Discussion in 'General Forex Discussion' started by alonevivi, Jul 29, 2011.
I agree with you
These are basic things every trader should follow. What about specific advices that can really help trader to gain edge against the market?
I was told that trading Forex is not about big winning but small losses.
Great advices are you sure you are following them yourself?
Why sometimes it's news indicating going down but it goes up and visa versa? It seems quite tricky to find the right position. I think often the news push waits for a support level to move.
1. Be ready to loss your money that you trade. Invested money shouldn't be your last money.
2. Be ready to explore market everyday and study.
3. If you feel bad or start to lose, don't continue your trading until you will be alright. Have a breaks.
4. Risk not more 1-2% per trade. Don't risk too much. Forex is a high risk business and it is enough. Don't increase the risk.
5. Losses are the part of trading forex. Don't hurt about it.
Don't treat forex as gambling. Learn how to be disciplined. Control your emotions. Learn how to accept loss. Most Importantly increse your knowledge and skills. Without being skilled success is not possible.
What is the right time to buy forex? At the time of Inflation or Hike.
Nowadays if I want to trade, which currency will be the
I definitely agree with your post. Thanks
Hi everyone, I think the most basic step if somebody wants to start trading forex is to find a cost-effective broker. I'd recommend TradeProofer, a forex trading community. You can upload your trades and they will tell if their fill price was not in line with the market. It's totally free to join them, they do it to spot scam brokers.
nice tips thanks
It looks like just an hidden advertising. In this thread people talk about tips for beginners, not about brokers. Otherwise i can tell you about Markets broker that helps me to become a pro trader.
With regard to volatility, remember to decide the stop loss even before you enter the trade. And, love the market but don’t get obsessed! When you are low in confidence, stay away from the market. You can always come back after a few days.
excellent advice I did not take them into account at the beginning and it was very bad
Andrew101, agree with you in some way, you need to use time management and set prioroties, but experience has proved that the main thing is diligence.
If you are a beginner looking to make money from the forex market consider the below points before you start trading:
• Plan how and when you are going to trade
• Focus on a single currency pair and study the factors that cause a change in the price action
• Plan how long you are going to hold your positions for minutes, hours or days
• Set your entry and exit points
• Place your stop losses at a ‘safe’ distance away from your entry price. This will help you earn consistent returns
Check more tips for forex beginners
- Learn the basics first
- Learn one trading strategy, stick with it
- Don’t freak out when a trade moves against you
- Focus on the price action
- Don’t trade a lot
- Focus on the daily chart
- Don’t put stop losses too close
- Don’t just jump in with no education
Please, don’t mind. I am not agreeing with your 2nd point! I don’t think small trading capital is such a big issue; when you have enough trading knowledge & skill.
I think investing in time to find a systwm or successful trader is best advice . With the siciak trading and trade cooy offered by manybrokers finding a successful trader andbcopying him automatically better than tradig byvown self ... emotions is something.
These are helpful. And I would add to that - take demo trading seriously and realistically
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