Advice for newbies

Share and give some advice for newbies who just start doing forex trading.

Hi there.
. Yoo should post this in Newbie Island…and, also,

make it more specific…

One piece of advice, take the time to study at the school here.
I find it totally bonkers the number of newbies here who start trading with zero knowledge, then post really basic questions after they have either lost money or signed up to a scammer.

Hahahaha classic film that! I love it!

Oh okay. But maybe make your comment more useful. so you can help other traders to know about forex.

Maybe make your question more specific, otherwise it’s answered by “Read the School pages” here: they’re packed with advice of exactly the kind you’re asking for.

Risk very small. As a newbie, you’ve got two main goals:

  1. Survive
  2. Explore all styles of trading until you find that suits you

Exploration means making mistakes and losing money, which is contrary to goal #1. So the best thing is to risk very small amounts so you survive the exploration phase, and eventually find something that’s profitable for you. My 2c. :slight_smile:

Well, thank you for your advice . this could also help me to improve my trading strategy.

Hey Pabebeboy my advice is to start exploring the School page where you could find very useful information. Go for a demo account and start testing different strategies and trading styles. Do not risk with a live account until you are feeling enough confident in yourself. The beginning will be hard but don’t give up! Good luck!
Cheers.

Keep learning, practice one or two trading systems and master one very well, then stick with that one and make it efficiently profitable for you over a long period of trading; stay humble as you gain in experience and become a better trader. Never get carried away by any significant profit and never throw in the towel when you hit a loss but manage your trading capital to ensure that you are there to trade the next day. Trade safe.

I think the secret is to keep going on and not to give up.
Learning can take lots of time and you face an idea that it’s better to leave and do something else sometimes.

I completely understand your point and why you’re making it in this context, but I think it’s also true that [I]for some people[/I] the “secret” [U]is[/U] to give up, rather than struggling and losing for decades as some do, when it becomes appropriate to acknowledge that trading isn’t for you. It really isn’t for everyone, and there’s nothing wrong with admitting that, too. :slight_smile:

I think this is the main point which people really feel very hard to admit that either they are suitable for the said job or not!

For all the newbies, it would be best if they just learn through Demo Trading. They can learn everything about Forex Trading and that too without the loss of money.

Don’t expect to become profitable in the first few months. Frankly, you may not become consistently profitable even in the first few years. Don’t give up and don’t despair.

trade demo until you have 2-3 months profit then move to small live account

I agree, every person has to do what he CAN and what he WANTS to do. It’s like an ear for music, not everyone has it :slight_smile:

Remember that not every day is a trading day !! Timing & Selection is the key to be in the right side of the market !
Before you make a trade you need to have a good trading plan which have reliable forecast and great risk money management , you also have to consider correlations and Trade selection .

[B][U]" Trade What you see not what you think "[/U][/B]

Prepare to stand up every time you fail. DON’T Over think, over trade, over analyze or get yourself mentally prepared for psychological gang bang circus.