newcomers trading habit

If you are new in this market, you should be very careful. You have to make a good plan to make money from this risky market.

You must have the required knowledge and other relevant information about Forex. Working on your risk management strategies will help you a lot in the short and long run. A good mindset for trading is also important.

Controlling your emotions is necessary too.

Emma93 posted:
What are the best strategies for new comers?

for new comer's fundamental analysis is the best way to begin. Identify the over all trend of your favourite instrument, track the market thoroughly and check news. Next is to ascertain the risk percentage. never open a trade without stop loss.

Tiffany07 posted:
Controlling your emotions is necessary too.

That's the most important in my opinion.

It is best to get into habit of money management on a demo account so that it is second nature when move to live account

Lack of knowledge is one of the most important reasons why people lose in the forex market. Be strong with your learning.

Most traders lose their money because of their low knowledge. Every new trade should gather all kinds of knowledge before starting their trading career.

As a newcomer, it is important to understand the basics of forex.

For a newcomer it is important to gather all knowledge about Forex first and then practice trade on demo accounts before going for a live account.

Sarjohn posted:
For a newcomer it is important to gather all knowledge about Forex first and then practice trade on demo accounts before going for a live account.

Any specific time for which one should demo trade? I think it varies from trader to trader, isn't it?

You are right, this is all individual, but roughly they offer, I recommend trading for about 2 - 3 months on a demo account.

Newcomers should have sufficient knowledge of Forex and the most important factor required is patience.

Yeah and even entering and exiting the trade at the right moment is something that requires a lot of patience. Waiting for the right trade opportunities is something that traders find difficult. This is the reason why practicing demo account trading is suggested. There are reliable brokers out there like xm and fxview with good platforms. See if these suit you and invest some time instead of wasting your money.

Explain something to me here. Sitting in the chair and watching the market move while I wait “patiently”, how will it reap me any profits when I’ll be missing out on trading opportunities?

PercymcDonnell54 posted:
Explain something to me here. Sitting in the chair and watching the market move while I wait “patiently”, how will it reap me any profits when I’ll be missing out on trading opportunities?

See now that’s the idea, you needn’t rush into bad currency trades. If they don’t come up in that particular session, there’s always next. It’ll be worth the wait and patience.

Joz8 posted:

Sarjohn posted:
For a newcomer it is important to gather all knowledge about Forex first and then practice trade on demo accounts before going for a live account.

Any specific time for which one should demo trade? I think it varies from trader to trader, isn't it?

Yes it totally depends upon the trader i traded almost 5 months on a demo account before going to a live account.

Risk management is the key to a successful forex strategy and everyone should pay good attention to it.

I completely agree with mine, the sooner we learn to control our emotions and stop being greedy, the faster we can learn to trade correctly.