List three (not four, five or, six) pieces of advice you would give someone new to forex

Trading Discussion
1

Even if you are a newbie you can say what you think helped you initially. Mine are not in any particular but here they are.

  1. Take it seriously.
    Like someone said…if you go to the gym once per week and spend half hour each time you shouldnt expect the same results as the person who shows up six days per week and does two hour stints. I try to do something forex related daily, even if it is to re-watch a youtube video on someone’s strategy on the weekend when I cant trade.
  2. Dont limit your learning to one or even two sources.
    Forty different people or sites could each give you one bit of information each which you can use to create your own successful strategy. No one person has all the answers so soak up information like a sponge.
  3. Demo trade for at least a month before going live.
    Even if it just to get used to the various platforms it is important to know the basics such as how to place a trade, stop losses, trailing stops etc.
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2
  1. Learn hard.
  2. Don`t listen your emotions.
  3. Dont risk what you cant afford to lose.
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3

1.its not the fundamental nor technical analysis ,but logic

4

1 Do I have initiative? Yes -continue. No- do not trade
2 Do I have discipline? Yes - continue. No - do not trade
3 Do I have patience? Yes -continue. No - do not trade. I don’t know. Go to Education section on this forum and start the BabyPips education course. If you can’t finish it the answer is NO - do not trade.

5

  1. Forget social media marketing hype - it’s fantasyland. Gold bars don’t hang on FX market trees.

  2. Cut losing trades early. Never let the market prove you wrong. Repeat ad infinitum. Tattoo a mirror image on your forehead.

  3. Protect your capital at all costs. Ask yourself why 90% of newbies fail. Without money you cannot trade.

6
  1. Have realistic expectations
  2. Treat it like a business
  3. Don’t be in a rush to risk your money.
7
  1. If you’re into instant gratification, you’ll also instantly fail.
  2. Ask smart questions, get smart answers.
  3. Only trade with money you can afford to lose. Just like what @momo3HC wrote.
1 Like
8

Thanks. This can be even #1 rule.

9

Agreed. Prob trumps everything else. Because what good would the others be if you’ve spent all of your money making all the other mistakes. :sweat_smile:

10

Exactly. And the stress when you risk only what you can afford to lose is almost 0.

11

Yup. Although even then it can be stressful… but likely due to greed. :sweat_smile:

12

May be but not like when you`re acting like at live or death.

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