Surge of new forex traders? Important tip to all

hey community. been seeing a surge of new forex traders over at the koala’s website. If you are new to forex trading, here’s a few tips coming from someone who had 3 margin calls -.-

  1. forex is not a get rich fast wonder. Expecting $100 to double to $200 in a month is not sustainable. This kind of result is WAY better than Warren Buffett. You sure?

  2. proper money management is crucial. the forex market is full of surprises. sentiment changes, knee jerk reactions, crazy whip saws . . you can expect to be taken out of position often. If you are risking 20% of your account balance in your first trade, a failure will require you a 25% performance to get back to break even.

  3. there is NO way to predict forex price action with 100% accuracy. Any super secret precision multi dimensional inter space a.i organic non gmo forex trading guarantee system is a myth.

may the pips be with you

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thanks for your nice post, it will really supportive for the traders who are above all newcomers.

Hi,
Thanks for sharing your tips. Yes its right that forex market is full of surprise. Its difficult to say when what will do. But if we have proper experience and knowledge then we can some guess that what will happen.
Moreover you say if we are risking 20% of our account balance in our first trade then we will require our 25% performance to get back to break even.
Could you please tell me how we will do that??
Thank you…

thank you for the tips. being new in this system, i have some myths in my head and do apprecatefacts of reality, because all the ads says about becoming a millionaire in a month.
so thank you once again!

This first post on this thread is always a good read for any newbie also:

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I just want to say that it’s really NOT doable to make something like that clearly and possibly, but you need to remember that you really need to make something like $100 to $200 with ease anyway, are you with me here? All else is for sure like that.

Here are a couple of lessons from the School of Pipsology that new traders should read:

To help set expectations that forex trading is no piece of cake:

feeling heartened with all the sharing and caring! simply remembering to have proper money management is already half a battle won! its that simple . .

Here’s a good read that i myself was in that situation previously too. All new forex traders should read this and avoid becoming Tom!

Story of a Margin Call, Tom.

Okay doubling your money is attainable in Forex within a month if you use leverage and have a strategy. And it only takes one trade to change your fortunes. Before the Corona virus i took a trade on NZD interest rate which was on FEB and when still markets were reacting to news and it paid off big time. So am not currently trading since this pandemic started but am anchored down well from that trade alone.

Couldn’t you say the same for losses also. :woozy_face:

i think the focus here is to have a sustainable style of forex trading. This is especially important for new traders as the risk of failure is high. Defensive trading and proper money management will reduce those odds of failure while allowing you to learn and get better.

If you bet big on 1 trade, you either win or lose.

  1. If you lose, you will probably be out of account balance or too little to make any serious come back.

  2. If you win, lucky you! But do you know what it takes to win? doubt so… this will likely lead to another trade of chance. . as we all know, luck is not forever.

Hello everyone. . how is your trading? Are you facing any challenges?

New Forex trader always try to bring profit with no learning , as a result they fall a great trouble when trading practically.

exactly!! one needs to understand the forex market and the economic developments… its definitely no easy feat. .