katbatM Posted October 6, 2011 Share Posted October 6, 2011 If you are just starting out on your forex journey I would suggest you read "The Complete Turtle Trader" by Michael Covel. The introductory slideshows on Slideshare are also a great resource. Once you have the basic understanding you can learn strategies at sites such as such Everestforex (great site, very friendly, gives you $100 real money to start with). And of course stay up to date at Bloomberg.com! Quote Link to comment Share on other sites More sharing options...
mohammadbadr Posted November 11, 2011 Share Posted November 11, 2011 I advise the newbies to concentrate at one type of analysis only in order not to scatter your efforts and time, you have to know a hint about the fundamental analysis and technical analysis, which are the movers of the market, then you can specify in one branch like Elliott waves or Japanese tools..etc. Quote Link to comment Share on other sites More sharing options...
budado Posted November 13, 2011 Share Posted November 13, 2011 If you are newbies. I suggest you do long term trading. Try to study fundamental and technical analysis. Anyway why long term? For me if you are newbies its much safer to do long term trading than doing day trading. Simply because you can stretch your funds and same time have time to study. If you have confidence and discipline to trade then you can increase the risk by increasing the margin then day trade. Quote Link to comment Share on other sites More sharing options...
mohammadbadr Posted November 13, 2011 Share Posted November 13, 2011 If you are newbies. I suggest you do long term trading. Try to study fundamental and technical analysis. Anyway why long term? For me if you are newbies its much safer to do long term trading than doing day trading. Simply because you can stretch your funds and same time have time to study. If you have confidence and discipline to trade then you can increase the risk by increasing the margin then day trade. I agree, on the larger time frames the mistakes lessen, but the traders will be eager to trade more and try their luck and skills in the market especially as they are newbies, so this will put more load on them, to try the intra-day trading or even the scalping method, it is a normal step before choosing the best range of trading for them. Quote Link to comment Share on other sites More sharing options...
riddick09 Posted November 20, 2011 Share Posted November 20, 2011 If you are newbies. I suggest you do long term trading. Try to study fundamental and technical analysis. Anyway why long term? For me if you are newbies its much safer to do long term trading than doing day trading. Simply because you can stretch your funds and same time have time to study. If you have confidence and discipline to trade then you can increase the risk by increasing the margin then day trade. Â Yes, i am also looking for longer trading since newbies cannot risk their deposits that fast. If longer trading we can even understand the trend and also the possibilities when to have a position. And i think we will not have big losses in longer trading. Quote Link to comment Share on other sites More sharing options...
yogeshwartyagi Posted December 2, 2011 Share Posted December 2, 2011 I would only advice dont be in love with your open positions - but dare to close them when they are in profit or when they touch your stop loss - yes it is must to have a good stop loss to prevent huge capital losses. Quote Link to comment Share on other sites More sharing options...
riddick09 Posted December 4, 2011 Share Posted December 4, 2011 Well in my mind as of now. Is that as soon that i have in profit i will going to close that position. I will not regret if that will gain more profit if i wait but we dont know the future so it might be loss too if im not going to close it when it is in good profit already. Quote Link to comment Share on other sites More sharing options...
budado Posted December 7, 2011 Share Posted December 7, 2011 One more thing. Always check your margin and your lot price and your free margin percentage. Because sometimes if you don't have an idea about this. You end up having no money management skills. In short even though you have lets say 10 dollars. Its does not mean you can use all of it. Some account especially micro has a high leverage, low margin percentage. What will happen is that you buy a small lot but its going to eat up almost all of your funds. And even if you don't want to close your trade its going to hit the stop loss if theirs a sudden dip or rally. But if you have better management. You can end up salvage and even make a profit. Its happen to me many times that my stop loss was been triggers and after three to four pips theirs a reversal. So If I have good leverage and I'm not been forced or automatic stop loss because of low free margin I can actually end up earning at the same trade. Quote Link to comment Share on other sites More sharing options...
riddick09 Posted December 10, 2011 Share Posted December 10, 2011 I think i really need to be more aware of the money management. Because before i dont mind of looking at the margin and the percentage. And also the emotions like being greedy and hesitation as you guys stated is need to avoid. I think im going to study with the money management this week since im done with others so other important thing is management. Quote Link to comment Share on other sites More sharing options...
omostar Posted December 17, 2011 Share Posted December 17, 2011 I think the most important thing in Forex trading after seeking knowledge is the ability to have self control over your emotions and greed. And this is from my own personal experience that I learned the hard way. If you are gaining know when to stop the trade and even if you are losing, know when to accept the loss and don' start hoping that the trade will reverse. As long as you use a very good strategy, everything will add up and you will come out with a net gain. Quote Link to comment Share on other sites More sharing options...
monyitomon Posted January 8, 2012 Share Posted January 8, 2012 Yes, we shouldn't be greedy if we make a profit already then you can close it even you may still gain more profits from it. It cannot be easily learn but with the right time you will learn everything. Yes we should be aware and must have a good money management. Quote Link to comment Share on other sites More sharing options...
