My Advice for Beginners

My advice for beginning traders is to “not listen to the hype” about the quick profits to be made, and to plan on spending considerable time educating themselves about the markets.

A starting point would be books on technical analysis.

It’s going to take time and effort. The worst thing in the world would be to become involved and make a whole lot of money real soon. Because then you think you�re smart. And if you get that impression, you�re going to lose everything as quickly as you made it.

Remember the “five-and-50” rule: Be prepared for to pay trading �tuition� that may include five years of learning with a cost of up to $50,000 to cover items such as education, office equipment, software and potential early losses. Some people get away with three and 30. The rare breeds will get away with two and 20.

This is not an easy game, and anybody who thinks it is will find out otherwise. Usually people stumble around for years before even finding a methodology that works, much less learn how to use it.

If you now feel intimidated, then you�re exceptionally smart. Otherwise, you�re going to lose a lot of money before you get good high-quality instructional materials.

There are a number of good people out there who can teach you about trading, but in the end, it’s going to be up to you.

Start with small sums of money. When you open your account, your (initial) objective should not be to make money. Instead, your objective should be learning and training.

You should start off with insignificant amounts of money, so they’re not focused on gains or losses but how to approach the game.

Thanks for that, I will heed your advice but I have to trade with demo accounts first and not spend what I can’t afford to lose.

That’s very sound advice. I’m new to this and appreciated you taking the time to post that. Thanks.

Thanks for that. A lot of people when they first go into this are disillusioned and tend to mess themselves up. It’s nice to see someone trying to help.

Yeah, like me. :slight_smile: I do wish I had someone advise me on how to start but then again I didn’t go looking for any help. Which is of course the wrong thing to do.

trading is a profession and like any other profession you have to put in the time to study and practice… consistent success in trading doesn’t happen overnight… i dont care what anyone says

Due diligence people. Everything takes hard work. You can’t expect to get a return on anything you do if you don’t put in the hard work.

Thanks for your advice. It was a great read. I’m glad you wrote it. I was thinking of getting into forex and your advice will help me.

I have alot to learn and you certainly started me off in the right direction. Thank you!

Thanks for posting your advice:)

Newbie Island This forum is for Forex beginners. If you are new to the Forex and have a question, this is the best place to ask it.

You need to come up with your own trading system and rules and live by it. This means you have to backtest your trading system using demo account and not rely on other people’s numbers. Remember - its your money. :slight_smile:

much of newcomers failed in their earliest stage because they lose so much money, and lost faith in forex trading.
first thing to do is to study either fundamental or technical step by step and enjoy what you’re doing. at least that’s what ah’m doing for this past year.
i used virtual money, and treated it like the real one. it’s funny when i felt depressed when i lost the virtual.

also remember to note every single trade you make.
when you see your performance increased, and you constantly profit every month, start with real money.

As a beginner I ask you, how much time I have to practice in my software?

Thanks

Practice trading. Software isn’t going to much help.

Trading is not easy.
Don’t ever start thinking that it is.
It will kill you and it will kill most
people even before 3 months is up.
Follow the rules set forth by experts.
Do not scoff at it. Why? Because you
know nothing! Calculate risk and lot
sizes using simple calculations not
convoluted risk reward ratio S/L
value setting BS nonsense!!!
Meaning if you are risking 1% and
trading mini, divide by 50. If on
standard, divide by 1000. You hear
it over and over; KEEP IT SIMPLE!!!
Dealing with psychology is hard enough.
Keep mechanical aspect of trading especially
selecting lot sizes and risk SIMPLE !!!
I laugh the hardest when newbies come
in here and show me heir risk reward lot size
picking calculator. What do they end up doing?
Yep, just end up risking too much on their
trades. And they always scratch their heads
when they blow up their account. Forget that
risk reward ratio lot size calculator!!!
Simply get the percentage and divide by 50 for mini
and divide by 1000 for standard!!! Because if you
use that convoluted risk reward calculator, you will
end up risking 2-3 times more than you should. That
calculation sucks you in by showing you the reward
potential; it never shows you how much you are
risking and how much you will lose.

Hello I am new in the forum and I am looking for a good minute to minute indicator, does one exist?

I found myself in a situation where the currency has been sold from my side, with the aim of buy it back at a lower price to make profit

I was just marking today�s pivot, resistance and supports and I erased a line I didn�t need from two days ago when I did this all my lines I had marked were erased. Is there an undo button or a way to mark the S and R�s easier?


Those are very good, but I got some if you want to see what is happening every minute , get a software. I�m using Metatrader. It�s good.
Reading a lot. Get some dictionaries so you can help yourself with definitions.
And the patience can to be your best friend