Tips to learn forex for beginners

Beginner Questions Trading Psychology
102

Yes, in fact building a strategy and forming a plan itself involves practice and determination.

103

Very Informational post!! I like most of the points are good and you can include also this point “choose the right trading partner as you” involve the forex market. Pricing, execution, and the quality of customer service can all generate a difference in your trading experience. FOREX.com is an extensive leader in currency trading and offers cutthroat pricing, great customer service, and product guides and tutorials so you have a wide range of tools to lead forex trading.

104

What is your trading strategy?

105

I do not strongly recommend any broker. A trader must do its own research and select the broker which suits all his requirements.

106

Exactly my point!

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108

Good tips! This is definitely helpful

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109

Thank you for appreciating.

111

Thanks for sharing - sounds about right. Good points.

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112

Good tips and straight to the point. Thanks!

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113

The tips are okay, a trader who keeps them will do well

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114

Good tips there I would also suggest that if you’re starting off to just focus on trading one currency pair to begin with.

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115

Yes, but just at the very beginning. Later on trading on a couple of pairs give better understanding o the price moments depending upon the correlation.

116

In fact, you can give a lot of such advice, because each trader has his own understanding of what is right and what is not, but the most important thing is to work with a quality broker

118
  1. Know the Markets. We cannot overstate the importance of educating yourself on the forex market.
  2. Make a Plan and Stick to It.
  3. Practice.
  4. Forecast the “Weather Conditions” of the Market.
  5. Know Your Limits.
  6. Know Where to Stop Along the Way.
  7. Check Your Emotions at the Door.
  8. Keep It Slow and Steady.
119

These tips are right but they are hard to follow because they are a bit vague.
I actually strongly recommend to avoid using leverage in the early stages of trading at all. I believe that the first thing a newbie should do is just to learn instead of hoping to get high profits. Why not start with simplier calculations of money and risk management? If you add up some leverage, then it will be harder to determine how much money you are ready to lose and to set your trading goals right. Everybody wants to take the profits during the first trading session, but you should concentrate on the things which will give you long-term success instead of pinning high hopes on good luck.
One of the most important tips for me is ‘Don’t make random decisions’. It is very essential to bear this though in mind all the time when you trade forex. Quite frequently are the traders carried away by their emotions which influence their trading results. Every deal should be thoroughly planned and calculated in advance and you’ve got to have some accurate metrics to determine whether the deal should or shouldn’t be opened.

120

The best way to learn in the Forex Market, you should invest in small amounts in the real market as you could never learn more unless you are involved into real stuff.

121

Thanks for your input! :blush:

122

Stop loss is the must! I see, when new traders try to avoid this trading tool; then they face a huge loss! Without proper money management; no one can sustain here! I also agree with your others points!

123

Here are some suggestions from my side:

  1. Maintain a trading journal. Note down all good and bad trades. It will help in the long run.
  2. Always trade with an amount as much as you are ready to lose.
  3. Never enter a trade without a strategy
  4. Always use stop loss when using leverage
  5. Keep your emotions out of the door.
124

Before entering the dangerous market, beginners should attempt a demo account to understand the basics of forex.