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tommy0921

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  1. Like
    tommy0921 reacted to freddy in Building a collection advices for newbies in Forex Trading   
    Welcome Tommy,
    I wish you success.
     
     
    The most important thing, BEFORE looking for a trading strategy is to understand Money Management (MM).
     
    MM helps you stay "alive", meaning that even if you loose one trade, a second and sometimes few trades in a row, the next one you are still able to place a trade.
     
    Don't learn how to win money, learn how to minimise your losses.
     
    Also, you are right, indeed, it is good to trade on demo but just the time to know how to use your platform of trading or for a new strategy you want to test.
     
    It is better to use real money to feel the real deal! but don't be fool.
     
    Don't put all your money in a real account.
     
    Nowadays, you have microlots and can open cents account, (1 pip= 1 cent).
    Just take it as seriously as if it was a $1000/pip account.
     
    Even with that knownledge, you will blow your first(s) account(s), so it is better to put max $100 to $250.
     
    If you cannot be profitable with micro accounts, of course, you won't be able to manage a bigger account.
     
    Also, take your time, I repeat, TAKE YOUR TIME, forex market will be there tomorrow, so don't worry about rushing.
     
    Learn, learn, learn. Indo-Investasi is one of the best place for that, you have wonderful people sharing everything.
     
    Last thing, don't expect to be zillionnaire tomorrow morning, dream big but at a slow pace and you will get the moon.
     
    Have a nice w.e.
    freddy
  2. Like
    tommy0921 reacted to chrisbenjy in Building a collection advices for newbies in Forex Trading   
    Types of trading
     
    * Technical*- Technical trading involves technical analysis, using trend lines and other tools, including indicators to predict where the market will move.
     
    * Fundamental*- Fundamental trading involves evaluating the economy of the countries currency and determining whether it is strong or weak. This includes analysing economic growth, GDP, interest rates, inflation and unemployment statistics.
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