My Advice for Beginners

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

I prefer to trade using the 15 minutes charts and I think that for the 1 minute it�s too difficult to find reliable indicators as the time is too short and market changes and is hard to set the TP and SL for the one minute period

Hi Johnny FX,

Your post on the calculating risk ratio sparked an interest in me. However, i don’t really understand. 1% of what? Acct size? and divide by 50? So does that equate to how much my stop loss should be? Kindly clarify. Thank you! Still a newbie…

Regards

1% of your available equity if you are trading multiple pairs.
If you are trading one pair at a time always, 1% of your balance.

Avoid the high risk/reward lot size calculation now becoming
popular among newbies that uses stop/loss margin spread
ratio nonsense convoluted BS method. These newbies only
look at the reward portion and never consider that they
are actually risking more than using the normal lot size
calculation used by PROFESSIONAL TRADERS and use that
calculator mostly pushed by other brokers funny enough eh?

Use simple lot size calculations.
Take a percentage of your balance/equity.
Divide that by 1000 if on standard 1:100 account.
Divide that by 50 if on mini 1:200 account.

And I do not set a stop/loss. I have a mental stop/loss
that I only rarely execute.

Yes, you have to practise a lot with a demo-account to have an experience and also you must learn basic trading rules.to have profit you must know a lot of different things, not easy things.don’t be in a hurry to do trading steps, it’s better analyze before do anything!;);):wink:

Thanks meggi I will conserve your advice. But sometimes this people here get off the subject I don�t understand, by the way where can I get a demo account to practice on?