What’s the best advice you can give for someone who’s starting out?
Don’t think of forex as any get rich quick scheme.
Be patient,focus on learning and practice!
Keep it simple and dont try to reinvent the wheel
Keep calm and strengthen your trading knowledge.
Just know what you are doing and study the economy…
Choose the right broker and keep your emotions under control
always remember there is no short cut way of learning and earning , you have to pass a minimum time to bring good result. which result it depends on you.
choose a right trading broker , because the broker always can affects the result of our trading with certainly.
Finding a tutor would massively help compile all the above answers.
- Find a tutor
( can see myself getting into trouble lol)
Treat trading like a business and learning to trade like setting up a business project.
Read up a bit on the basics of project management. Most of the hard work in project management is in the planning, not in the project - I remember watching a Youtube clip showing the construction of a typical US family house in 1 day, including all decoration and fitting out, so it was ready to move into that night. A beautiful project. Of course, the planning took a full year.
- Don’t jump in for the “big money”
- Define your boundaries while risking.
- Define a strategy for trading
- Set aside your emotions
- Keep up with the markets
- Avoid over-trading
- Accept that, eventually, you’re going to lose
avoid over trading is a best suggestion from all , because i have seen most of the traders who are particularly beginners always do the same mistake again again.
There is some great advice above^
If i could add anything i would say if you happen to fall upon bad times while on your trading journey, please dont let this phase discourage you, instead take it as a lesson and dont stop moving forward.
I wish you the best of luck
Yes see the " bigger picture" even if one.has constant losses you can still recover, on the other side of the coin, one may have early fortunes this may not be maintained over time
Who told you this
Hi! Which one? The last point?
Yes you highlighted some good points but it be nice if you expanded on the last point and maybe add a bit of your own experience it looks a bit text book. Cheers
The main thing a beginner needs is desire. Better yet, a mentor. In this situation, you can get knowledge for work and the result over time.
There’s actually School of Pipsology mini lesson on this one! Check it here:
The best advice for a new forex trader is to go slow and steady. Choose your broker wisely keeping in mind the key points. Also, keep working on your trading strategies.