5 Tips for forex beginner

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

  1. OlyviaDanielsen

    OlyviaDanielsen Trader

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    I agree with you
     
  2. jellyeb

    jellyeb Active Trader

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    These are basic things every trader should follow. What about specific advices that can really help trader to gain edge against the market?
     
  3. Jesus Guzman

    Jesus Guzman Trader

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    I was told that trading Forex is not about big winning but small losses.
     
  4. jellyeb

    jellyeb Active Trader

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    Great advices are you sure you are following them yourself?
     
  5. johnwboyd

    johnwboyd Trader

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    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.
     
  6. Kevin Murdok

    Kevin Murdok Trader

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    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.
     
  7. James Williams

    James Williams Newbie

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    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.
     
  8. bmf

    bmf Newbie

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    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
    best?
     
  9. JohnyIve

    JohnyIve Trader

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    I definitely agree with your post. Thanks:)
     
  10. 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.
     
  11. pouiy htyu

    pouiy htyu Trader

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    nice tips thanks
     
  12. JohnyIve

    JohnyIve Trader

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    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.
     
  13. Lesiro

    Lesiro Trader

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    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.
     
  14. andrewbob

    andrewbob Trader

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    Hello Friends here i am sharing few more tips for forex beginner and hope you like

    - Plan your goals.
    - Stick to your plan.
    - Choose trustworthy broker
    - Pick your account type, and leverage ratio in accordance with your needs
    - Begin with small sums
    - Focus on a single currency pair
    - Do what you understand
    - Do not add to a losing position
    - Take notes. Study your success and failure
    - Automate your trading as much as possible
    - Don’t give up
     
  15. Ben12

    Ben12 Newbie

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    excellent advice I did not take them into account at the beginning and it was very bad
     
  16. BipsMore

    BipsMore Trader

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    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.
     
  17. Arushi Krishnnan

    Arushi Krishnnan Newbie

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    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
     
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