nullahfx Posted January 11, 2012 Share Posted January 11, 2012 Yes, we shouldn't be greedy if we make a profit already then you can close it even you may still gain more profits from it. It cannot be easily learn but with the right time you will learn everything. Yes we should be aware and must have a good money management. Â Â yeah,, to control our emotion and greed when trading is so hard,, I feel it too,, but I'm sure we can control it if we always try to throw it away little by little.. maybe, if we feel that emotion come to our brain, we can take a break for a while from trading,, refreshing our mind and looking for fresh air outside,, we can come back to trade if we feel fresh and relax.. so we can think clearly to find another strategy.. Quote Link to comment Share on other sites More sharing options...
monyitomon Posted January 11, 2012 Share Posted January 11, 2012 At the end of the day it will all depend to us! In this case we need to be confident and we must believe in ourselves that we can do better and also risking what you can afford to lose then more likely your emotions can be easily controlled when you know that you won't lose too much. Quote Link to comment Share on other sites More sharing options...
indieover Posted January 12, 2012 Share Posted January 12, 2012 for me the best advice for beginner is not to be very impatient. but to enjoy the process of learning things. it may not be easy but it is all worth the effort once you have gained a lot of experience already in trading as you can earn pretty well in forex. Quote Link to comment Share on other sites More sharing options...
pinoycity Posted January 13, 2012 Share Posted January 13, 2012 Well, maybe a beginner trader has to ask him/herself if he/she really wants to be trading currencies. If he/she does not have the patience to study charts and strategies, he/she might as well stop him/herself from becoming a trader. Quote Link to comment Share on other sites More sharing options...
luke1 Posted January 28, 2012 Share Posted January 28, 2012 If you are newbies. I suggest you do long term trading. Try to study fundamental and technical analysis. Anyway why long term? For me if you are newbies its much safer to do long term trading than doing day trading. Simply because you can stretch your funds and same time have time to study. If you have confidence and discipline to trade then you can increase the risk by increasing the margin then day trade. Long term trading is good, because our capital will stand longer. But, we can not make profit too much on the long term trading. It is always plus and minus. Newbies better to trade safer and not too aggressive Quote Link to comment Share on other sites More sharing options...
rexway Posted February 1, 2012 Share Posted February 1, 2012 Learn how to overcome greed,accept looses by closing trade instead to revenge the market by waiting for a reversal Quote Link to comment Share on other sites More sharing options...
pinoycity Posted February 2, 2012 Share Posted February 2, 2012 Learn how to overcome greed,accept looses by closing trade instead to revenge the market by waiting for a reversal  Yeah, this is simple but true. Oftentimes, I feel the need to continue trading even if I am seeing a loss. I have to really push my self to stop the trade. There will really be times when you will lose and there will be times a traders will win. Quote Link to comment Share on other sites More sharing options...
budado Posted March 6, 2012 Share Posted March 6, 2012 Long term trading is good, because our capital will stand longer. But, we can not make profit too much on the long term trading. It is always plus and minus. Newbies better to trade safer and not too aggressive Problem with long term is if your funds is small and probably if you are newbies your funds is small and if you don't now how to handle your funds you will get MC. And lets say you have some good funds. how can you deal with swap interest? Right now I open two opposite position in one pair in demo account and its open for a month now and right now loss+ swap interest minus profit I still have some loses. Quote Link to comment Share on other sites More sharing options...
riddick09 Posted March 15, 2012 Share Posted March 15, 2012 Yes, small trading capital will not going to survive or will be suitable in long term trading. Hundred dollars trading capital I think is enough for trading long term. So usually newbies with small deposits will do scalping mostly. Quote Link to comment Share on other sites More sharing options...
adnan007 Posted March 21, 2012 Share Posted March 21, 2012 Yes, small trading capital will not going to survive or will be suitable in long term trading. Hundred dollars trading capital I think is enough for trading long term. So usually newbies with small deposits will do scalping mostly. Â I agree with you in this case as I have already heard several new members loosing out on their initial deposit as they deposited very small amounts for trading. Therefore the best thing is to have enough initial deposit which can help us recover any losses if we encounter one. Quote Link to comment Share on other sites More sharing options...
flybiz08 Posted March 28, 2012 Share Posted March 28, 2012 To begin with, a new trader must understand what is being dealt with. Forex is not a playing ground for kids and it is either a trader undergoes a proper forex trading course or pay the price with huge and consistent losses. Find yourself a good forex mentor to help you start if you're new to forex trading. Quote Link to comment Share on other sites More sharing options...
rexway Posted April 3, 2012 Share Posted April 3, 2012 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. Quote Link to comment Share on other sites More sharing options...
monyitomon Posted April 4, 2012 Share Posted April 4, 2012 Time will come that they will realize that having a decent capital would enable them to realize that they can able to earn more profits. Losses is part of learning so just prepare yourself and at least try learning for someone's mistakes. Quote Link to comment Share on other sites More sharing options...
pepy Posted April 4, 2012 Share Posted April 4, 2012 To begin with, a new trader must understand what is being dealt with. Forex is not a playing ground for kids and it is either a trader undergoes a proper forex trading course or pay the price with huge and consistent losses. Find yourself a good forex mentor to help you start if you're new to forex trading. Â but many people now think that forex is a good place where members can gain a lot of money and the bad thing is they think this one is the fast money earning, but i still see some good tutorial around that can help for the newbie who cannot pay for tutor fees, but actually if trading is the best way to sharpen our skill and for newbie too Quote Link to comment Share on other sites More sharing options...
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