Things you wish you'd had learnt when a newbie

Beginner Questions
1

I just started on Forex but already these are what I learned:

  • Forex Brokers are playing against you especially Metrader Brokers
  • Forex Brokers are liars about their spread. For example Oanda shows up a 0.9 pip spread on their official spread logs after 4 PM whereas in truth it’s 10 pips
  • Forex Forums are full of other newbies don’t take for granted all that are said. Experiment by yourself.

What about yours ?

2

Not all brokers trade against you and not all brokers lie (even Oanda). You are paranoid.

3

Damn. I just sold my Epic Tinfoil Hat of Eternity to the blacksmith. Think I can buy it back?

4
  • Forex Brokers are playing against you especially Metrader Brokers
    [B]Nope - standard newbie complaint.[/B]
  • Forex Brokers are liars about their spread. For example Oanda shows up a 0.9 pip spread on their official spread logs after 4 PM whereas in truth it’s 10 pips
    [B]Why don’t you email them and see what they say. Likelihood is that it’s an out of market hours spread. Don’t like it? Take your business elsewhere.[/B]
  • Forex Forums are full of other newbies don’t take for granted all that are said. Experiment by yourself.
    [B]99% true.[/B] Forums on the whole are full of a lot of people putting up systems that have “90% win rate” or they put up a system that they haven’t fully developed and want others to help with - nothing wrong with that per se…
5

Why nope ? It’s even in their official disclaimer :slight_smile:
Contrary to official stock market like the Futures Market like CME you deal with your broker not with the market directly.

6

Other thing newbie should know: know yourself before choosing your trading style.
Larry Williams says Trading style is as important as Money Management YouTube - Larry Williams: The Future Millionaires

and one trading style that suits some won’t suit you. For example many will tell scalping is dangerous except that it may be more dangerous to do swing trading if it doesn’t suit your style.