Thanks for sharing the tips! I would also like to add not to believe anything that is hard to achieve in the market. Also, try to control your emotions as much as you can. If you let your emotions come your way of making decisions in the market, you may not be able to achieve what you want to.
Since you are a beginner, it is better to start trading using a demo account, and if you want to trade live, I suggest using small accounts or micro lots so that the risk and capital involved is lower.
You have added value to my post… thank you so much for adding these important point
Its 100% correct, when a newbie wants to start his journey they should always start with Demo account and once they decide to go live, small capital with micro lots is the key rule
I could not have agreed any more to it, but I also feel that apart from all this, the most crucial aspect is to choose the correct broker that works for the the traders individually. Considering all the aspects like low commission structure, tight spreads, rapid trade execution, solid trading platform and quick deposits and withdrawals. If any newbie finds the right broker, and considers all these points, I feel he will definetaly be in for a long run.
That is absolutely correct… None of these tips will work if your broker is fraudulent and doesn’t offer trader friendly trading conditions. I myself trade with a broker who can offer me tightest raw spreads low commissions, instant market execution, easy deposits and withdrawals etc. A good broker does enhance trading performance
Yes and they often ask for the duration for using demo account, i think it is upto the person. For how long a person wants to practice on a demo account.
A beginner should focus on increasing their forex knowledge, also they should always give time in researching and analyzing the market.
The most important factor that a beginner should consider is not to lose his calm and patience even if he gets losses, instead of freaking out, always find ways to improve your trading.
This is not everyone’s cup of tea though. Many people lack the ability to control the emotions while trading which lead them to losses.
The best thing that someone new can do is to practice learning. Yes, learning is the most crucial step if you have just started on forex, that’s gonna give you a lot of confidence and with regular learning you will certainly achieve your goals.
right… You should never trade with a broker who keeps on asking you when are you going to go live again and again… Though asking once is enough just to establish a conversation.
Absolutely, skill comes with practice… And trading is a very hard to obtain skill, you need to be very determined to practice this skill.
Commit to the time it takes to learn and practice. If you rush you will hand your money over in double quick time.
Thankfully, it is not possible to survive in trading without developing skills. As a trader so I should gain trading education from any site.
Can you enlighten us all on development skills? It will help us understand better
Absolutely, patience and practice is the key here.
Very good advice. Unfortunately many traders try to rush and make quick decisions. It is better to learn what is happening in the market, analyse trends and take things slowly rather than rush and try to get rich within a couple of days. A trading strategy is also very important, and many traders fail to appreciate its importance int he long run.
First of all, thank you so much. And second of all, yes you are 100% correct. Majority of the new traders start trading with a vision that they will be a millionaire in no time and pay no attention to basics, news analysis, price actions, trends etc… They just blindly trade and face the consequences.
Patience and discipline are two incredibly important factors when it comes to trading - that is, when one already has the strategy and trading plan to follow.