Beginner making these Common Mistakes

It’s common for people to jump into something simply because they have heard that it’s Very profitable. This shouldn’t be you. While forex trading is profitable, you shouldn’t start trading with the first broker that you come across. You should take your time to research and find a remarkable broker who will guide you through the process. The professional should have an easy to use trading platform. He/she should also have a detailed source page that gives you all the suggestion that you need to kick start your career as a forex trader. The cool thing is that you don’t have to leave your desk to research about the trading broker that you are interested in. There are plenty of review sites that you can visit and get to know more about the broker.

Learn how to trade
In the quickness to make money, most traders don’t take their time to learn how to trade. Most of them follow what successful traders are doing. Others use trade copiers and robots to trade. While you can use a robot or copy the trading patterns of some experienced traders and make some money, you can’t do it long term. In fact, chances are that you will make more losses than income when you do this. To growth your chances of success in forex trading you need to take your time to learn how to trade. The cool thing is that most of the forex trading brokers provide demo accounts that have the same features present in real accounts. You use the virtual money thus you don’t have to worry about losing money. Before you can invest your money in a real account you should make use of these demo accounts and learn the ins and outs of forex trading.

As a newbie we should always keep in mind that Forex is a risky business and we can loose our money if we will not follow the rules of Forex trading and also we have discipline and control over emotions. So always try to learn forex before proper start.

But why? If Ill find a professional broker to copy his signals, Ill have high chances to gain money with minimal losses, because it is benefisial for the trader to trade profitably, isn`t it?

And what do you think about PAMM accouns? Is it possible to earn money like this?

PAMM accounts are not a bad option if you don’t have enough experience to trade by yourself or don’t have time. It is possible to earn some profits this way but the provider needs to be trustworthy and have a strategy with good results. You should check the trading style, trading results (for a long period of time) and risk management. Try to avoid if possible extremely high management fees. Also don’t get tempted by high profitability as it would be better to seek for constant results rather than big returns. This will allow your portfolio to increase over time. Make some deep research before making your choice as it’s quite risky to let anyone else manage your investment.

Thank you very much fot your advice!
And what about copying signals? Is it a good idea for beginners?

Let we learn from our mistake, whether we getting loss because we over confident , or we get loss because using high risk taker , or our mistake is because we still doubt but enforced to open entries if we can recognized mistake hence we will learn from these experience.

Hello! I myself being a newbie trader feel that as forex trading is a very lucrative business with huge earning potential, traders set unrealistic goals and rush into make some quick bucks in few days of trading. They fail to acquire knowledge and ignore the risk factor and the consequence at the end obviously does not turn out to be good.

You are welcome! :slight_smile: Yes, copying signals is also an option. You need to be careful here again because not all the signals are profitable and if they are, this will be for a limited time. You can start with copying some free signals in order to see how it goes and to get familiar with the process itself. But you need to really be cautious when you get trading signals regardless of source (signal service, broker, trader, etc.). First you need to monitor and check them yourself, do not follow them unless you are sure that they could work for you. If you choose a broker signals, have in mind that most brokers will want you to trade more. Of course this doesn’t automatically mean that their trading signals are fake.
When relying on someone else’s signals you need to make sure that the trades fit your own trading approach. Don’t spend too much money on them because you will see that eventually it will not be worth it as there are people who are only selling them but don’t trade. There are many free signals which can help you start and expand your knowledge. When you gain enough experience try to create your own signals.
One last thing I want to add is not to rely only on signals as unfortunately there is no easy way to become profitable in trading.

Hm, I don’t know. Although there might be some successful (mostly in short term) signals available for retail clients, wouldn’t it be more useful to you to attend some webinars (for beginners) or go through the School of Pipsology? I mean if you are beginner you will most probably not understand the logic/pattern of those signals and it will not contribute that much to your learning process :rolleyes:

Yes, Im a beginner, Ive learned basics and already trade on cent account, but Im not as successful, as I wish) So, Im thinking about copying signals. Just want to try different ways to earn on Forex.

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Are there free signals? What is the benefit to a trader to distribute free signals? Or these signals are distributed by brokers?

Forex trading business is not east way of money making! Here more than 90% retail Forex traders are unable to make regular money from this financial market! Yes, I see broker offers educational features but, not sure how much valuable these are! Basically, basic trading instructions are existing here, but proper guideline is not, this is way; novice traders are till now losing their money although they want to learn Forex!

That is great that you already have some knowledge and you are seeking to try different approaches :). Unfortunately, I cannot recommend you any specific signal. However, you should read the comments (+ maybe some extra google research) of the one you choose because most of them are from people who are using it and give valuable info about whether it works or not.

IMO it is the possibility to sell this signal to a broker or other financial institution for good money if the signal turns out to be a profitable one and many users like it.