forex newbie

[shasha2222]

Let's refrain from spamming the forum. Edited July 25, 2014 by FloridaTrader

[Jonathan Groff]

Trading in the forex market can be simpler, earlier and profitable for the traders; however, some steps should always be followed to get sure benefits in the forex market with secure trading. After all, every one enters into any kind of investment with expecting a certain sort of returns. The prosperous and risk free trading in the forex market remains the dream of every investor, especially for the forex beginner who is not at all sure of what he or she is performing. I think you should first search for the good brokers and then you will move to trading practice.

[binaryowner]

Broker seems to be suspicious according the feedback on some resources. What is the sense seeing some unknown brokers if there are bunch of regulated and trsutful ones?? I would recommend you to try Hotforex instead.

[Gad]

every broker have a demo version... try bonus or promotion program...

[rohmatul]

every broker have a demo version... try bonus or promotion program...

 

Let's using demo version first to make your readiness to live trade..

Or you can participate in demo contest of Liteforex broker, many good and great prize there. Its more challenging than using demo contest. Lite is better than others, its fair and famous..

[fxapex]

Let's using demo version first to make your readiness to live trade..

Or you can participate in demo contest of Liteforex broker, many good and great prize there. Its more challenging than using demo contest. Lite is better than others, its fair and famous..

 

Demo contest are also good for new traders, its good motivator apart from the experience they get.

[usok]

the topic was edited, another spam thread i think

[sunny_16977]

does anyone knows a trustworthy forex broker in india for forex trading ?

[orni308]

there are many such brokers it depends on you , which broker suites you, if a broker is from your place then its better.

[Gaban]

if u r a newbie that try to do forex trading, better that u start with use demo account, and while u use demo account, u can read some article that can make u faster to understand about

[Guest Irina]

anyone's remains as a newcomer in forex trading if it still does not want to learn and develop insight by always reading the article forex trading

[Guest Moon_shine]

A newbie needs simple trading. he should not make long-term and difficult strategies. You will slowly know what is a good strategy to make earning.

[rafael5829]

Como en toda inversión estaremos expuestos a riesgos y tenemos que saber valorarlos antes de empezar a invertir .

[Lexus]

Why do you think newcomers should avoid the strategies related to long term trade? Why not to do it if you practise on demo- or cent account? Even $20 will be enough for it, and the trader will get valuable experience. I personally tend to think that long-term trading brings more profit, and at the same time it doesn't mean this strategy is going to be more complicated.

[Kat33]

Why do you think newcomers should avoid the strategies related to long term trade? Why not to do it if you practise on demo- or cent account? Even $20 will be enough for it, and the trader will get valuable experience. I personally tend to think that long-term trading brings more profit, and at the same time it doesn't mean this strategy is going to be more complicated.

 

I agree. Newbie can't devote himself entirely to Forex. It needs somewhere else to work, do business,have an extra income except Forex. This can be arranged for long-term trading.

[SusanaP]

For me, trading in the forex market can be simpler, earlier and profitable for the traders if you learn to trader marker

[⭐ laser1000it]

Susanna tutta pannaaaaa :)

[Davidfeliciano9]

1. Focus on a single currency pair, expand as you better your skills.

The world of currency trading is deep and complicated, due to the chaotic nature of the markets, and the diverse characters and purposes of market participants. It is hard to master all the different kinds of financial activity that goes on in this world, so it is a great idea to restrict our trading activity to a currency pair which we understand, and with which we are familiar. Beginning with the trading of the currency of your nation can be a great idea. If that’s not your choice, sticking to the most liquid, and widely traded pairs can also be an excellent practice for both the beginner and the advanced traders.

 

2. Do what you understand.

Simple as it is, failure to abide by this principle has been the doom of countless traders. In general, if you’re unsure that you know what you’re doing, and that you can defend your opinion with strength and vigor against critics that you value and trust, do not trade. Do not trade on the basis of hearsay or rumors. And do not act unless you’re confident that you understand both the positive consequences and the adverse results that may result from opening a position.

 

3. Do not add to a losing position.

While this is just common sense, ignorance of the principle or carelessness in its employment has caused disasters to many traders in the course of history. Nobody knows where a currency pair will be heading during the next few hours, days, or even weeks. There are lots of educated guesses, but no knowledge of where the price will be a short while later. Thus, the only certain value about trading is now. Nothing much can be said about the future. Consequently, there can be no point in adding to a losing position, unless you love gambling. A position in the red can be allowed to survive on its own in accordance with the initial plan, but adding to it can never be an advisable practice.

 

4. Restrain your emotions.

Greed, excitement, euphoria, panic or fear should have no place in traders’ calculations. Yet traders are human beings, so it is obvious that we have to find a way of living with these emotions, while at the same time controlling them and minimizing their effect on our lives. That is why traders are always advised to begin with small amounts. By reducing our risk, we can be calm enough to realize our long term goals, reducing the impact of emotions on our trading choices. A logical approach and less emotional intensity are the best forex trading tips necessary for a successful career.

 

5. Take notes. Study your success and failure.

An analytical approach to trading does not begin at the fundamental and technical analysis of price trends, or the formulation of trading strategies. It begins at the first step taken into the career, with the first dollar placed in an open position, and the first mistakes in calculation and trading methods. The successful trader will keep a diary, a journal of his trading activity where he carefully scrutinizes his mistakes and successes to find out what works and what does not. This is one of the most importance forex trading tips that you will get from a good mentor.

Edited May 12, 2019 by Davidfeliciano9
mistake in previous repy

[alexjohn]

there are numerous such intermediaries it relies upon you , which specialist suites you, in the event that an agent is from your place, at that point its better.

[nitop]

yes, good advice.. start with paper trading and practice a lot!

[Guest Siyan jheel]

If you are new to forex trading make sure you learn trading well before stepping into Live forex market. Understanding market initially is very important. You need to make a good trading plan and strategy so I would suggest to trade on Demo account first then come on to live market trading. All the best!

[Guest Patty Joseph]

Demo account is the best place to start trading without investing real account. Almost all broker in the market provide demo account free. Trader can practice live forex market with virtual money. Trader should consider it before investing real money. I am a forex trader too. My broker Forex4you also provide free demo account.

[⭐ TRAD3R.GURU]

i will say many things involved before yo start trading with real money. First, demo accounts are good to understand your broker and there technology but don't use for more than that. you need to make sure you have both web/desktop as well as mobile version from your broker, it helps when you need most :)

 

for actual making trading, make sure you are backtesting your ideas before putting your money on the line. Backtestig will not be perfect in future but atleast it gives you more confidence.

 

last make sure you have trade plan and risk management points put down on paper and follow them.

[Guest Siyan jheel]

For beginners, you must go for the Demo Trading and if you wish to achieve success you need to practice with small investments.

[Guest machete]

i will say many things involved before yo start trading with real money. First, demo accounts are good to understand your broker and there technology but don't use for more than that. you need to make sure you have both web/desktop as well as mobile version from your broker, it helps when you need most :)

 

for actual making trading, make sure you are backtesting your ideas before putting your money on the line. Backtestig will not be perfect in future but atleast it gives you more confidence.

 

last make sure you have trade plan and risk management points put down on paper and follow them.

Where is it better to conduct backtesting strategies in demo or live account? How strong is impact of transaction costs on live account on results of backtesting?