Jump to content

Exchange Blog Cryptocurrency Blog


All Pips



advice for newbies


katbatM

Recommended Posts

I think we already compiled a lot of advice for newbie here from never giving up or controlling emotions up to how to do better analysis with either technical or fundamental analysis. I can say that all depend on newbies, their strategy and others are based on their behaviour when trade, so i think keep trading and learn is the best advice for them.

Link to comment
Share on other sites

  • Replies 252
  • Created
  • Last Reply

Top Posters In This Topic

You know that mostly of advice for newbie are about their trading or their emotions and how they solve that situation. In many people imagination and in fact that newbie is an inexperienced trader who cannot do most things in forex in correct way. Not to mention there are a lot aside from those two but commonly you will find the same things.

Link to comment
Share on other sites

I recommend to newbies that they must concentrate on the education very first, i believe when they try to learn through some good professionals so they will grow their experience and money too also this will help them to reduce the losses, they dont need to quit education and they can earn easily.

Link to comment
Share on other sites

I recommend to newbies that they must concentrate on the education very first, i believe when they try to learn through some good professionals so they will grow their experience and money too also this will help them to reduce the losses, they dont need to quit education and they can earn easily.

Without doubt that is one of the best idea, many new traders have less patience when dealing with forex. This is their big problem which they should adress it sooner or later. Education really takes time, but it build a solid foundation of a trader so when they face real trading they won't be loss their foot easily just because of the market's condition or their few losses.

Link to comment
Share on other sites

Forex actually need a trader to be a discipline one, since that would help a lot to our career as forex trader. Other than that, discipline may help a trader so they can be focuing their effort and minimalize the risk, and this is for sure truly recommended for newbie who just start their career or this forex business.

Link to comment
Share on other sites

Education, newbie should involves making an investment of time (and perhaps also money) in the process of developing knowledge about forex trading and enhancing your forex trading skill set. If you can avoid some of the most costly beginner's trading mistakes by taking a good forex trading course, that alone will probably pay for your education for the whole time.

Link to comment
Share on other sites

Well i again doesn't really get what you want to say but let me guess here that you want to say that we should keep learning so we will increase our skills(or experience) and those which make us more successful, right? If it is the case, i am sure that is the most common advice, a lot of traders who suffered from pain and could be called seasoned trader would give that advice, however doing it and talk is different thing, most newbie cannot even do a consistent trading(not about making profit) usually they switch their strategy just in few days even before make them familiar with one strategy, or just with few losses they start to change or even quit.

Link to comment
Share on other sites

Its quite hard to rein back me emotions especially when you want to revenge market and make up for losses with one big lot trade. Of course it's less likely you can pare down gains but  drive you further in a pit. I advice you to never exceed lot size and number of trades for example 5 trades per day and not more. these are my risk settings with Hotforex broker. 

Link to comment
Share on other sites

That is hard for sure but it doesn't mean you cannot do that, if that is about emotion what you need is how to control it. It takes a lot of time, you cannot simply conquer your emotion and let it under your control if you are inexeprience and just trade for few months. Well there are some who can do that but almost any traders truly need more time for to able control their emotion.

Link to comment
Share on other sites

  • 4 weeks later...

That is hard for sure but it doesn't mean you cannot do that, if that is about emotion what you need is how to control it. It takes a lot of time, you cannot simply conquer your emotion and let it under your control if you are inexeprience and just trade for few months. Well there are some who can do that but almost any traders truly need more time for to able control their emotion.

As long as we want to learn, there is no impossible to do. We just have to try and try more to control our emotion. Try to use real account with small amount to help us to learn how to control our emotion when trading.

Link to comment
Share on other sites

As long as we want to learn, there is no impossible to do. We just have to try and try more to control our emotion. Try to use real account with small amount to help us to learn how to control our emotion when trading.

Agree. We can train our trading psychology and our own mental by trading in live account with small capital. Try to learn from the previous mistakes we have done and we will trade better in the future.

Link to comment
Share on other sites

It is not always the cases riddick09. Look there are many traders who fall because they just have hundred of dollars, even they trade with the smallest lot size. For me, capital is important but the way you manage the risk is the most important one, and you should have profitable strategy because if you use non-profitable strategy where your risk to lose is higher than your chance to win, then it is useless even with a good risk management.

Link to comment
Share on other sites

My advice for newbie is that you should seeks more experience, 6 months up to 1 year is good for practicing, so you can deal with so many situation that you may face in future. I don't recommend to do that in less than 6 months. The result maybe good for some but from what i see most ended up hurt before can make some nice profit.

Link to comment
Share on other sites

  • 2 weeks later...

My advice for newbie is once again you need to practice/ to learn. Don't think too much about earning, make it that able to earn consistent earning as your long term achievement just say around 1 or 2 years. Keep training doesn't mean you are afraid but it is more about preparation  so you can withstand most of forex's situation.

Link to comment
Share on other sites

You are correct forex is not a playing ground for kids so any new traders has to be careful in terms deposit,and I also see the probability of depositing huge amount of money as another means of coming acroos loos for newbie so what I will normally advice the newbie to do is to just try and practice how to enter the market with small lot size with small deposit and see what will be the outcome of the trade then he can make a decision on how much to go futher in terms of deposit. 
Link to comment
Share on other sites

 

You are correct forex is not a playing ground for kids so any new traders has to be careful in terms deposit,and I also see the probability of depositing huge amount of money as another means of coming acroos loos for newbie so what I will normally advice the newbie to do is to just try and practice how to enter the market with small lot size with small deposit and see what will be the outcome of the trade then he can make a decision on how much to go futher in terms of deposit. 

 

 

But if you're a beginner in forex trading and have no idea about forex market at all, you should get yourself use to forex trading by learn without any risk in a sandbox called demo account. It's a good place for you to learn and practice more about forex trading.

Link to comment
Share on other sites

But if you're a beginner in forex trading and have no idea about forex market at all, you should get yourself use to forex trading by learn without any risk in a sandbox called demo account. It's a good place for you to learn and practice more about forex trading.

But other traders said me that this is bad idea to start from demo, because i wouldn't be ready to trade because of psychological moments and its better to start from real money, but a little ammount.

Link to comment
Share on other sites

  • 4 years later...

Several levels of investment risks are inherent in forex investing. Such as political, local tax implications and exchange rate risk, Portfolio risk, taxation, currency risk etc. But with ForexChief you can minimize your risk and become profitable with your every trade. You can use any strategy and can take any style to do your trading business. You can’t doubt about the benefits the foreign securities in your portfolio. They has developed its own stream aggregation architecture that allows the Company to have significant reduction of spread sizes, slippage sizes, and percentage of refused orders. This way, the technological solutions developed allow the Company to provide services as a liquidity provider for each forex broker interested in a stable stream of quotes and qualitative execution of orders.

Link to comment
Share on other sites

  • 4 weeks later...

I would suggest all new traders to use Demo account, since demo gives you the feel on how the live trading works and makes it simpler.

But the live trading is not the same as Demo the whole way, with demo you can just use it for building strategies and limit the loss.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×
×
  • Create New...