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Thread: Newbie

  1. #11
    Join Date
    Feb 2017
    Posts
    19
    Thanks for some actually helpful advice!

  2. #12
    Join Date
    Feb 2017
    Posts
    19
    Thanks Jon!

  3. #13
    Join Date
    Jan 2017
    Posts
    19
    As a newbie, trader surely needs to gain experience in this field and then only think of making huge sum of money through trading. However research shows that traders who fail to succeed lack in following these principles:

    Learning Money and risk management must be the first and foremost principle in forex trading. Before earning profits controlling the losses and learning from them is very essential.

    One must have a realistic approach. Don’t set very high targets for yourself which would later make you disappointed and frustrated. First gain required amount of knowledge and experience and then proceed further. Also one must keep his/her emotions under control while trading.

    So, plan your trade and practice until you are able to make profits that you desire in demo account. This will also help you build confidence and after that always start with a small real account initially.

  4. #14
    Join Date
    Oct 2013
    Posts
    968
    Quote Originally Posted by RR25 View Post
    Hi all I am RR25!

    I am interested in making a lot of money so I have decided to study FX, when should I begin trading? How much money do I need to begin with? Also I am interested in learning stocks, is there another website like this dedicated for stocks?

    For a start I'd advice you to have at least 1-2K as trading capital so you can expect making 10-30$ safely in a day without taking dangerously high risk on your account (this gonna be 1-3% from your equity per trade). Regarding stocks trading you can check forums like elitetrader.com or futures.io, they are dedicated to discussion of exchange-traded products as well as money management and psychology.

  5. #15
    Join Date
    Aug 2015
    Posts
    112
    $10-30 a day? That's too much! Do you make that much? I can't believe it! That's too much, even for a trader professional!

  6. #16
    Join Date
    Dec 2014
    Posts
    671
    A newbie need practice rather than focus on daily earning. He should start with small investment because he will do different experiments on it, he can loose his amount. His main target should to get good idea how to manage risk while trading.

  7. #17
    Join Date
    Mar 2017
    Posts
    3
    You must learn a lot firstly by reading some tutorials. Try to consistent in pips school. There is a proper guide for learning Forex for the traders who are particularly beginners. And try to join a broker and open a demo account. But you will learn what you need to do in the tutorials and try to participate on this forum especially Newbie Island so you can learn more.

  8. #18
    Join Date
    Apr 2017
    Posts
    7
    Quote Originally Posted by forexcrisp View Post
    A newbie need practice rather than focus on daily earning. He should start with small investment because he will do different experiments on it, he can loose his amount. His main target should to get good idea how to manage risk while trading.
    Very right! Traders must always start with only that much amount which they are willing or capable enough to get rid of. So as to build confidence in trading forex, one must strengthen his/her learning front. Acquire as much knowledge as possible and learn money & risk management techniques.

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