Some advices for newbies

Beginner Questions
1

1-practice a lot in demo accounts. is better not win than lose

2-in your practice keep it realistic, always trade a lot size that you feel confortable with so you can replicate when you go live

3-spend more time learning PA, patterns, line studies and good MM than indicators or crazy systems

4-MM is not just about how much you risk per trade but is also how do you manage the trade after you open it. a good MM can turn a bad system into a profitable system.

5-always follow the trend. always keep an eye on higher TF to see the trend direction. it takes a lot more time to the trend reverse in higher TF than in the smallers.

[B][I][U]if someone have something more to add, please do it[/U][/I][/B]

2

Before you enter a trade, have a sound reason to do so. Stay in that trade until the reason you got in it is no longer there.

3

My advice for newbies…pack a lunch, it’s going to be a looooong ride.

90% of people fail, and burn MULTIPLE live accounts, even after demoing a long time.

Dont exepect to make money your first year, and probably your second.

You have to decide if you can really cut it, or dont waste you time. Its not something you play with on the side to make extra money and its not a get rich quick scheme.

EAs available to the general public don’t work.

4

When you trade think not about how much you can earn or loose, but just concentrate on making a good trade.

Thank you,
Albinas :slight_smile:

5

The usual cliche is true, It’s simple but it’s not easy, at least not at first, not until something clicks inside and you go aha :slight_smile:

Pete, I have a question for you since you mentioned it. Are there EAs not available to the public that ‘do’ work?

6

Regarding tip 1 : is better not win than lose… yeah losses can happen but we can’t let them affect us, not so much…Market is all about predictions and yeah, it can happen that you don’t predict so well but those lost trades should be looked as learning experiences and nothing more.
I get in front of my ACM platform and start fresh :slight_smile:

7

Yes, that’s why things like ma’s and fibbs work…just a crude version we have to work with.

I use the same priciples over and over on my trades, and I watch the computer play it out for me…like clock work.

Large TF, smal TF, all run by the same priciples…that’s not a coincidence…it’s a matrix.

8

sry for going a bit off-topic, but where does that 90-95% fail rate come from? I read that all over the net?! So far thats - luckily - not my personal experience. But hey, I read babypips first :wink:

9

Yeah…it’s a number that is thrown around. Perhaps only the brokers really know…BUT, I’ll tell you this. I run a trade room, and traders drop like flies…reguardless of my pip making, they burn their accounts and give up a few months into it. If more people didn’t GIVE UP, then the success rate would be higher.

10

What kind of trade room do you run? Where is it? Please PM me if posting violates forum rules.

11

Every play Black Jack? Some call it 21. Casinos rake it in. Do you know why? Because the dealer has to follow the rules. Stand on 17 or higher, hit 16 or lower. The dealer has no discretion. If a gambler wants to hit 18, the dealer will be happy to turn over a card.

When you trade, you have a choice - you can trade like a gambler or trade like a black jack dealer. Who do you think wins more?

[B]STICK TO THE RULES, NO EXCEPTIONS.[/B]