Some useful tips for newbies that every one should follow
Some more tips are updated yourself with latest market news. Start trading with low investment. Use backtesting as well to know the performance of the trade.
Better to use demo account to know more about the broker performance and to make more practice without worry to lose some money.
Never invest more than you can afford to lose. Should be your number one rule.
Never invest more than you can afford to lose. Should be your number one rule.
Yeah you are right,
forex trading has a high risk,
we have to ready to lose our fund anytime.
Thank you for all your replies. All of you is right from your point of perspectives in order to reduce loss in our trading., these all ways are great but we should see other things also to limit our loss or risk.
There are many other ways of minimizing the losses which in turn makes the way towards maximizing our profits like the ones you have just mentioned, use of stop loss or trailing stop is the best in terms of limiting our risk % and also lock a % of our profits already generated.
I think, "Hardworking (Learn for Experience + Confidence + Discipline + Avoid Bad behavior) 98% + Luck 2% = 100%" may work for all traders.
Source: Success for Formula
I think, "Hardworking (Learn for Experience + Confidence + Discipline + Avoid Bad behavior) 98% + Luck 2% = 100%" may work for all traders. Source: Success for Formula
I am agree with you, Paul75.
We have to trade with hardwork to get better in forex,
beside that we have to choose the right broker,
the trusted broker to make us feel confident to invest our money.
I think, "Hardworking (Learn for Experience + Confidence + Discipline + Avoid Bad behavior) 98% + Luck 2% = 100%" may work for all traders. Source: Success for Formula
Good equation Paul. All the factors you stated in the equation are very important.
If a trader does not take one factor seriously while trading - the result is simple
- FAIL - in trading.
Great- keep posting useful tips to help newbies
Don't follow the others:!
It's mean we have to trust with our own analysis. This is a good education. Practice makes perfect!We can get some help from market analysis from our broker.
Sure, we cannot follow the other, we have our own strategy, although the secret from the winner of the most exciting demo contest like 999 demo contest, will not fit to our trading style.
Sure, we cannot follow the other, we have our own strategy, although the secret from the winner of the most exciting demo contest like 999 demo contest, will not fit to our trading style.
We have our trading style that's fit to us,
just trust to you self and keep learning to get better in trading.
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Hi all:
Though I am also a starter in forex field but from what I have learnt so far here are some useful tips that one should follow:
Make plausible/achievable goals:
Although you may have heard that sky is the limit but for any newbie in forex one golden rules is not to fix goals that are too difficult to achieve. Make small goals that are possible for you to achieve.
For instance to make 10 trades in a day and so on.
Don't follow the others:
Never invest in a particular pair because someone told you to do so. Always first analyze and study properly before trading.
Use demo account:
No matter how good you think you can do in a specific time period always try the demo account first before trading.