Best advice for a new forex trader

Finding a tutor would massively help compile all the above answers.

  1. Babypips
  2. Demo
  3. Find a tutor

( can see myself getting into trouble lol)

2 Likes

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.

4 Likes
  • 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
3 Likes

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

2 Likes

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:

1 Like

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.

For a beginner, the most important thing is to choose the right broker. You need to understand that in this industry a lot depends on the choice of a broker. He himself has now chosen the ExpertOption broker for work, in my opinion - an excellent option.

@Lang15 has it right. Keep it simple. Don’t over complicate. Find a system, any system, maybe with strict rules, and follow that for a couple weeks or months, on DEMO. Get to learn the software/app, how the market reacts on open and close of the week, follow the news and see what price does. But follow the system as strictly as you can. Learn it. Journal your trades.

Plenty of questions will arise and get you moving to the next phase of your trading.

What are your tips for choosing a broker?

Thanks. This is something that happens to me when I get a losing trade one after another. I lose my drive and take a break. That break turns into a week then into a month and so on.

Jus for me, it is very important to find reliable broker that you can entrust your trading capital. First of all, you should find a regulated broker which provide you financial security. It is the most important thing. Also, you should pay attention on trading conditions, good reviews and customer support team, which can provide qualified assistance.

Yesterday I was once again convinced that it is important for a beginner to be sure of the reliability of a broker and have experience working with at least a demo mode.

Choose the right broker and start trading on demo account before investing in real market. Also, the school of Pipsology can be so great help in the beginning. In short, be calm and focus of learning and investing wisely.

The main thing that I would like to wish a beginner in this industry - patience. You need to understand that this is a rather difficult way to earn money and you may even lose money. But never lose heart!

1 Like