New to trading foreign currency

cityforex

Newbie
Jul 2, 2016
1
0
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I am new to trading foreign currency. Should I do much research into currencies before I trade or just buy on trends?

I can spot trends from graphs for example here:
[URL deleted]

Also with Brexit are there huge gains to be made when the currency goes back to where it was before brexit?
 
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Twin butterfly

Active Trader
Apr 11, 2016
366
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29
35
You are new to trading, so you have to start from studying forex concept. Forex is a risky business, so it is better if you clear out all your doubt first then jump to real trading.
 

TradingBud

Newbie
Aug 4, 2016
3
0
1
40
You are new to trading, so you have to start from studying forex concept. Forex is a risky business, so it is better if you clear out all your doubt first then jump to real trading.
Some people dont even know how important is to get enough experience trading on live account.
So I agree with you 100% :)

Guys, dont be fooled. Demo is great to get to know the platform, systems. But to develope the rigght rutine and gain the right experience, you need to trade on live account. Find a system, a trading methodology that suits your time, personality. Dont try to to change who you are as it will take you in a forest where you will be lost and eaten by the Wolfs (of wall street).
 

f4forex

Active Trader
Oct 8, 2015
231
2
29
41
Demo is great to get to know the platform, systems.

The biggest asset of any trader is how good is he at trading and trading comes with experience and anyone can get good hands on trading by practicing demo accounts. These demo accounts can also be helpful in learning broker processes as well and can be used as a testing tool to test any broker.
 

ArslanKemal

Trader
Aug 3, 2016
31
1
12
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Some people dont even know how important is to get enough experience trading on live account.
So I agree with you 100% :)

Guys, dont be fooled. Demo is great to get to know the platform, systems. But to develope the rigght rutine and gain the right experience, you need to trade on live account. Find a system, a trading methodology that suits your time, personality. Dont try to to change who you are as it will take you in a forest where you will be lost and eaten by the Wolfs (of wall street).
I completely agree with you! live trading is really the best way to get experience, demo isn't enough
 

f4forex

Active Trader
Oct 8, 2015
231
2
29
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Live trading accounts may be helpful but i guess new traders may easily loose their money and looses more while chasing this lost money, so it may not be a good idea and instead we should practice demo account for a while. I also wanted to emphasize the fact that practicing demo account can be the biggest asset of any successful trader so those who really wishes to become successful may not ignore demo importance.
 

Alexfx79

Active Trader
Sep 22, 2016
376
20
39
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Berlin
Here are some tips that I made up thanks to my own experience.

1. Reading special books. For example, “ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street” by Raghee Horner is very good for novices, I read it when I was beginning to trade on Forex. Horner also wrote an exellent “Thirty Days of FOREX Trading: Trades, Tactics, and Techniques”. Anyway, this author is my personal choice, you are free to look for something you like.

2. Reading Fx blogs. Kathy Lien’s blog, Forex Crunch, Forex Magnates, Investopedia, BabyPips, Forex Factory are the best one for me. You can find a good piece of advice there.

3. Learning on your Brokers site. When I began trading, I’ve found all I needed on site of brokers which I had chosen. I won’t name them now but you can write a message to me, I’ll tell you about my personal experience (btw, I trade on Forex for 3 years already).

4. Practice. MORE practice. Start with a Demo account, continue with trading real money, decide what strategy ir yours, and start making money!
Remember, that you should take into account all the tips which you will learn from literature. You will have to make all your decisions logic and automatic. After some time, when you’ll be experienced enough, you should feel the ground. Meet your losses and wins not as something outstanging, but as a lesson.
Psychology plays a huge role here and you’ll have to tame your emotions to be a real trader. And only practice will help you to succeed.
 

f4forex

Active Trader
Oct 8, 2015
231
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Good tips however I wanted to add here not to ignore the importance of learning news impacts on forex market as they play an important role on moving the market.
 

Alexfx79

Active Trader
Sep 22, 2016
376
20
39
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Berlin
Good tips however I wanted to add here not to ignore the importance of learning news impacts on forex market as they play an important role on moving the market.
If we talking about news, you should be very attentive here. I'd rather say even be aware of them sometimes, cause the price may act unpredictably. If you are lucky, you can earn much, but if you are not...
 

tariq

Newbie
Aug 4, 2016
10
0
2
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Yes off course we should not ignore the importance of news release as they have significant impacts over the market. Sometimes NFP makes the market almost crazy.
 

Alexfx79

Active Trader
Sep 22, 2016
376
20
39
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Berlin
Where to start...I always come back to babypips.com and their FREE School of Pipsology. If you want a good grounding on the subject of Forex trading, this is it. Very comprehensive, and well worth the effort!
Almost forgot about babypips. A wonderful resource with professional materials good people. They have forum too. I read it sometimes even though I'm not a new to trading.
 

Hafizmd

Active Trader
Sep 22, 2016
77
5
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Kuala Lumpur
Almost forgot about babypips. A wonderful resource with professional materials good people. They have forum too. I read it sometimes even though I'm not a new to trading.
ForexFactory is as good as Babypips too. There is a lot of useful information (not only for beginners).
As for me, I also read Investing com - they provide news and good economic calendar with news schedule. So, I know when I should NOT trade :D
 

Gerrard Hank

Trader
Nov 3, 2016
31
2
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The world of currency trading is deep and complicated. Frankly speaking, it is hard to master all the different kinds of financial activity that goes on in this world of Forex, so it is a great idea to restrict our trading activity to a currency pair which we understand, and with which we are familiar. I would advise a newbie, to begin with, the trading of the currency of your nation can be a great idea. If that’s not your choice, sticking to the most liquid, and widely traded pairs can also be an excellent practice for both the beginner and the advanced traders.
 

Nadine Blau

Trader
Nov 30, 2016
1
0
6
46
I am new to trading foreign currency. Should I do much research into currencies before I trade or just buy on trends?

I can spot trends from graphs for example here:
[URL deleted]

Also with Brexit are there huge gains to be made when the currency goes back to where it was before brexit?

Yes, that is the first step to be familiarize with trading. I've made that before taking into serious matter like this, because you know what trading is taking risk andnit will only starts if you know what you are doing. When I was a beginner, [URL deleted] tutorials helped me a lot. Try looking for a best way to learn trading my dear.
 
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Andrew101

Active Trader
Oct 3, 2016
199
9
34
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Manchester
If you are new to trading foreign currency, you must know the currency pairs you desire to trade. But no matter what you choose to trade, know that there are some currency pairs move fairly slow and some move extremely fast.
 

Hafizmd

Active Trader
Sep 22, 2016
77
5
29
43
Kuala Lumpur
If you are new to trading foreign currency, you must know the currency pairs you desire to trade. But no matter what you choose to trade, know that there are some currency pairs move fairly slow and some move extremely fast.
Favorite pairs? What are yours?
Hm... As for me, I'd highlight majors..