate most of the risk and therefore keep emotional swing to a minimum
Most difficulties are recoverable as for' unforeseen events', usually around major data or unpegging
There are ways to keep that to a minimum.
If you have fear or excitement about a trade you probably shouldn't be in that trade because it blinds your judgement
Better to go do something else
Have a goal but don't set it too high so that it's achievable, otherwise you will feel discouraged and make stupid mistakes
  
 

Anayallador posted:
That's basic things each trader should know before starting trading. Without this things no one can be successful, as greed is very strong feeling and a lot of beginners fall in it and act not in reasoned way and that's why they lose.

I have a great Forex pattern for New Traders that experience greed often

'Sine Wave'

what goes up must come down

Happy New Year!

These are some really nice tips for newbies.

How to deal with that old devil greed ,
usually we are greedy because of revenge trading,trying to make back what we lost or convinced we are smarter than the market
and we know best,know what is happening in the market but be ready to change your bias quickly ,mostly news is baked in .
What is my mood today ?if your feeling crap dont trade there is always tomorrow'usually a better entry point'.
Set a limit of 3 trades per day max for manual trading .Most days 1 really good trade is my objective.
Two losses in the same pair is telling you market is probably opposite to your bias
Have some idea of how much the pair moves on a daily chart=less unexpected moves + so you can get ready to jump in or out ,depending on pattern.
Reward yourself for correct execution reinforces good habits.