Newbie question for other newbies and intermediates

keith1764

Active Trader
Aug 22, 2010
1
0
32
I'm brand new to forex trading and I was wondering what kind of problems or issues I can expect as a beginner, whether it's directly related to trading or not.

Some examples of what I'm asking for that I noticed in this section are finding a reliable payment processor and finding an investment management service.

What is the biggest problem you have had or are having as a forex trader?

TIA
 

domkscott

Active Trader
Oct 6, 2010
6
0
32
2 major problems - inexperienced, emmotional traders and unreliable brokers :p
Get over those and you'll do just fine :)
 

busher_tree

Active Trader
Nov 12, 2010
2
0
32
Here is some good insight into Forex. I found this on the Platinum Training Solutions website- they are a reputable mentoring and coaching company in Utah. I liked what they posted, I hope it is OK to repost that here...


What is Forex

Forex is a world market based on the trade of international currencies. Coined from the abbreviations for foreign and exchange, this system allows users around the world to speculate and trade currencies. Forex is one of the largest markets in the world and remains one of the most popular trading platforms due to its simplicity. Currencies are primarily affected by monetary policy and long term systemic policies and therefore are not subject to insider trading and the other Wall Street tricks that frustrate traders in other markets. The lack of insider trading, and the simple nature of the Forex system has led to novices to begin trading professionally. Through the help of beginner training courses like platinum training solutions, which teach beginners how to trade, novices can feel comfortable starting a career trading Forex. The ability to begin trading with a simple program on a home computer has opened up Forex to the world, but…

Can You Make Money with Forex?

It seems that profiting through Forex would seem near impossible due to the fact that long term monetary policy generally stabilizes currencies and makes them highly predictable, but it is possible. There are many traders, both novice and professional, who turn a profit on a daily basis. Platinum Training Solutions says you first need to decide whether to hire a professional broker to trade on your behalf or to go it alone.

Hire a Professional

Professionals such as your coaches at Platinum Training Solutions can help turn your initial investment into a healthy profit, but ensure you find a true professional. Do your research and find a broker that comes recommended and has a solid track record. If you decide not to hire a broker then consider hiring a professional to give you training on platinum training solutions for Forex.

Try Your Hand

Congratulations, you are about to join the ranks of JP Morgan, Morgan Stanley and Goldman Sachs. Through simple software the home-based user can now successfully trade on Forex just like the big boys, but on a slightly smaller scale. By familiarizing yourself with the processes and systems you can ensure that you have a solid background to begin trading. Once you have a solid background you then need to choose your platform on which to trade. There are several platforms available for the home-based user to begin trading with, but beginners may want to consider a short training course before getting started. Several basic and platinum training solutions exist to help you get up to pace with Forex.

A Cautionary Message


Unfortunately Forex has become the ‘fraud-du-jour’ and many Forex enthusiasts have been swindled. For users looking to get into Forex market trading ensure that you research carefully; whether trading on your own or with a broker. Be aware that there is no getting rich quick with Forex, the system takes time and practice to perfect, just like anything else.
 

oxygen.60

Active Trader
Apr 21, 2010
34
0
37
Spreads were problem when you are trading exotic pairs... major pairs usually have 3-5 pips only... relative the target pips to gain, 3-5 pips are small
 

akuvision

Trader
Apr 17, 2011
4
0
17
malaysia
for newbie, start with one currency major pair, recommend EUR/USD, GBP/USD, USD/CHF or USD/JPY. The problem is always money and risk management, stop loss, greed and psychology in trading. Plan your strategy and follow and act with it
 

DonnaMag

Trader
May 15, 2011
27
0
12
I'm brand new to forex trading and I was wondering what kind of problems or issues I can expect as a beginner, whether it's directly related to trading or not.

Some examples of what I'm asking for that I noticed in this section are finding a reliable payment processor and finding an investment management service.

What is the biggest problem you have had or are having as a forex trader?

TIA

Hey Keith1764! Welcome!
Unfortunately, there is no way to avoid beginner problems. You are going to experience (if you haven't already...)2 main kind of problems: 1- TECHNICAL PROBLEMS, including broker's issues, disconnections etc. 2- TRADING PROBLEMS which are caused by mental weakness and lack of experience. Both are frustrating: good news is with time at least your trading problems will reduce a bit...
Good Luck trading and dont get discouraged! I would recommend checking out a broker with a demo account option before you delve into trading; this will allow you to get to know your broker and trading platforms and gaina bit of trading experience.