For Newbie

For newbie small capital is good. Actually what I think is when you start forget about capital and profit. Focus on knowledge and skills. Most traders make this mistake, they focus on profit at the first hand. They don't realize that forex trading requires specific knowledge and skills. I would recommend to study and research as much as possible.

First year of trading should be all about learning and demoing. I would not consider trading for profit until after that

Definitely, I agree with both of you. Trading is portrayed as a way to get rich quick way too often, but we need to be careful and not let greed dictate our decisions.

Wreeves posted:
First year of trading should be all about learning and demoing. I would not consider trading for profit until after that

Agreed, sufficient time should be given to learning, research and demo trading in the beginning, however, that time period can vary for all I guess.

Most of the new traders lose their investment because of picking the wrong strategy. So, try to pick the suitable and right strategy according to your trading plan.

Stress upon learning and practicing, that's a must for a newbie, atleast for some initial years of trading.

Every trade, every trade will be heightened, emotional, and we will always be under stress.

Michihito posted:
For newbie small capital is good. Actually what I think is when you start forget about capital and profit. Focus on knowledge and skills. Most traders make this mistake, they focus on profit at the first hand. They don't realize that forex trading requires specific knowledge and skills. I would recommend to study and research as much as possible.

Well said, People focus more on profits than enhancing their knowledge base. A better thing is to pay more attention on learning and practicing than on profits, profits will automatically flow if your concepts, strategies are right.

Of course, small capital is needed to reduce losses. When a trader joins new trading he has less knowledge about trading. In this case, if he is given a big investment, he is more likely to lose that investment. So a new trader needs to acquire a lot of information and knowledge.

I agree with @Wreeves
Giving good amount of time to practicing is a must for every newbie if he wants to earn success in the long run.

The most important thing is not to chase big profits, but it is better to start, say, with a minimum deposit of $ 100, like with the Amarkets broker, and then this will give you the opportunity to earn a little in case of successful trading, and you will not mind losing if you have to go through such an experience.

New traders should pick a regulated broker for them. Wrong brokers can put them in a great danger.

Shelby10 posted:
New traders should pick a regulated broker for them. Wrong brokers can put them in a great danger.

True. For safety of your funds, it is wise to go with regulated ones.

Besides a regulated broker, a trader should choose the best strategy to make profit from the market.

for a new trader the first priority should be the knowledge about trading and the practical learning.

I believe for a newbie, the most prior thing is to work on enhancing their knowledge. Knowledge and learning are like the lifeblood of any beginner in forex.

Every new trader should be very serious about their trading. They should make a good and solid trading plan to make profit from this market.

ElliotCooke posted:
Every new trader should be very serious about their trading. They should make a good and solid trading plan to make profit from this market.

Yes! If they want to make a profit, then they should really take their forex trading very serious.

ddarko3 posted:

ElliotCooke posted:
Every new trader should be very serious about their trading. They should make a good and solid trading plan to make profit from this market.

Yes! If they want to make a profit, then they should really take their forex trading very serious.

Correct. Forex is no quick way to get substantially rich. We have to work hard for it.