Tips for Newbies

Oct 17, 2011
103
1
0
India
Every new trader comes to Forex with a single goal in mind — to make profits.
The good news is — an investor can succeed in Forex trading and make healthy profits out of it, some even can achieve a financial freedom.
The other news, however, are that achieving profits in Forex isn't as easy as it may seem to be in the beginning. Any beginner trader should be realistic about his/her chances in making it to the top of successful speculators — the path to the top is a challenging terrain, where 90% of beginners fail.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
4
49
True 'dat. The problem is further compounded with the million sales pitches on how easy it is to earn millions overnight with run-of-the-mill EA..
Actually, the info, knowledge is already there, for free. New traders need to spend some time learning the basics and apply the knowledge.
 
Oct 17, 2011
103
1
0
India
True 'dat. The problem is further compounded with the million sales pitches on how easy it is to earn millions overnight with run-of-the-mill EA..
Actually, the info, knowledge is already there, for free. New traders need to spend some time learning the basics and apply the knowledge.

Indeed, My best and evergreen suggestion is don't go live without proper experience and training, spend as many time as you can in demo to get your self ready for live trading.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
4
49
Oh believe me, my spam folder is just chock full of the "You have a million dollars waiting for you, get access to it by purchasing my EA" to "You have won a lottery..".
Take your pick and at the end of the day, you are going to kiss away your $$$$ goodbye for ever..Seriously, the newbies need to be careful,
Tip 1: Forex is not an ATM cash machine
Tip 2: EA or most EA's make money, not for the end user but for the developer
Tip 3: When you come across a sales pitch with "Become a millionaire overnight" tagline, start running for the hills.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
4
49
And then there are those who approach forex like it's a game of luck with a 50:50 rule..forex is NOT gambling, but there're contrary views on the same.
Bottom line, learn to walk before you can run..
 

Jira

Trader
Feb 18, 2013
26
0
12
And then there are those who approach forex like it's a game of luck with a 50:50 rule..forex is NOT gambling, but there're contrary views on the same.
Bottom line, learn to walk before you can run..

Well said. Obviously because to learn and become an experience trader at Forex is not possible over night or quickly. So become rich quickly is also not possible. Even for the experienced traders its harder.

so the best tips i can give is to start with a demo first and go to a mini real account. this will surely helps.;)
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
4
49
Agreed, you can start with the demo to get a feel of the platform, open a few trades but the point of the demo is to develop a strategy that works..
And of course, move to live account, pref nano asap..
 

David25

Trader
Apr 29, 2013
2
0
12
New to Forex

Hello everyone. I am new to Forex and would like to know about some advices and other good practices of trading.

Thank you,
David :)
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
4
49
Hi David,
This is a good place to start as any, review the old threads and please check out baby pips school for more resource info on trading. It takes time, experience and hard work in order to become a successful trader..good luck!
 

Jira

Trader
Feb 18, 2013
26
0
12
Hello everyone. I am new to Forex and would like to know about some advices and other good practices of trading.

Thank you,
David :)

Well David- If you want to start forex trading then you have to learn more and more . You can learn from an experienced trader or you can also learn from internet . Beside learning trade in demo account .

try do develop your skill in analysis and compete with other traders in some trading contest/games .
 

ituglobal

Master Trader
Apr 17, 2013
515
31
69
Another tip:
You’ve got to love stops like your Mom. Setting protective stops when trading should be as automatic as breathing to you. The stop is an effective protection for your nerves and your accounts, no matter what others say against it. Stops will one day save you from the markets that refuse to come back – in contrast to your usual expectation. Never trade without them. It’s a foolish act to allow a trade that could be closed with a negligible loss snowball into a huge negativity.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
4
49
Agreed, always use stops, they are there for your protection..
A few traders prefer not to use stops, but they tend to be more experienced..either way, always trade with stops and most traders usually set their stops in a preferred ratio..
 

Rambo35

Confirmed PaxForex Representative
Apr 22, 2013
909
24
32
Canada
True 'dat. The problem is further compounded with the million sales pitches on how easy it is to earn millions overnight with run-of-the-mill EA..
Actually, the info, knowledge is already there, for free. New traders need to spend some time learning the basics and apply the knowledge.

I know exactly what you mean. I really do not know who is dumber: Those who pitch that crap or those who swallow it and believe in it. There is a reason why the failure rate is over 98%.
 

michael77

Trader
Aug 5, 2013
89
0
17
99% newbie fails because of entering this market without learning or having assumption. It is true Forex is not for all. You need to be 100% emotional free. You need to know how to read what market is saying instead of what your mind is saying to you. There is really no short cut way to earn huge amount of money from this market. Just be patience and keep learning, one day you would learn your own strategy by ownself.
 

michael77

Trader
Aug 5, 2013
89
0
17
Really good point. I would like to add one more point over here. Forex is not a steady market. In fact this is well known as ever changeable market. It does not matter how much experience you have in this market or how long you have been trading in this market. what matter most is that you need to keep learning Forex in each of every day and adjust yourself with this ever changeable market. If you go in this way then there is a better possibility to sustain in this market and earn steadily from this market as well.
 

Rambo35

Confirmed PaxForex Representative
Apr 22, 2013
909
24
32
Canada
It does not matter how much experience you have in this market or how long you have been trading in this market.

I disagree 100%, experience matters very much and is how you remain in this market. Through experience you have learned, the market stays the same. YOu have currency pairs, you can buy and sell them. Nothing new there.