5 Tips for forex beginner

Discussion in 'General Forex Discussion' started by alonevivi, Jul 29, 2011.

  1. BigMikey

    BigMikey Newbie

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    1. Money management
    2. Reliable strategy
    3. Regulated broker
    4. Emotional stability
    5. Practice, Practice, Practice
     
  2. Aadolf

    Aadolf Trader

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    Confused traders make mistakes. If you find that the information on the screen of your computer in front of you is too much to control, then get up, walk out, & go for a recess. When you feel comfortable, then you can resume your trade.
     
  3. arpit

    arpit Trader

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    For many of the traders which do not aware of the Forex market, it is made out of two parts. These are the spot market and banking markets. The spot Forex is the segment where the prices fluctuate every second with trades, which are processed every second. This market has a quality of daily volume of approximately 1,5 trillion USD in trading. On the other hand, Forex banking where every trader makes an exchange for a different kind of reasons which no one can expect. The day by day approximate volume of this market is 2,5 trillion USD.

    Those two combined means a volume of the approximate of 5 trillion dollars.

    1. Forex exchange completed through the bank accounts or at exchanges traders is done for many motives, such as tourism, the need for cash, purchasing some item from a website. That is why no one can predict this behavior of many people or companies which make the Forex market to move up and down. In short terms, this behavior, determined by many reasons, is moving the prices.
    2. If you trade in the Forex market in small thinking you are going to obtain a gambling result. You, superior go to a social establishment where you obtain the drink and food for free. But if you treat and trade in the Forex market in long, smart run you might get some results, even outstanding ones.
    3. If you create trading without taking into consideration the risk you might lose your whole capital even if you are a long runner. So, here comes the question- how do we pleasure and trade on Forex and manage the risk reward?
    4. If you have emotional management concerns. Taking into consideration the risk greater than others trade tools the emotion is extremely strongly related to the threat. In order to supervise the risk, we require emotional management preparation. Apart from that we also require technical and fundamental information.
    5. The best instrument or product to decide to trade on long runs is to release a micro account. This is the finest choice for everyone, particularly if you have a minute amount of money and you are a minute risk taker. If you are an expert, and you have an algorithmic trading, the essential capital for that, you can participate in the Forex daily trade, but this is something only specialized should do.

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    Last edited by a moderator: Mar 30, 2017
  4. smithyoung

    smithyoung Newbie

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    This is very important Tips for all beginner.
     
    Last edited by a moderator: Mar 30, 2017
  5. Aadolf

    Aadolf Trader

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    Money management is a protective idea. It keeps you in the contest to execute your trade another day. For instance, good money management shows you whether you have sufficient money to trade extra positions. Money management is also risk management. Risk management is the distinction between progress or failure in trading.

    You have to create your own plan to trade like a pro. Every trader that desires to make it in forex must comprehend the fundamentals & possess a plan of action. Your Forex trading plan is what helps you drive through the market cautiously. A plan has you disciplined & arrests your emotions from getting the better part of you.

    Anything you want to achieve in Forex trading requires adequate preparation. When markets are closed during the weekends, it is vital that you do your analysis. Read the news, observe the movements of the preceding week & draw solid decisions about the forthcoming week. This is a highly practical method because, during the weekends, there is no stress of the markets, no need to make hasty decisions. Hence the need you need to take advantage of the weekend to sit back & make intelligent decisions about when & how to trade.
     
    Last edited by a moderator: Apr 4, 2017
  6. omomevyt

    omomevyt Trader

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    This is the worst investment)) You will probably lose your savings))
     
  7. Aadolf

    Aadolf Trader

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    In common, a newcomer is never encouraged to trade against trends or to pull tops & bottoms by gambling against the main powers of market impulse. Follow the trends so that your soul can unwind. Attacking the trends plus continuous stress & anxiety will ruin your forex career.
     
  8. rubel chowdhury

    rubel chowdhury Trader

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    Great ideas To make things easier, it's always a good quality idea to think about what one expects to get from forex solutions.
     
  9. ashouq

    ashouq Trader

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    Many new traders looses money in forex trading because forex is not an easy task and we need to learn trading business before jumping into this business.
     
    SweetPrincess likes this.
  10. Forcica

    Forcica Newbie

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    Great Tips. I Agree With you.
     
  11. s.taylor

    s.taylor Newbie

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    Forex trading is not that easy and before entering this business, we need to follow or take into consideration certain tips. Even with getting too much information instantly can make one insane, so just go slow and don’t rush it.

    - First and foremost focus on the learning part, make plans and stick to it.

    - Select the broker carefully.

    - Initially start with demo trading and consistently follow your trading strategy, don’t freak out.

    - Understand the technicalities and functioning of the platform, so that you get familiar and don’t face any issue while trading real.

    - Always analyze your trades, learn from your own success and failures.

    - Stay calm and trade in discipline.
     
  12. Martin Gaptil

    Martin Gaptil Trader

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    Well I have started my live trading with 1k trading capital. I know, it’s not a standard trading capital that’s way, I am too much sincere in my live trading right now! I follow proper money management as well as risk management rules because I need a consistent result! Yes, I appreciate your 4 no point a lot on “trading knowledge’.
     
  13. ashouq

    ashouq Trader

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    1K trading capital is a good amount to trade, best of luck and better take some time learning the necessary skills to make healthy ROI on it.
     
  14. SweetPrincess

    SweetPrincess Trader

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    Yes, I agree with you. Having a good trading plan is a plus. In trading, we must be well prepared. It is like going in to a battle. You will not survive if you do not have enough gears in hand. :)
     
  15. hayseed

    hayseed Master Trader

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    //-----

    hey sweet p..... that sounds like the thunderdome..... two men enter one man leave...... likely painful no matter which way it turns out for you.....
    //-----

    course, trading can be like going into the garden..... sow a little.... reap a lot..... with no black eyes.....

    well, except for black-eyed peas..... and they go good with cornbread and turnip greens.......h
     
    SweetPrincess likes this.
  16. Martin Gaptil

    Martin Gaptil Trader

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    No 3. Regulated broker
    If anyone interested about regulated trading broker , I think he or she have to ensure the broker which is regulated by the US or UK, because they are real regulated trading platform and always guarantee their clients funds.
     
  17. SweetPrincess

    SweetPrincess Trader

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    Yes, it is true. you have to gain knowledge first before going in to live trading. There are many reading materials in the internet that can help you learn in the business. We must not be in a hurry to do live trading for it may lead to losses.
     
  18. Martin Gaptil

    Martin Gaptil Trader

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    It would be better if we gain knowledge before live trading. Demo account we the beginners can take for acquiring real trading knowledge but practically maximum forex newcomers ignore this trading place and kick off their live trading with practicing it. As a result they fall a great loss when trading practically.
     
  19. SweetPrincess

    SweetPrincess Trader

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    Great advice! Yes, we can make use of the No deposit bonus of the Forex brokers as trading capital. We must use it wisely in order to gain profit. A newbie trader must use demo accounts to master the platform before going in to live trading and risk your bonus.
     
  20. Michelle Yeoh

    Michelle Yeoh Trader

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    I agree with all of your points! Basically, it’s a knowledge based profession and without trading knowledge success is really impossible! So, traders have to invest their time here before investing their money.
     
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