10 tips to start with Forex

Hi all
I remember my first steps on the forums, it is not easy to sort out and avoid the traps in the Forex jungle so here are 10 tips:

1° Can we make money in the forex (and a lot of money)? Yes absolutely, however this is the case 10% of traders, 80% of traders close their account in less than a year.
Key Qualities: Patience & Discipline
In fact, many strategies work on the Forex but the problem is this: The vast majority of people do not have the discipline to follow precisely their strategy and/or are not patient enough to wait for the right entry setup on the market and / or the right exit according to the rules of their strategy. Patience and discipline are constantly tested in the trading days (especially on the lower time frames) and therefore the mind plays a huge role.
2° How much money do I need to start trading? Forget the "I'll start with 200 euros/$," you can start with 1000 euros/$ but you would rather start and train with a virtual account
3° How much time do I need? Here you can face a problem: If you have less than an hour a day, you can trade only on the daily chart and therefore, a 15K USD account would be already a small one. If you have several hours a day, you can trade lower time frames but it takes time.
4° Do not gamble money you need, you would not trade with a stress free mind and the mind is 90% of success in trading.
5° You must have fun doing what you do, you must be convinced that the market is a friendly place.
6° Trading successfully is simple but it is not easy! Let me explain: The strategies are simple (they do not have to be complicated) but sometimes it's difficult to remain patient and disciplined, the left hemisphere of the brain (responsible for emotions), sometimes taking over
7 ° Write down your strategy on paper and read it before each trading day
8 ° Avoid overloading your charts with too many indicators because it will interfere with the analysis. The indicators explain the past, the price action explains the present.
9° Do not try to copy others, find the method that suits your personality and lifestyle. There are some brokers that offer to follow and copy confirmed traders, it is suicide! These traders have their own strategy and place their orders according to it. Trading is personal, learning to trade is learning to know yourself
10 ° There is no money made easily. You are certainly overwhelmed by ads such as: "How I made 500 euros/$ in 20 minutes", etc ...Forget it! You can also loose 500 euros/$ in the same period of time. Make those amount of money in such little time requires experience and a good understanding of the market. . Remember: Success in Forex Trading requires investment in time and also money.

Last Advice (No. 11): Find a mentor (an experienced person in trading that can help you)


Happy Trading!
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
4
49
Good tips and as for mentors, remember as a newbie you are better off learning the ropes with a demo or micro account. And good mentors are hard to come by and check out the trader and their performance before opting to pay for anything.
 

fxapex

Active Trader
Jun 7, 2013
258
13
29
good compilation....these points must be kept in mind, its better to check your skills by opening Demo accounts........
 

Emibluz

Banned
Aug 22, 2013
165
0
27
No.7 is hilarious. You can't write strategies on papers. Strategies have to do with charts and indicators. For example someone who uses the Fibs, would have to really learn all aspects it. My biggest advice to newbies is to avoid dealing with Market makers. Market Makers are the worst broker you would want to deal with as a newbie. They don't like it when you make money so beware!!!. You are better off with STP brokers, especially the free brokers who would not hold your money or play tricks with your trades.
 

reifallen

Trader
Jan 10, 2014
6
0
12
It is posts like this that I love about forums. There are so many gold nuggets available if one is just willing to dig and look for them. This is a fantastic post. You have provided some useful gems for everyone who trades, regardless of their experience level. It is especially useful for newbies and people who are just starting out. I will certainly be pointing people in this direction, and I hope other people who are just starting out will be able to stumble upon this incredible list as I did. Keep creating amazing threads like this. You have a ton of valuable knowledge and information to offer people.
 
Hi all
I remember my first steps on the forums, it is not easy to sort out and avoid the traps in the Forex jungle so here are 10 tips:

1° Can we make money in the forex (and a lot of money)? Yes absolutely, however this is the case 10% of traders, 80% of traders close their account in less than a year.
Key Qualities: Patience & Discipline
In fact, many strategies work on the Forex but the problem is this: The vast majority of people do not have the discipline to follow precisely their strategy and/or are not patient enough to wait for the right entry setup on the market and / or the right exit according to the rules of their strategy. Patience and discipline are constantly tested in the trading days (especially on the lower time frames) and therefore the mind plays a huge role.
2° How much money do I need to start trading? Forget the "I'll start with 200 euros/$," you can start with 1000 euros/$ but you would rather start and train with a virtual account
3° How much time do I need? Here you can face a problem: If you have less than an hour a day, you can trade only on the daily chart and therefore, a 15K USD account would be already a small one. If you have several hours a day, you can trade lower time frames but it takes time.
4° Do not gamble money you need, you would not trade with a stress free mind and the mind is 90% of success in trading.
5° You must have fun doing what you do, you must be convinced that the market is a friendly place.
6° Trading successfully is simple but it is not easy! Let me explain: The strategies are simple (they do not have to be complicated) but sometimes it's difficult to remain patient and disciplined, the left hemisphere of the brain (responsible for emotions), sometimes taking over
7 ° Write down your strategy on paper and read it before each trading day
8 ° Avoid overloading your charts with too many indicators because it will interfere with the analysis. The indicators explain the past, the price action explains the present.
9° Do not try to copy others, find the method that suits your personality and lifestyle. There are some brokers that offer to follow and copy confirmed traders, it is suicide! These traders have their own strategy and place their orders according to it. Trading is personal, learning to trade is learning to know yourself
10 ° There is no money made easily. You are certainly overwhelmed by ads such as: "How I made 500 euros/$ in 20 minutes", etc ...Forget it! You can also loose 500 euros/$ in the same period of time. Make those amount of money in such little time requires experience and a good understanding of the market. . Remember: Success in Forex Trading requires investment in time and also money.

Last Advice (No. 11): Find a mentor (an experienced person in trading that can help you)


Happy Trading!

Very nice tips. Very helpfull for newbies.