3 tips to beginner forex traders

nassif

Trader
Feb 28, 2017
1
2
11
34
www.trading-mindset.com
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.
 
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Aadolf

Trader
Jan 26, 2017
60
3
24
46
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.
 
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Kuznec

Trader
Jul 5, 2017
11
1
9
38
Все это можно свести только к одному золотому правилу - «Используйте деньги, которые вы можете позволить себе потерять»
 

TraderSmith

Trader
Jul 19, 2017
16
9
19
42
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.
Very important tips for beginner forex trader.
 

SweetPrincess

Trader
May 9, 2017
117
24
24
40
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. :)
 

ashouq

Active Trader
Feb 21, 2017
167
14
34
30
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.
 

JohnyIve

Trader
Feb 11, 2018
63
10
24
31
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.

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.
 

Lesiro

Trader
Mar 4, 2018
40
3
13
28
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.
 

milornld

Trader
Aug 27, 2018
41
1
17
36
new york
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
 

J_C_Anderson

Trader
Aug 15, 2018
64
8
19
40
It is quite difficult to find a mentor, so it is better to educate yourself first, then you would be able to understand whether this mentor is a real professional or not.

As for me, the main rules are:
- read as much, as possible - information is your main weapon
- analyse each your action - this is a key to the development
- be ready for the market changes - flexibility would help you to survive
 
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walpants

Trader
Feb 10, 2019
72
10
19
45
some really good advice in this thread, i have noted down quite a few that i need to remind myself on a daily basis.
 

DT77

Active Trader
Feb 24, 2019
317
46
44
52
1. Take your time
2. Don't think it will be easy
3. Find a coach you can trust
 

igor707

Newbie
Feb 20, 2019
7
2
1
38
Lot of tips but the most important is to learn the skills required to earn money from forex trading and this is i think the main tip.
 
Feb 25, 2019
22
4
9
49
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.

great post thanks! some good tips there :)