3 tips to beginner forex traders

Discussion in 'Newbie Questions' started by nassif, Feb 28, 2017.

  1. nassif

    nassif Trader

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    As a professional trader i have three tips for beginners :
    Tips number 1 for every Forex trader is to survive. Every trader has losing trades, but when you go broke you can put yourself in a position where you can no longer have winning trades. Therefore, before everything else you have to make sure you stay in the game.
    Tips number 2 : always use a stop The stop loss is perhaps the most powerful weapon in your arsenal as a Forex trader, just as the most powerful weapon of the professional poker player is the fold (if that means anything to you). The stop loss allows you to predetermine your risk down to the pip, therefore ALWAYS use it!
    tips number 3 : be realistic Unless you are amazingly lucky you can't expect to close 80% of your trades profitably or turn a $500 trading capital into a $10,000 trading capital in six months. With those kind of expectations you're simply setting yourself up for disappointment, frustration and failure. (unless you're very, very lucky).
    Try to look at things realistically right from the start. Determine an attainable percentage of winning trades considering your strategy and experience. Ask yourself how much time you can spend on trading and learning. When you have a clear view of your trading tools and conditions, you will find it much easier to work towards a profitable trading strategy.
     
    Last edited by a moderator: Feb 28, 2017
  2. Aadolf

    Aadolf Trader

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    Don’t patronize ideas of other forex traders. The simple reason is because It’s your hard earned money that is at stake, not theirs. Do your own examination, notwithstanding of the news source.

    Anxiety, panic, and greed are emotions perceived when you don’t own specific laws in place. Apply your rules, & the only means to have trust in them is to experiment them.

    Don't trade just to execute a trade; even Fx expert traders can recognize this attraction. It requires enormous discipline to stay apart from trivial trades due to weariness.

    Make sure that you have the edge. Recognize what your edge is & apply firm risk control practices. Primarily, you are required to have an edge & apply good money management to make money. Sound money management solely isn’t going to build your edge at all. If your trading system isn’t good, you’re nevertheless going to lose your hard-earned money, no matter how efficient your money management rules are.

    Many beginners might be good traders finally, but some are undercapitalized. Trading without adequate capital is the equivalent of starting any venture with a sick balance sheet. If a corporation is undercapitalized, the masters might still be thriving, but the chances of failure become higher.
     
    Last edited by a moderator: Mar 18, 2017
  3. myfxpt

    myfxpt Master Trader

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    Tip 1 - learn about money management
    Tip 2 - learn about money management
    Tip 3 - learn about money management
     
    xerof likes this.
  4. HFStrader

    HFStrader Trader

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    3 tips to beginner forex traders

    1. recognize trading psychology
    2. understand risk control
    3. trading plan
     
  5. Kuznec

    Kuznec Trader

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    Все это можно свести только к одному золотому правилу - «Используйте деньги, которые вы можете позволить себе потерять»
     
  6. TraderSmith

    TraderSmith Trader

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    Very important tips for beginner forex trader.
     
  7. SweetPrincess

    SweetPrincess Trader

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    In my own opinion, the 1st tip - gain knowledge and experience, 2nd tip - study money management, 3rd tip - gain some experience on demo before going in to live trading and execute your trading plan there for better results. :)
     
  8. xerof

    xerof Trader

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    I completely agree with you and adding find a good (cheap) broker and use forex rebate.
     
  9. ashouq

    ashouq Active Trader

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    Good broker who is regulated and also have some good repute in the past should be finalized before we invest money with any forex broker.
     
  10. Gerrard1

    Gerrard1 Trader

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    1 - have a patience
    2 - adhere to money management
    3 - continue to learn
     
  11. JohnyIve

    JohnyIve Trader

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    Nice tips. Definitely agree with it. ALso i'd like to add to be patient for newbies and don't forget about risk and money management.
     
  12. Lesiro

    Lesiro Trader

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    No 2 tip and the comparison with poker is very important. If you would want to win even if you don’t have a good hand, that is impatience, greed and ego. If you want to stay in the game, you have to let go of that ego and accept reversals in trade.
     
  13. milornld

    milornld Trader

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    Here I am sharing a few more tips for beginners

    - Don’t just jump in with no education
    - Don’t put stop losses too close
    - Focus on the daily chart
    - Don’t trade a lot
    - Focus on the price action.
    - Learn one trading strategy, stick with it.
    - Learn the basics first
     

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