Good day everyone, please as a newbie in the Forex market
After get the full knowledge of what forex trading is all About… what is the best strategy a newbie can look into and work with??
Good day everyone, please as a newbie in the Forex market
There is no one best strategy for every individual because trading is personal and everyone is different.
You can look in to trend following or mean reversion strategies.
Hi, and welcome to the forum.
From a formal and boring business planning perspective, a strategy is supposed to be a What and Why solution to stated Goals and Objectives. So it is best to think first about what your goals and objectives are regarding how your time learning about Forex trading (as opposed to time assigned to other pursuits such as participating in a “salaried job”, or watching movies for fun. It may be sensible to first allocate a portion of time to this pursuit that matches your overall life and work/rest goals. People tend to think about new pursuits in isolation, but in practice people already have things to do in their lives, and the most precious element under our control is time. The time we spend doing different things matters. If you totally enjoy learning about Forex, that really helps. It is better to fill your life with pursuits that you enjoy rather than ones that you hate. That is why many people turn to Forex if they are unhappy with the current way they use their time. If they work hard to make ends meet, they think Forex may help alleviate some of that pain.
Understand that more than 90% of people who participate in Forex lose money, so that should tell you that it is not something that is easy to profit from.
Anyway, please look at the Education section and spend some time reading some of the more popular posts, and if you like it, decide whether it’s going to be 1 hour per week or 10 hours per week, then try to stick to that time assignment to see if it works for you. You will need to do a lot of planning to be successful in Forex so you may as well start by seeing if you can stick to your own self imposed time assignment to see if you like it or not.
You are right. But I recommend scalping for short time strategy and breakout trading for long time strategy.
The simplest pattern is an uptrend. There are simple and objective ways to define an uptrend and having done that, all you have to do is join it. There are some additional questions such as the sort of entry pattern you should you look for, the exit signals to pay attention to, and these are important enough to be worth demo trading.
If you can follow an uptrend you might diversify into following downtrends and if you’re successful the various patterns such as reversals. If you can’t follow an uptrend and make money, don’t try anything more ambitious yet.
Everyone has the different trading style and you need make your own strategy and demo trading can help you.
Strategy is the main key to success in this risky market. If you can not make a good strategy, you can lose all your money. So, as a newbie, you should make a profitable strategy to make profit from this market.
Depending on your capital and your profit targets, you will have to lock in your trading strategy. There is no one size fits all.
I think you need to start with some kind of basic strategy that includes 2 indicators or level trading at all, because this is simply analyzed and will allow you to understand at least the basic points about the market price movement. Don’t start immediately with complex and multi-level strategies…
Every new trader should do proper practice before enter into this risky market. They can learn and practice forex trading from a demo account. It will help them to learn forex properly and practically.
You can start with any strategy, the most important thing is to take your time and test it well on a demo to understand when it works best and to display certain statistics.
And only after that you can start to work actively with your capital.
lots of trading strategies in there which is more appropriate for you , it depends on your trading conditions , if you have lowest trading balance then scalping is comfortable for you. and besides this good money management also important.
demo is most important for the beginners level , but they trade with no analysis in there , as a result they got nothing from demo. for that reason i prefer micro account as part of best practicing place.
You can try scalping as a newbie to earn small and good profits. But no single strategy work well with all the instruments.
Here are some top Forex tips, which will help you reduce your risk regardless of whether you are a beginner :
- Educate yourself about Forex risk and trading by the help of many educational
forum or website like as babypips,forexfactory,earnforex,myfxbook,mfxcenter etc.
- Use a stop loss
- Use a take profit to secure your profits
- Do not risk more than you can afford to lose
- Limit your use of leverage
- Have realistic profit expectations
- Have a Forex trading plan
- Prepare for the worst
- Control your emotions
- Diversify your Forex portfolio
New traders should make a good and profitable strategy to become successful in the forex market.
to become successful by using trading strategy is not possible very rapidly , because only a powerful trading strategy cant give you more something , besides this lots of trading elements you have to make sure including unforgiving discipline.
Make sure you choose the right broker(s). Plenty of hidden charges especially with overnight trades.
For you to be profitable, all you need is proper risk and money management. A positive risk to reward ratio is all it takes. No single strategy will make you successful in trading. I mean, even simply tossing a coin already produces a 50% probability of success, which if combined with a positive risk to reward ratio, it is profitable. My advice is that you stop worrying about a strategy, but focus on risk and money management. That will take you far.