What is a good minimum currency to start with that makes it worth trading in forex? I hear many accounts can be started for as little as $2,000 and others say not to start trading with anything less than $100,000. Any pointers on the actual number to really start trading?
Useful Forex Trading Tips
- Thread starter forextrdr
- Start date
- Watchers 29
I think it is a universal statement that money management, emotional control, and technical analysis are key parts to success in forex trading. So many trades talk about failure but the ones you never hear from are those that have failed miserably from lacking one of the 3 keys.
100k WOW ! Even 2000 is much. It's true that it's more easy to lost a small amount of money rather to double that amount, but it's crazy to put anything more than 3k$ and not having proper experience.
You can test all that on a demo. But all in all, 100k is a just very big amount of money that for me is just to big to invest in forex, the problem is that I know that I am not that good trader to deal with 100k. And I think almost nobody starting to trade forex is.
Hey everyone,
Quick question here, what's your favorite type of Forex trading system?? Automated EA, Daily Live Trades, Signal Service Or Other?? Thanks In Advance For Responses!
Quick question here, what's your favorite type of Forex trading system?? Automated EA, Daily Live Trades, Signal Service Or Other?? Thanks In Advance For Responses!
EA is a joke, one that kind of plays on your eagerness to make some real money; unfortunately, there's nothing real about it. Even if the EA does work [for the moment], chances are, a few weeks down the line, its going to let you down [big time].
So, if you're a newbie, you're much better off with manual trading, trading based on indicators/news or both.
So, if you're a newbie, you're much better off with manual trading, trading based on indicators/news or both.
For me trading is all about taking responsibility for your actions and using an E.A in my opinion (and its only my opinion) is handing over your responsibility to someone or something else and hoping they have your best interest at heart and we have all seen how that goes.
Another thing is that trading is all about finding the solution to why a system worked and why it didn't, it's searching for the answer to a question that when you find the answer you have a sense of accomplishment and if an E.A actually worked and adapted itself to changing markets and was 100% successful I still wouldn't use one as it would take the fun (and sometimes heartache) out of the game.
Cheers
Another thing is that trading is all about finding the solution to why a system worked and why it didn't, it's searching for the answer to a question that when you find the answer you have a sense of accomplishment and if an E.A actually worked and adapted itself to changing markets and was 100% successful I still wouldn't use one as it would take the fun (and sometimes heartache) out of the game.
Cheers
Also, one shouldn't think, that Forex is for lucky guys only. Trading is not a matter of luck, but of education, hard work and patience. Take it seriously, only then it brings you profit.
Everybody gave excellent tips here already. I'd like to add few tips:
- Wise newbie trade in demo account first
- Write in your heart like this "
Quick to become rich, willing to lose", else you'll become one of 95% traders who lose all your money. - Do not trade if you're emotionally weak, or if you have some other priorities going on like your work or your family goals. I say this because Forex is trying to consume lot of your time which will attack your surroundings.
- Plan well, for your trading hours, for Jesus if you're believer and be flexible for your family.
If you're seeking for Golden Tip for newbie/beginner. I can give you one here:
Trade only if you have passion in Forex. [Doesn't count in thinking to become rich]
Trade only if you have passion in Forex. [Doesn't count in thinking to become rich]
Few more forex trading tips
- Create Your Own Strategy
- Learn Step-by-Step
- Take Control of Your Emotions
- Stress Less
- No Risk, No Success
- Patience is a Virtue
- Continuous Education
- Trends are Good for You
- Plan in Advance
- Don't Run out of Chances
- Use Stop-Losses
- Analyse Your Trades
- Create Your Own Strategy
- Learn Step-by-Step
- Take Control of Your Emotions
- Stress Less
- No Risk, No Success
- Patience is a Virtue
- Continuous Education
- Trends are Good for You
- Plan in Advance
- Don't Run out of Chances
- Use Stop-Losses
- Analyse Your Trades
My favorite trading system is Price Action trading system; but I trade manually, I have no plan on automatic trading.
- Choose a good and reliable broker.
- Maintain a trading journal.
- Never risk more than 2% of your balance.
- Pick a good strategy that suits you.
- Manage your emotions.
- Maintain a strong trading discipline.
- Do not over trade.
- Learn from your mistakes
I agree with each and every point and I believe that, over trading and not controlling emotions are one of the major reasons of getting losses.
I mean, to the extent that people are not understanding how to trade with plan, rather just jumping on the trendsetter can be a big problem.
And don't you think controlling the emotions is one of the most difficult to overcome?
Similar threads
