Easy guide for forex trading for beginners

 

Learn forex trading and day trading strategies when you visit AskMarioSingh blog of FX Primus. Get tips about forex trading for beginners and maximize your earning potential.

 

Thank you for this trading information. I will visit this site soon.

 

I would be careful with this. Always use common sense when you approach websites that claim forex trading is easy and simple. I am not saying they are not good, just be careful with the information you get.

 

It seems to be inaccessible anyway

 
eurofreek:
It seems to be inaccessible anyway

It is registered till 2014 so it is probably temporarily inaccessible. Also, it is registered by one of the brokers so ... draw your own conclusion

 

Useful TIPS For Forex Beginners - by FXNET.

Hello everyone,

For all the newbies out there, our team of experts at FxNet have written down some useful tips that can improve your day-to-day trading. Please see below:

Always put a Stop-Loss to your order

Trading without stop-loss is one of the most common and expensive mistakes of beginning traders. Always set a stop-loss to the amount you are willing to loose for every trade, otherwise you will see your account getting wiped out in a short period of time.

Always put a Take-Profit to your order

Not entering a take-profit can be just as dangerous as not entering a stop-loss. If you don’t enter profit targets and you just wait until it “feels” right to close the trade, then it can easily reverse and turn into a losing trade.

Don’t put too tight or too wide Stop-Loss

Depending on your trading style as well as your time of trading, you should always adjust the width of your SL accordingly. In general, during news trading your stop loss should be wide enough to absorb the market volatility and any spread widening that might occur. Trading news with stop loss of 10 pips is almost always a losing trade. During normal market conditions, you should use wider stop losses for longer timeframes and tighter for smaller timeframes.

Don’t risk too much of your capital at once

Another common mistake for new traders is risking too much capital on a single trade. In general, you shouldn’t risk more than 5% of your capital on a single trade. This way, you would have to have 20 consecutive losses your account to be wiped out.

Have a proper risk-reward ratio

Choosing a risk-reward ratio depends on your trading style, but it should never fall below 1:1. A 1:1 ratio means your stop-loss and take-profit is of the same width (for example 20 pips SL and 20 pips TP). In this case, you would need at least half of your trades to be successful in order to break even. A 1:2 ratio means your take profit is twice of stop loss (for example SL 20 pips and TP 40 pips). In this case you would need only one third of your trades to be successful.

Focus you attention on selective currency pairs

Don’t try to trade on a large amount of currency pairs. If you stick to a few pairs then you will better understand their characteristics by studying their history and you are more likely to predict their movement.

Trade with logic and analysis, not with emotion and hunches

Being a successful trader simply means increasing your probability to win than to lose. Trading without some basic technical analysis or a trading system is not much different than gambling. There are many ways to increase the probability for a trade to be successful. Knowing even the most basic tools of technical analysis and being able to spot buying and selling signals can greatly enhance your trading experience as well as your profits.

Best of luck and kind regards,

The FXNET Team.

 
Rambo35:
I would be careful with this. Always use common sense when you approach websites that claim forex trading is easy and simple. I am not saying they are not good, just be careful with the information you get.

are they selling you anything?

 
Rambo35:
I would be careful with this. Always use common sense when you approach websites that claim forex trading is easy and simple. I am not saying they are not good, just be careful with the information you get.

are they selling you anything?

 

@fxnet,thank you for sharing some useful tips.

 

Thank you for sharing those tips.

 

A recently re-launched site that I rate (particularly their tools, like their economic calendar, forex margin and risk position calculators), is forexrazor. Their demo contests are tightly run, though I keep getting disqualified... . The school itself is ok, though I wish they had training videos, my brain can't cope with all that text.

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