Useful Forex Trading Tips

forextrdr

Active Trader
Sep 14, 2009
4
1
32
Are you one of those who are looking to find forex trading tips on how it works? Well, in that case you are not the only who is looking for an answer to come out from this dilemma.

One major mistake that many newcomers make is attempting to trade without sufficient capital. Trading with minimum currencies will actually make you take limited risk capital. Moreover, you will always look to minimize losses beyond the point of realistic trading. As a result you need to have sufficient capital.

Make sure you have the ability to plan your work and work your plan. A well defined strategy is surely one of the essential "mantras" of the fx trading market. Take your time to research and find one that you feel most comfortable with. Plan your strategy even after you've suffered a series of losses. Being a newcomer, when you study the examples of past trades, it is much easier to recognize direction, entries, and exits.

The success of Forex trading is just like any other trading and lies in your ability to buy for less and sell for more, but getting more familiar on how to approach and learn will help you to gather all the benefits. It is a profession that definitely requires a learning curve.
 
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Pinalli

Master Trader
Jan 31, 2009
334
4
54
great! When a new Forex trader starts Forex trading, one has to face many problems. These tips may help the new Forex tarder to understand how to start trading in Forex market and how to handle critical situation during trading.
 

Sofia

Master Trader
Jun 20, 2009
112
2
47
Well the first tip for all people who want to join Forex is Please please...........

Study forex first, try demos and when u become confident enough then enter Live markets!!!
 

Aleksandar Oden

Active Trader
Dec 24, 2009
2
0
32
In my experience, research and information is king in this business. Find a good Forex trading website that allows you to set up a dummy account and practice trade, and then read everything you can on the subject. You can find some decent tutorial type articles on Forex at ezinearticles.com. Just do a search at their site for Forex.
 

man1920

Active Trader
Jan 3, 2010
3
0
32
I need to agree with forextrdr that most new comers are facing some problems because of insufficient capital. I think this is very important. Aside from that, you should focus on your goal.
 

Amna Joseph

Banned
Mar 1, 2010
30
0
0
Are you one of those who are looking to find forex trading tips on how it works? Well, in that case you are not the only who is looking for an answer to come out from this dilemma.

One major mistake that many newcomers make is attempting to trade without sufficient capital. Trading with minimum currencies will actually make you take limited risk capital. Moreover, you will always look to minimize losses beyond the point of realistic trading. As a result you need to have sufficient capital.

Make sure you have the ability to plan your work and work your plan. A well defined strategy is surely one of the essential "mantras" of the fx trading market. Take your time to research and find one that you feel most comfortable with. Plan your strategy even after you've suffered a series of losses. Being a newcomer, when you study the examples of past trades, it is much easier to recognize direction, entries, and exits.

The success of Forex trading is just like any other trading and lies in your ability to buy for less and sell for more, but getting more familiar on how to approach and learn will help you to gather all the benefits. It is a profession that definitely requires a learning curve.

I like to highlight one important aspect here. Do you think a newbie should risk his full hard earned money in forex without having prior capital?

As you have mentioned there that "One major mistake that many newcomers make is attempting to trade without sufficient capital." I think the newbie doesn't want to risk their capital and therefore they put money in small amount so that if losses incur that also are as small as the money invested.

Can anyone clarify this for me?
 

Sofia

Master Trader
Jun 20, 2009
112
2
47
It is advisable to risk only a small amount of your capital while trading. If you tend to loose more than 5 trades in a row, it will not harm you much if you have risked only 2% of your actual account, but if you have risked 10% of the capital then, the losses will be huge comparatively.
 

sidhart

Active Trader
Sep 10, 2010
5
0
32
The aim of making money is not a trading strategy. A strategy is your map for how you plan to make money. Your strategy details the approach you are going to take, which currencies you are going to trade and how you will manage your risk. Without a strategy, you may become one of the 90% of new traders that lose their money.
[link removed]
 

Forexguy

Active Trader
As I believe someone also mentioned earlier, it's highly advisable to trade on paper until you know what you're doing too. Once you have your trading strategies down it will minimize your losses. It's much different trading as someone who knows how to trade and looses because of a sudden turn of the market than it is to lose money because you don't know what you're doing.
 

ortan

Active Trader
Nov 1, 2010
2
1
32
So you want success in forex trading? You have come to the right place. The trading tips that follow will make a difference to you in your foreign currency adventure. Just jumping into the market with ill information can see you regretting why you ever got into dealing with foreign currency and may never want to be in it again. But, you have to be in it to win!
o Limit the currencies that you deal with to not more than 2 pairs-This is a very important tip. Trying to deal with so many currencies may confuse you as you fail to follow closely the trends and behavior of all those currencies.
 
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marrabel

Banned
Oct 28, 2010
15
0
0
I agree with the opinion that it is very important to begin the trading having the definite capital. If you have no money, you will be worried by the possibility of losing your money and you will not be concentrated on the trading process. as a result you will not have the success.
 

marshal

Trader
Nov 30, 2010
10
0
12
it seems to me that every person who decides to get started with trading hopes to find the reliable tips which will be of great help for them to be successful.
 

jmathers

Trader
Dec 22, 2010
33
0
22
One of the best tips given to me has to do with the emotion that comes with becoming a forex trader. I learned to separate the thought of money as the item i was trading and instead replaced it with PIP which enabled me to make more logical trades.
 

leo

Trader
Jan 6, 2011
5
0
12
Are you one of those who are looking to find forex trading tips on how it works? Well, in that case you are not the only who is looking for an answer to come out from this dilemma.

One major mistake that many newcomers make is attempting to trade without sufficient capital. Trading with minimum currencies will actually make you take limited risk capital. Moreover, you will always look to minimize losses beyond the point of realistic trading. As a result you need to have sufficient capital.

Make sure you have the ability to plan your work and work your plan. A well defined strategy is surely one of the essential "mantras" of the fx trading market. Take your time to research and find one that you feel most comfortable with. Plan your strategy even after you've suffered a series of losses. Being a newcomer, when you study the examples of past trades, it is much easier to recognize direction, entries, and exits.

The success of Forex trading is just like any other trading and lies in your ability to buy for less and sell for more, but getting more familiar on how to approach and learn will help you to gather all the benefits. It is a profession that definitely requires a learning curve.

Thanks for sharing. It'll help me a lot. Im new to forex so I want to know everything I need to know.