Begginer

[metalx00]

For a begginer what do u suggest, or your comments about this tool??

 

[Pinalli]

Earning huge profits in long run is not a easy task in Forex. Many people lose tons of money in this trading system. Foreign markets are very volatile. Therefore people engaged in this trading system should be very alert and updated with the market movements. Being an active trader, I am suggesting some profit mantras which I gained by my own experience.

Profit Mantras

1. Knowledge is must: good knowledge is very essential before trading. Understanding of subject, terminology, financial market behavior, current trends, foreign news are must for the trader.
2. Knowing currencies well: currencies are traded in pairs. So it is very important to understand the impact and relationship among both the currencies.
3. Risk Management: take risk only when you are prepared. Risk and return are the two sides of coins. Better management of risk will fetch better results.
4. Read, learn and trust trend charts: gaining information and following trend charts can help the trader to earn huge profit. It is always advisable to stick with the trends as the currencies mostly follow a similar pattern with minor fluctuations.
5. Deal in common pairs of currency: for a beginner it is always safe to trade in common currencies as the proper information is available. Uncommon currencies are very volatile and sometimes do not follow the past trends.
6. Learn from the past experiences: always try not to repeat the same mistake and remember the mistakes done in past. Experience will make trader confident and will help him to understand market well.
7. Avoid unknown Forex trading strategies: trader should not involve in these strategies which he does not understand.

Thus, there is no full proof strategy to stop loses but by following the above mantras trader can certainly avoid some of the loss.

 

[Sofia]

Hey!! Cool tips. Thanks alot! I would require some more... If anyone has please share....

 

[Pinalli]

Thanks sofia...

Well if you are a newbie then i would again suggest the best investment is always the investment on your brain. Without a doubt, Forex trading needs much more than just a few guidelines or tips to be successful. Experience, knowledge, capital, fortitude, and even some help of luck are all crucial in one’s success in the FX market. if you lose in a trade, do not lose the experience in it. Learn from your mistakes and regain your position in the next trade

Regards

 

[FXexpert]

Great tips here, especially #3, understanding the level of risk you're comfortable with and you can afford is key to success.

 

[khairul6355]

Thank you bro for the tips.

 

[Pinalli]

Welcome buddies. Glad to know that you all find them interesting.

Regards

 

[Sofia]

Thanks pinalli for all your advices and help. One thing that i am struggling from is over excitement. I get very excited when i gain and in this excitement i make some risky trades which leads me to the loss.

How can i work on my patience and what tips do you give to control over-excitement??

Thanks

 

[JEAN]

I think that spontaneous trades are the biggest mistakes traders do.
You should build your strategy and stick to it, take in consideration the long charts and they organize you trades.
Don’t do things in the moment, they wont lead to good stuffs, if you didn’t see it before, it is probably not an usual thing and it wont last…

 

[Sofia]

Yeah! You r right....

 

[forexexchangeguides]

for new traders,

beginner in forex? as a guidelines, to have the proper knowledge and education on how to trade in the forex market is very important.

my suggestions is practice trading in the forex market using dummy forex. these programs really take you closer to actually trading in forex.

many experts say that you'll never really understand how forex reallly works until you traded in the market.

regards

 

[Pinalli]

for new traders,

beginner in forex? as a guidelines, to have the proper knowledge and education on how to trade in the forex market is very important.

my suggestions is practice trading in the forex market using dummy forex. these programs really take you closer to actually trading in forex.

many experts say that you'll never really understand how forex reallly works until you traded in the market.

regards

Thats true!! practice is only way to get an expertise in forex trading and continuous education is the other factor which will make you unique and profitable in long run.

 

[daniellefr]

-Make sure to understand the indicators and charts.
-Avoid automatic software - it doesn't work in the long run.
Read terms and conditions of the broker you select.
-After practicing with demo account try live trading with mini account.This way you can give forex a try without rising substantial amount of money.
-Stay away from greed - it always leads to overtrading and losing money.
-Adobt a trading style that works for you. If something work for another trader, it doesn't necessary mean that it will work for you. We are all very different.
-Forex is about psychology. Don't ignore this fact.
-Avoid risking more than 1% of your trading account.

and of course all other points mentioned earlier by other members

 

[jmillions100]

Why not try somebody who has experience?

 

[evergreen1]

hello traders

how are you all i am new here and i think i learn some thing here from our experience traders.

 

[Pinalli]

For a begginer what do u suggest, or your comments about this tool??

My friend i havent used it therefore i cant comment on its accuracy, yeh! for newbies i'll say study study and study....

Also remember and follow the profit mantra i gave in my last post.

 

[forexboy]

Thats true!! practice is only way to get an expertise in forex trading and continuous education is the other factor which will make you unique and profitable in long run.

What's more important, knowledge or education through forex or the skills developed through practice?

 

[Pinalli]

What's more important, knowledge or education through forex or the skills developed through practice?

Ofcourse knowledge with practicing demos, novice dealing with demos is also not useful, you have to learn basics and then practice accounts for gaining expertise knowledge.

 

[forexboy]

Ofcourse knowledge with practicing demos, novice dealing with demos is also not useful, you have to learn basics and then practice accounts for gaining expertise knowledge.

Thanks, I been reading a lot of information about forex and totally confused on what to follow. Is it a good idea to go and directly learn a strategy without learning the whole concept of what is all about forex? such as learning the history, those famous traders, and etc... it's totally boring and I prefer to lay my hands directly on my trading platform.

 

[jmillions100]

I think that spontaneous trades are the biggest mistakes traders do.
You should build your strategy and stick to it, take in consideration the long charts and they organize you trades.
Don’t do things in the moment, they wont lead to good stuffs, if you didn’t see it before, it is probably not an usual thing and it wont last…

Absolutely correct!
Have a system, stick to it.
No trying out new stuff, no gambling.
System, system, system.