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!
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The best trading tip for a new trader is to be really calm, do not make emotional moves in trading. 1st of all don’t go for live trading until unless you have gained experience and knowledge. For knowledge, you can research on forums like baby pips, for an experience you can try demo trading.
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That’s really tough. I remember she. I first started demo trading, even with fake money, I was scared to trade for fear of losing. If I was losing here, I would lose when trading live. Psychology is easy to overlook when you start.
My advice for newbie :
- learning First
- practice makes a man perfect
- knowing is not enough we must apply
- Go for demo
- Not only from single broker with many
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Earn the money you need and don’t stress about earning more.
Yes, you are totally correct, and that’s what we need to prepare ourselves for i.e. able to face the stress of bearing losses. We all know that forex is a risky market and it can change it’s direction anytime. However, a better approach will be finding the cause for the loss that occurred.
Practice a lot on a demo account before going live.
Maintain a trading journal.