Your Best Tip to Forex Newbie

[riddick09]

Right we need also to predict on our own if their prediction or analysis is incorrect as the market is ongoing. And immediately decide what to do like having stop loss or urgent close the trade. I also change my mind easily if i think it is not going good based on the technical analysis.

[omostar]

I think the best advice that I can give a forex beginner is not to trade forex like you are just gambling. Have a game plan so to say and make sure you stick to that game plan. Have it in your mind that forex trade is win some loose some. You can not win all the time.

[riddick09]

It is okay to have losses since we can earn experience and knowledge in forex trading. So for future trading we can estimate and have better strategies and skills applied in trading. As much as possible we need to be confident and positive with our analysis as it will give us trust to ourselves when trading so we will not depend to others analysis.

[monyitomon]

My Tip is to be patient without proper knowledge and experiences you cannot be a good trader. Demo account might help you to have an idea i guess all of the trader started a demo account because it's crucial for a trader to build a strategy first before stepping to real trade.

[riddick09]

Read, always read and seek for better strategy. We need to progress and if we find good strategy then enhance it by doing another experiment that will be give more profits. Also watch videos how simple things in forex should understand not only trading but in other things like the brokers.

[pinoycity]

I like the suggestion that beginner traders should be patient with themselves. Not all things can be learned in one sitting. Some mat learn forex easily but this does not mean that you do not have the mind and the skills to trade in forex. You just have to keep on trying. Anyway, what you need, basically, is just a computer with an internet.

[nullahfx]

Read, always read and seek for better strategy. We need to progress and if we find good strategy then enhance it by doing another experiment that will be give more profits. Also watch videos how simple things in forex should understand not only trading but in other things like the brokers.

 

 

yes,, I really agree with you,, always read and seek for better strategy and do some experiment and enhance it to get more profit.. that's a good advice sir.. and yeah,, we must know all thing about forex business, not only trading but also the brokers.. and we must be careful to choose brokers, because you will not get your success in forex if you have great skill in forex trading but you get the wrong brokers..

[pinoycity]

The suggestion to always read is also a very good suggestion. But one should always act on things being learned. Meaning, they should use the knowledge that has been gotten from reading. If not, it will just be a waste of time.

[riddick09]

Yes, after reading we need to have evaluation or comprehension if those what we read is really applicable to what we want to trade in forex. We need to have application so that we can determine if we learn something or still lacking of reading.

[pinoycity]

But sometimes, it is discouraging when you see that the strategies you read somewhere are not working. And yet, they seem to be working when other people use them.

[ermaniso2011]

one of the best advise for the newbies is always make a trading plan before you will open position.wtire down your stoploose take frofit target and also and take note of your rules.that is all and use at least 1:2 risk managment.means your loose have to be half of your take profit target.

[pinoycity]

I think, the best advice one can give to a beginner trader is to read a lot of forums. In these forums, there are strategies being given. Sometimes, the tips are direct and sometimes, you have to read between the lines.

[budado]

My only tips for newbies is simple. Know our strategy. Know how much is needed for you strategy to work. Don't adopt your strategy to the funds you have. Adopt your funds to the strategy you have. because in forex trading its the strategy that going to make you earn money. So always give what your strategy needs.

[riddick09]

Yes, it should also check with other things like the funds and strategy even in the pair we are going to trade. Since not all are working as some things are required to have a good result. So far, im more of reading of different strategies and trying to think which of those were working for small funds in forex.

[rexway]

I say to all forex newbie,allways start with a Demo account not Real trading account After testing your self with profit you can then go...and make your first trade with small position

[flybiz08]

Do not be frustrated when you take too much losses. The one thing to do is to take a time off and review the trading system in order to get a better perormance. If on the other hand that success meets you first on your forex journey, do not make any attempt to be greedy for no one can make all the money thereis to make in forex trading in one single day.

[adnan007]

Do not be frustrated when you take too much losses. The one thing to do is to take a time off and review the trading system in order to get a better perormance. If on the other hand that success meets you first on your forex journey, do not make any attempt to be greedy for no one can make all the money thereis to make in forex trading in one single day.

 

I agree with you in this case as being a trader myself I have come across loosing streaks and let me tell you that its very frustration. Our emotions tries to overcome our trading which should not be done or else we can suffer even huge losses. The best way is to stay on the side lines until recovered from the losses we had on our previous trades.

[monyitomon]

Yeah! That's really frustrating but that is part of being a Forex trader but it's all about your mind set because as for me when you loss a trade that's another experience. We are not a loser in this game as we gain experience at the end of the day.

[rexway]

Also never take too much nor stay too long on a trade ,and I will advice newbie to always use stop loos,follow your plan each mistake make that result to loos will always be written down and documented to aviod the same mistake in the future.

[budado]

Another thing that many newbies forgot to make some judgement. Leverage. The lower your capital and the higher your leverage the more you going to loss lots of money in forex trading. Because low capital and highe leverage means high risk. Just imagine that if you have low capital and high leverage you can get MC in just 50 pips. While if you have low leverage and high capital you can have 1,000 pips and still survive.

[riddick09]

Also never take too much nor stay too long on a trade ,and I will advice newbie to always use stop loos,follow your plan each mistake make that result to loos will always be written down and documented to aviod the same mistake in the future.

Well, there were times that the mistakes cannot avoid. Since we will forex market as unpredictable. If that happens, then we should think already if we will to the plan or just close the trade so it will not give more losses. Anyone still have mistakes as we are not perfect and can't predict the market all the times.

[pepy]

Well, there were times that the mistakes cannot avoid. Since we will forex market as unpredictable. If that happens, then we should think already if we will to the plan or just close the trade so it will not give more losses. Anyone still have mistakes as we are not perfect and can't predict the market all the times.

yeah market is unpredictable by many people who trading in forex, but still there are some that still get a lot of amount of money from their activity, the best thing is try to set our mind,that we cannot get profit always and ever, also the one other thing is don't be greedy and control the emotion

[charlly007]

I will suggest a newbie that wants to be trading forex should first learn the basics on some of the learning sites and then get over a forex discussion forums sites and join the conversation regarding trading forex.This will actually increase your knowledge much faster.

[antthenait]

yeah market is unpredictable by many people who trading in forex, but still there are some that still get a lot of amount of money from their activity, the best thing is try to set our mind,that we cannot get profit always and ever, also the one other thing is don't be greedy and control the emotion

You are right that people should need to follow our market. Because there are lots of illegal, fake and scammer broker are available. They just made some manual chart of their current currency exchange rate. So newcomers should need to discuss with some senior members and follow any brokers real track record like screen shot. Then can move into that program. So never try to show their greed.

[Sixteen]

A newbie should know that professional do loose in forex, they should know that forex is not a get rich business and they should know how to manage their profit when trading. Some newbies are greedy and they tends to loose it all. Its always good to be with an experience trader that can give you tips you need to know while trading.