What advise would you give to your early you, when beginning on Forex?

Beginner Questions
21

This is not necessarily true, take for instance babypips, they are great trades and still decide to give his information for free.

22

Wow, this is beautiful.

Thanks for sharing all that.

23

1- Read all babypips School.
2. Read every new babypips article and try to understand it.
3. When you see fundamental analysis or technical analysis article in babypips, mirror that in your trading software, and try to understand the logic behind.
4. Do not trade anything below 1h charts.
5.Use a reward risk of 1:3
6-Start a small demo account after 30 days, the feeling is different from demo to real.
7. Only put in real account what you are willing to lose.

6 Likes
24

@jorgemontero, sorry I understand where the confusion is from.

I adjust my stop loss depending on time from and profit target or more accurately the time and price cycle.

If I am trading under the 1H chart, for example, the 5M or 15M which I trade frequently I will use a 5 to 10 pip target depending on the liquidity with a 7 pip stop loss with a quantity of .05 lot. This ensures that around 50 pips I will have at least a 1% equity gain.

However I also day trade mostly the EURO and NY sessions, I will generally use a 20-25 pip stop loss and a 25-50 pip target.

I do not trade overnight or multi-day or week. Which require a much greater stop loss or you get stopped out.

In any case, I use a Double Bullinger Band and trade the 2% deviations or the reversal between. I will use the 2% signal lines to measure the range. Ok, the price action is all about location and momentum. where is it and how far will it travel in this time frame. This the S&R is my 2% deviation signal lines and the slope is the momentum. The location of the PA is from which you would measure your SL and TP between the 2% deviation lines. Then make sure you have a minimum of a 1:1 risk-reward ratio and you off to the races.

Another way to do this is with a simple time and price cycle check box.

25

yes , promoting something looks always scam but beginners cant understand this due to low experience.

26

greed is probably one of them, and that’s how a lot of ppl are. They aren’t willing to help others for free, and make the decision to turn their knowledge into a business

27

I have to study and understand the logic of the market and what it take to make profit before trading
And also like to have a mentor for guidance for me make head ware.He advice on the instrument to use.

28

This article arrived in my mailbox today from Nial Fuller, It seems relevant to this thread and maybe useful to some of you.

http://www.learntotradethemarket.com/forex-articles/what-i-wish-i-knew-about-trading-18-years-ago

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29

Here is my advice: if you’re going to trade on a demo account (and you really should, if you’re a newbie), trade exactly the same way as you would on a live account. Don’t open a massive demo account with a deposit much larger than what you can afford to invest. The end results will give you unrealistic expectation.
My other advice is to be very careful when you are picking a broker. First, because, obviously, you can happen upon a scammer if you’re not careful, and second because legitimate brokers have different trading conditions. Pick the one that fits your needs.

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30

“hi its me from future, close ur 600$ profit, its just spike, from 50 to 600 its awesome, hurry close this trade, or it will haunt u every valentine”

1 Like
31

Love it hahahaha

You are literally the only person that understood that it should be an advise for your younger you.

The rest thought that it was an advise for a random newbie.

Got to love your creativity.

Cheers!

2 Likes
32

Exactly and do not use crazy lot sizes that you will not use in your real account.

33

I will advise newbie and beginner traders in forex is to think thoroughly before investing in the market. The possibility of success is very low in forex trading. You have to think of the worst-case scenario of forex trading. There are a a lot of complications in the forex market.

1 Like
34

Just practice the demo account until you are a so consistent! In addition, don’t judge your trading skill too early.

4 Likes
35

You are welcome! It’s time to start with BabyPips School; keep learning & updating your own trading skill.

36

Don’t rush in. Read as many quality books as you can find

37

This is what I’m doing plus reading books and articles about trading. :slight_smile:

38

I will advise young people to not enter this field in the spur of the moment. There will be many losses in forex trading. You can’t avoid them. Forex trading doesn’t guarantee any success. Many traders trade under the assumption that forex is a guaranteed way to earn money. Reove such thoughts.

39

Risk reward ratio is your best friend, along with money management.

2 Likes
40

I agree 100% 6 hours a day of dedication to this field, for 1 year and then you can start judging yourself.