New to Forex: Where do I start? - page 13
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
I would have to say for any new trader, price action is the best way to get started in trading. Once it is learned you can trade any instrument with a naked chart. It's not easy but you need to find a good mentor. I found someone fairly early on who taught me some simple methods and it was like I was taught to fish. lol
My point is you should not waste money on an indicator based system or some holy grail. Find someone that is real and has a proven record. My mentor was Nial Fuller. A real guy that answers emails, teaches what he preaches and watches over your shoulder while you learn the craft.
Good luck!Caldrone,
I also learned a lot from Nial Fuller. What you say is true!
Forex Trading is a risky game. Before putting amount of money try opening a demo account first. There are lot of Forex brokers out there that offers demo account. Then see to it they have 24/7 customer support, much better if they have online chat support because most doesn't have that (I am sure you don't want to spend huge amount for an overseas call
). Familiar yourself with the system, the plaform that they are using. Go search the net about forex trading. Watch or read news, good news/bad news has a great impact on currency trading. Forex is a very exciting market but you need to read and learn about this beast before trying to trade it. If you think your ready then go for a live trading. But please bear in mind that risk only the amount you can afford to lose.
How to reap maximum profits with forex trading?
How to reap maximum profits with forex trading?
How to reap maximum profits with forex trading?
Honestly? Open an ISA account and put all your money in there.
For All New Traders
Please check this post. I hope you find it useful.
https://www.mql5.com/en/forum/180390
Cheers,
Pip
newbies would take a long time to get it right
better not playing it, or use spin bottle to determine which pair to play with, then a coin to decide which direction
today, the analyst said, euro won't move much, and bond trader got enough USD stuff already
so we can set OCO (either pending trades) when it move -- OCO mean buy when higher than current and sell when lower than current price -- after it make a big move later today -- thursady today
How to reap maximum profits with forex trading?
1) Let your profits run, cut your losses short to trade another day.
2) Pay major attention to discipline.
3) Pay huge attention to money management
Everything else falls in place.
Cheers,
Pip
1) Let your profits run, cut your losses short to trade another day.
2) Pay major attention to discipline.
3) Pay huge attention to money management
Everything else falls in place.
Cheers,
PipPlease can you explain a little bit more about money management. I thought that the strict discipline when you are following your own rules is like good money management.
Trade once a day, that way you'll teach yourself only to trade the best opportunities.
That, and paper trade for a year.
Please can you explain a little bit more about money management. I thought that the strict discipline when you are following your own rules is like good money management.
Sure thing Zench79, I will try to do so in simple terms.
Discipline is more universal than money management and it applies to all aspects of trading. Discipline, as you indicated earlier, means that you stick to your rules and not letting fear and greed influence your decision. Furthermore, Discipline plays a rule before you take a trade, during a trade and when exiting a trade.
Money management, on the other hand, is the set of financial rules you follow to stack odds in your favor to live another trading day should you hit a loss. It includes risk:reward ratio, position size, and profit/stoploss targets. Money management helps you grow your account without excessive risk and stress.
Hope this simple explanation helps.
Cheers,
Pip