New to forex, can you help please?

Discussion in 'Newbie Questions' started by tezmay, Dec 13, 2011.

  1. tezmay

    tezmay Trader

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    Hi I've just recently decided to start trading forex and was wondering if anyone could offer any trading tips on the best strategies to use and also recommend a good broker for beginners?
    Many thanks
     
  2. Enivid

    Enivid Administrator Staff Member

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    There are no best strategies, unfortunately. You can start by reading our newbies guide.
     
  3. Easy Trader

    Easy Trader Master Trader

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    Demo trade;)
     
  4. tezmay

    tezmay Trader

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    I am reading up on forex and getting to grips with it slowly, using several resources available to me but i will also try the newbies guide you recommended, thanks enivid :)

    Easy trader, could you recommend a good broker that offers a demo account with good customer service as i imagine that i will be contacting them a lot for help :)
    Many thanks
     
  5. Easy Trader

    Easy Trader Master Trader

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    With a demo there is no need to contact the broker. You can use a search engine and download one or two, pick ones that seems to be the most popular. I personally don't make broker recommondations anymore, its a traders job to excersize their due-diligence. I can tell you I use FXCM and Alpari, and have demo traded with tons of others. You can always open new demo accounts.
     
  6. devis77

    devis77 Active Trader

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    As easy trader said, for the demo the broker is not that important. Look for some broker with MetaTrader 4 platform and open a demo account. Some of the leading brokers have their own platforms except MT4, which are based or close to MT4, so pick 2 or 3 leading brokes and test them. See which platform is more easy to you and suits you best. I suggest to read forums and discussions and make your own moves based on analysis and news rather than some automatic software. Once you start 'winning' on your demo account, you will have gathered all necessary experience to find your broker by your own and start trading with real money.
     
  7. FarrisFahad

    FarrisFahad Trader

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    I recommend using IForex.
     
  8. Fxpipper

    Fxpipper Master Trader

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    Do the demo, all brokers offer demo accounts and should you come across one without the demo, run for the hills. Start with small steps, do not rush in and remember, most of the info, edu resources listed by your broker will not be complete.
    In other words, you will have to take the initiative to learn more about Fx and seeing how you've made your way to this forum, nicely done!
    Good luck and check out independent reviews on brokers. Do not join up just 'cause someone recommends broker X..
    Happy trading!
     
  9. mingbao

    mingbao Trader

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    if you are new to forex, first be ready to study. it taks time to be professional from novice. study the techniques, study how to analyze the market, study to develop your trading strategy. Make reasonable expectations for profits. I am using Hotforex, i'm satisfied with it, I think you can open a demo account there to have a try.
     
  10. Haley12

    Haley12 Trader

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    Yes, there is no best trading strategy. One strategy may work for one but it is not compulsory that it will work for all. All prominent brokers are good for newbie even I prefer to AVAFX.
     
  11. 1pipatatime

    1pipatatime Trader

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    I would be doing a lot of reading and going to sites that give away free info/courses and learn as much as you can.

    If you have the option I would even look at getting a mentor to guide you through your new chosen path.

    Some sites even have a free personality test to see if your suited to trading or even give the area's you may want to work on.

    Cheers
     
  12. pipbanker

    pipbanker Trader

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    The most important recomendation is this:
    1. TRADE ONLY DEMO
    2. DEMO
    3. DEMO
    4 TRY MICRO AFTER YOU DOUBLE YOU DEMO
     
  13. richard branson

    richard branson Banned

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    If you are beginner then you should learn about the how to trade in forex market otherwise you have maximum chance to lose money. Take a close look at how trading occurs by reading article or blogs related to forex trading.After learning you can start trading with small amount of money to test your expertise and day by day you can increase your investment amount on trading as your experience in trading. Then You will be a successful Forex Trader.
     
    Last edited: Dec 7, 2012
  14. Fxpipper

    Fxpipper Master Trader

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    And one more note, just remember the fx market is not an atm machine that you can tap into..simply put, you need to trade well in order to earn those pips. Yeah, its hard work but worth the effort..good luck!
     
  15. inggo

    inggo Master Trader

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    school of pipsology is a good place to start and its free (google it) you get the basics from there, stick with demo never trade live untill you are sure about your working strategy and you have spent enough time on demo. when choosing a broker just open demos with a couple of brokers and check out there reviews and feedbacks stick with their demo and compare them if you may,

    its hard to recommend a broker since not a lot of us have traded with lots of brokers, though currently im also with hotforex. best of luck
     
  16. capsmart

    capsmart Active Trader

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    I would suggest that you focus on Price Action. Search for it on google and read as much as you can. Then demo trade on larger time frames like 4h charts or daily charts.
     
  17. ziegler

    ziegler Trader

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    There are no brokers for beginners. Every broker offers demo, search for broker with low spreads, low commissions, helpful support to consult. And start getting experience.
     
  18. Rob Taylor

    Rob Taylor Active Trader

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    I will go along with that. The most important thing in Forex trading is the price. When you have a complete understanding of price action, Forex trading is a breeze. :)
     
  19. inggo

    inggo Master Trader

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    yeah, price action is one big factor, it would be nice to master it..
     
  20. krecex

    krecex Trader

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    Learn the basic knowledge of Forex. You might get the information from E-books and Videos. Try to create a demo account. Keep practice until you are able to minimize the lost. Happy trading.
     

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