What are the main things I should focus on as a complete beginner in Forex?

Beginner Questions
21

Creating a demo account and start trading from there would be a good idea to start.
P.S. Yes, they are a scam

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22

Well said. I bet that cost you a lot of time and perhaps money too :grimacing:

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23

I actually believe that opening a ;live account does help. Starting with a small balance of $100.00 and experiencing the gamut of emotions that accompany it does help going forward.

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24

Well tried and tested playbook in order first. Honestly, the amount of cliches I hear about ‘trading the market is all about psychology’. Perhaps, but if you don’t have a good set of strategies, you can have Zen levels of calmness and discipline and still do nothing but hand all your money over to your brokerage.

Demo account profitable, whilst making realistic disciplined trades and actions definitely comes first.

Then perhaps open a £500 Live account, and see how you react when your emotions are boiling up, and you inevitably get in a fight with the market after it dckfcks your SL level one time too many, resulting in you revenge trading…and blowing up your account…or even worse, revenge trading and making out like a bandit, thus being rewarded for the sort of behaviour that is most likely to lead you to blowing up your account, whether it be £500, or £50K.

25

what about trying out with funded accounts?
likes like FTMO platform also helps with risk management as well

26

Indeed.

Getting the wrong type of education in the beginning, or at least the wrong type of education for the type of personality/trader you are going to be, can be extremely costly, not too mention put years on your learning curve. Iike any bad habit, once ingrained, can be very difficult to shake off.

I still do things in the market that I have strictly forbidden myself to do many times over.

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27

I would only recommend prop trade firms for those who have proven to themselves, with their own money on the line, that they can be consistently profitable over a prolonged period of time, but who do not have sufficient capital to really make trading full time viable.

Of course, most people who take on prop challenges don’t fit the above description and are the bread n butter income source FOR the prop firms.

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28

Is that a European comma or an English decimal point and a slip of the pence? If $100K is a small balance for you, you are in the wrong place here. You should be trading for Jeff Bezos. :joy:

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29

Yes you are right there is one zero too many and yes I am probably in the wrong place, lol. :slight_smile:

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30

Yes mate agree

31

It’s hard for beginners i empathise with that non linear start

32

This is solid advice mate

33

Great lessons to be had in blowing your account. Brings you back down to reality for sure.

34

10 Forex Trading Tips for Beginners

  • Don’t strive to get rich quickly.
  • Don’t make decisions randomly.
  • Be careful not to use too much leverage.
  • Use stop-loss orders.
  • Take the emotion out of your trading.
  • Make the most of trading through discipline.
  • Manage your money.
  • Learn your market.
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