Hi everyone!
I’ve just recently started forex trading and I’ve been going through the Pips school as well as watching too many YouTube videos. What would be the best advice as a experienced trader be to someone who’s just starting out?
demo demo demo, practice practice practice as much as you can. backtest, forward test, take notes and study your losses
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The most important things for newbie traders are information and analysis.
First of all, the trader should gather information on the most important processes taking place at the market and to know how the market works. For such purpose, the trader could look for reliable sources like books or articles posted by trusted resources like WSJ or Bloomberg.
Another important point is an analysis. The trader should analyse both market situation and his trading. It is necessary to record all the trades to be able to look them through and find out what is fina and what is wrong. The more data you will have, the easier the analysis would be. At the same time, if you will write down to much information which you actually do not need, you will soon stop doing this. That is why the trader should define first what exactly he needs to know about his trading.
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I’ve been on demo for almost a month. There has been times where there has been profits and i wished that it was my actual account. Currently taking signals from someone else and getting analysis from them aswell (paid for it obviously) but I want to be able to do that on my own
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What would you say are the most important topics when it comes to forex trading in order of importance?
Hold positions for longer than 4-hours.
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Hi Shell, hey can you tell me how to back test? Also, where would I find market corresponding news? TIA!
The best advice would be to use a demo account. Do not trade with a huge investment until you make consistent profit on a demo account for three consecutive months. If you can’t do that, don’t invest real money with any broker.
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- Psychology
- Money and risk management
- Technical & fundamental analysis.
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10. Entry signal.
Most people approach trading in reverse order.
Coincidentally, more information is available for those topics that matter the least.
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Learning and practicing, these 2 are very important facts that a newbie must focus while he is new and not having much knowledge.
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Don’t let anyone tell you it takes 10,000 hours to become a successful trader.
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Take your time to learn, don’t just jump in.
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Thank you so much guys!! You have all been so helpful. Honestly appreciate it.
I always knew trading wouldn’t be easy but it’s a lot harder than I thought it would be. So much to learn!
On my demo account I’ve only lost money and never had any profits just because I’m playing around with it (even thought I get very good signals). Guess I’ll be sticking to demo for a while 
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A demo can also keep you in the trap of just playing around because its not real money.
Then because you’re not ‘consistently profitable’, you keep playing on a demo and ‘losing money’.
A demo has its purpose up to a point but beyond that, you will impede your development as a trader.
The most important topic in trading is psychology, then money and risk management. Which you wont fully appreciate and learn about until you have some skin in the game.
Just my opinion.
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Always apply risk management. For Ex: with a $200 account balance do not risk no more than 1%-2% of your account. You can use 0.01 lot size.
Look for one pair and study it’s behavior. Learn to mark up your charts. The market moves in 3 ways. Impulse, correction, continuation. An impulse is a strong move to the upside or the downside, followed by a corrective move then continues in the direction of that impulse. Keep in mind you may also have a strong impulse to the upside/downside, however, that can be followed by a reversal. A reversal is when you have an impulse and after it corrects it will go in the opposite direction of that impulse. Per timeframe/per pair you will eventually notice there are patterns within patterns which makes up each time frame. When you get familiar with how the market moves for that pair you will have a clearer overstanding of the patterns and that will help you know when and where to place your entry. Always sell high, buy low. Sell as high as possible b/c you expecting the market to go down. / buy low as possible b/c you are expecting the market to go up. Always wait for whatever confirmations you are using to align before jumping in a trade. sending you will wishes on your journey as a patient, knowledgeable, profitable, disciplined forex investor.
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what about real money ?? take it seriously my dear even in a demo acc, this is a wild game without mercy , without congrats … so my advice when you get tired of playing around with demo take it more seriously 
you can either do manual backtesting, which is very tedious but effective. Or you can use some type of backtesting software, like Forex Tester. I manual backtest on TradingView, that’s also where I analyze the pairs. And ForexFactory is the site I use for news, only focusing on high or medium impact news
I’m also gathering information on trading but I’m mostly interested in crypto though 
Who provides your signals?