my trading tips to help new beginners

 

Hello everyone

I have spend over a year studying and collecting data on how the forex money market work, after watching over 20 different pairs I spotted that most times they do have a pattern, I decided to run a test that would reduce the risk and still give a better chance of success, I managed to cut it down to 4 pairs and over the first 15 days of trying my system on a demo account I've manage to get 1072 wins to 15 losses (only due to swap).

My 4 pairs are:

EUR/USD

EUR/AUD

AUD/USD

USD/CHF

All buy orders for 0.01 lot

The reason all my pairs are buy orders is because most times if any 2 from 4 go up the other 2 mostly come down. It's all in the way you place your new orders on them.

I did hit the sell button twice by mistake but they even became winnings.

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I know all the pairs are good trades but for a beginner which pair works best. I have heard that the more information you have about the market local and international could help you make better trades. So what do you recommend a beginner to trade?

 

Hello stanley1

The first rule I believe if you're new to forex: Start with a demo account that offers a low volume 0.01 and a 200:1 Leverage

This will give you the ability to control large dollar amounts with a comparatively small amount of capital. Leverage is necessary because the price fluctuations are only fractions of a cent. Leverage is measured through the comparison between the capital available for trading and the capital in your account. So with a leverage ratio of 200:1 means that you have $200 worth of trading power for every 1 dollar in your account. The higher the credit leverage, the higher your profit will be if the fluctuation of the currency rate was anticipated correctly. However, if your anticipation was wrong, your losses will be bigger.

Then take the 4 pair I mention in my first post, I already know 2 out of the 4 mostly move in the same direction, so placing 4 buy orders at the lowest volume will keep you well inside your danger limit. Once anyone of the 4 pair go +15 pips in profit I place a trailing stop-loss on it and place another buy order at the same price, if it continues to rise and the second order hit +15 I repeat the process and so on, but remember if that order is going up the counter part is coming down, but now you'll have 2 or more orders in your favor compared to 1 against, and when the tables turn your losing order will claim back some to it's losses while your winning orders will close in profit or zero at lease.

Hope this helps.

 
stanley1:
I know all the pairs are good trades but for a beginner which pair works best. I have heard that the more information you have about the market local and international could help you make better trades. So what do you recommend a beginner to trade?

As a beginner, I suggest to foccus only on 1 pair. Learn trading and observe how indicators and price move.

EURUSD may be a good start.

FerruFx

 

I totally agree with you FerrulFx, for us beginner is it way better to start trading with only one pair. Last night I tried to work with 3 pairs and boy I lost like 500 pips with volume of 1! That was like my worst nightmare, lucky for me I was only demo trading but anyways it was really bad. I'll just continue working with the EUR/USD pair, as I was doing before. I made some quite profitable moves, hope it just keep on going like that.

 

Guys thanks for this information since I started in this business I´ve been learning and trading with just one pair EUR/USD, one of the reasons was because I´m learning how to trade with news and US my world so I thought that would help, at least for now at the beginning I think just one pair is ok.

 

Control your emotions, some day traders trend to be emotionally involved with their dealing.

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