New in forex trading

Beginners levee generally attacked by greed when trading above all with a large account , so i always prefer micro account for that.  no chance to reduce greed completely but of course it can be controlled.    

What about using demo? Have you tried that or did you start on micro?

In Fx trading there are many mandatory things that we have to ensure if we want to get maximal result from our trading . first of all when we newcomers have to move Babypips school to acquire real trading knowledge and also trade in a demo account at any broker, but practically mostly traders don’t believe the importance of this trading place at all. as a result they fall a great loss when trading practically.

A mandatory thing to do when you are a novice trader is a Demo account, no matter how long you'd remain there.
Then the micro account and placing small orders at first so that you can catch tiny movements and still do not risk too much, and third place - fundamental analysis and setting reasonable risk management.

TiffanyK posted:
A mandatory thing to do when you are a novice trader is a Demo account, no matter how long you'd remain there.
Then the micro account and placing small orders at first so that you can catch tiny movements and still do not risk too much, and third place - fundamental analysis and setting reasonable risk management.

Well said; I agree with your guidelines! But I see, a number of new traders are too hurry. As a result, they start the real trading so early that brings balance crushed.

I demo for a year and still had my account crushed after that. Maybe there is no good time to go real account

LeadPellet posted:
I demo for a year and still had my account crushed after that. Maybe there is no good time to go real account

how you were performing in your demo account??

wleverts posted:
I am in Africa. completely new in forex trading. infact I know nothing on forex trading. I have been reading about automated softwares and every software has pretty bad reviews. any advices? I really wanna do this but I need an experts hand

Hey, If you still want to learn about forex trading the do these things:

- Participate in forum discussions
- Watch trading video
- Join groups in social media and start discussions
- Initial stage start trading from the demo account
- Read trading strategy and tips on different websites

JamesAnderson posted:

wleverts posted:
I am in Africa. completely new in forex trading. infact I know nothing on forex trading. I have been reading about automated softwares and every software has pretty bad reviews. any advices? I really wanna do this but I need an experts hand

Hey, If you still want to learn about forex trading the do these things:

- Participate in forum discussions
- Watch trading video
- Join groups in social media and start discussions
- Initial stage start trading from the demo account
- Read trading strategy and tips on different websites

Pretty good points, but I would add that there need to be organized course to avoid getting stuck in many technical terms for beginners. I recommend these two free online courses below:
- School of Pipsology in Babypips. Those are fun for learning.
- Trading Course in ForexPeaceArmy. It's designed like a forum but a good one, fun as well.

GreenTrades posted:

Pretty good points, but I would add that there need to be organized course to avoid getting stuck in many technical terms for beginners. I recommend these two free online courses below:
- School of Pipsology in Babypips. Those are fun for learning.
- Trading Course in ForexPeaceArmy. It's designed like a forum but a good one, fun as well.

Those are good beginner sources but be careful not to take the strategies etc. too seriously. Get the basics and then move on to more advanced methods. None of the simple strategies they use will work

LikeMustard posted:

GreenTrades posted:

Pretty good points, but I would add that there need to be organized course to avoid getting stuck in many technical terms for beginners. I recommend these two free online courses below:
- School of Pipsology in Babypips. Those are fun for learning.
- Trading Course in ForexPeaceArmy. It's designed like a forum but a good one, fun as well.

Those are good beginner sources but be careful not to take the strategies etc. too seriously. Get the basics and then move on to more advanced methods. None of the simple strategies they use will work

Yes mate, learning is a keep continuing process; new traders need to start from the basic & move on the advance level. Whatever; there is no shortcut way of learning.

LikeMustard posted:

GreenTrades posted:

Pretty good points, but I would add that there need to be organized course to avoid getting stuck in many technical terms for beginners. I recommend these two free online courses below:
- School of Pipsology in Babypips. Those are fun for learning.
- Trading Course in ForexPeaceArmy. It's designed like a forum but a good one, fun as well.

Those are good beginner sources but be careful not to take the strategies etc. too seriously. Get the basics and then move on to more advanced methods. None of the simple strategies they use will work

Well said! learn as much as you can then try to create your own startegy rather than copying others.

If you are just starting out, you should definitely start learning how to trade manually at first.

Once you are able to show consistent profits, then you can start out trying different strategies and styles of trading, such as automated trading.

When you rely on trade automation from the start, you never really develop an understanding of trading. That's why you should start by trading manually.

Once you are able to make a profit for at least 6 months minimum, then you can call yourself a profitable trader and move on from there. This guide is pretty helpful:

https://groundfinance.com/getting-started-with-forex-trading/

Remember, don't rush anything when you are just beginning. It's definitely not a race to the finish line.

Beginners shouldn’t invest their real money here! They should invest their time first, yes learning is the main job for novice traders, and they should start their learning from technical-fundamental-sentimental! If they start from sentimental then they would lose their momentum so easily! I see, generally all of novice traders are too hurry, so please don’t expect here instant result!

What is sentimental analysis anyway? I thought that there was only fundamental and technical. Where can I learn sentimental analysis?

I agree with @Imamul.

@RampUpToForex
Sentimental analysis is kind of analyzing the feeling how other traders react on particular pair. It's important to consider Sentimental analysis with other analysis in your trading. you can learn more in this good article: https://www.forexpeacearmy.com/r/forex-articles/95/forex-sentiment-analysis

RampUpToForex posted:
What is sentimental analysis anyway? I thought that there was only fundamental and technical. Where can I learn sentimental analysis?

Use the search option of this forum, you can also apply this method on all of popular forum, I see there have enough numbers of good threads already.

Multi-demo accounts are a good idea.
You need persistent technique in a long time.
Remember the fatal factor, your mental.

I have seen many of us especially the newcomers don’t believe the importance of demo trading, but this is the master place to lean basic fundamental live trading knowledge which is very supportive to continue a live account in a proper way. My trading career I always use all my trading techniques in demo account to see the performance how it works.