You don’t know what you don’t know…
We’ve all asked questions at one point not really knowing what we actually needed to ask in the first place.
Questions such as “can I make £100 everyday?” are questions that everyone seems to ask at some point but in the end aren’t very useful.
To those with experience trading what are the questions new traders really need to ask?
What are some of the paradigm shifting questions you’ve asked?
Best place to learn?
Good brokers?
How long should I demo trade?
Best strategies to use?
I’m not sure these are useful but these are some of the questions i asked when I was new.
An important question should be “Am I willing to lose at trading for a long time, even years?”. If you aren’t then find a less stressful and less expensive hobby, because the road to successul trading will be paved in tears, late-night sweats, and losses. In all of that is the growth a trader needs to become successful.
Anyone who says otherwise is likely not a successful trader, not a trader at all or trying to sell you something.
very well said mate. i also asked this to myself when my wife questioned whether forex is worth it. but now, i have decided to invest my time, effort and money in it. good luck with your trading.
Some of the questions that new traders should ask are: How do I identify a scam? How can I know the best currency pairs to trade? How much risk is too much? How should I know when to enter and exit a trade? How can I avoid trading the news? How much leverage should I use on the higher side as a new trader?
eventually, i learned to ask myself these two closely related questions -
am i willing to do boring, very repetitive work every day for the sake of a high income?
do i really have the patience, when needed, to sit in front of streaming charts for the whole day without entering a trade?
How to reach the consistency? I mean, if I have a trading plan that tells me what an opportunity looks like, where to get in, where to place the stop, how to manage and how to manage the risk, And I do over and over again what that plan tells me to consistently then I’ll have consistent results.
Well i will make some questions here maybe someone that has some experience can give us some answers. would be good to have an opinion from different people so if anybody thinks that he has enough experience to answer these questions feel free to do so.
1 During your trading career had you had periods of time when you faced some losses, lets say a month or two, and how did you deal with these periods. Do you lower position size, do you reduce trading frequency, do you look at different markets to trade?
2 What is the maximum draw down that you feel comfortably to have on your account?
3 Do you think that it is possible to make money trading short time frames “intra-day trading”?
4 In average how long do you hold your trades, minutes, hours, days, weeks, months?
5 What do you think is more important, where you enter the trade or where you exit the trade?
6 In average how many trades do you have open in your account?
where to learn?
Good brokers?
how long should i stay in demo for?
that kind of thing for me
Best question I have asked - how do I know I am improving?
And the answer is you are losing less and less.
As a newbie trader in less than a year, there are some questions needed to be answered well (by senior).
New traders should be asking how to compound short-term gains without long-term risk, that’s how people turn a portion of retirement savings into fortunes.
In my opinion I feel new traders should be asking should be asking, about:
I feel that rookies want to jump to the “sexy” subject of Technical Analysis and Indicators first and foremost but the foundation (money/risk management and the psychology (attempting to manage emotions of trading) is BY FAR THE MOST IMPORTANT!
Also of great importance is…WHO DO YOU LISTEN TO. Choose the people you learn from/listen to carefully.
I have a question… What does it mean to close half a position? Does this mean to move stoploss halfway to target OR open 2 positions at the same time and close one when it reaches half the target?
OR is neither right? Lol I hear this often and don’t know if I’m doing it right.
So yes you have the second part kind of right.
If you’d opened a trade and risked £10 a pip. By closing half the position you would reduce the positions risk to £5 a pip.
It can also be referred to as scaling out of a position when you incrementally reduce the amount of money risked per pip.
@TRADESHOCK Thank you for following up on this question… so I’m still a bit confused on how to actually scale out. Do I open 2 positions initially 1 for $10 and one for $5? And close out the $5 position halfway through the trade? (These numbers are just for the example)
Hi, it simply means to edit your trade to half. For example, you are trading at 0.10 and you want to close half your position, you simply close half by adjusting your 0.10 down to 0.05 and pocketing the profit, whilst letting the rest of the trade run its course until u close it or it reaches TP.
Very good subject for a discussion.
Good replies, so far. But I think we usually miss the point @TRADESHOCK is presenting. We cannot answer with a bunch of things we know nothing at all when we are newbies.
Risk management? => “should I buy a gun or hire a bodyguard?”.
Strategy/plan? Brokers? timeframes? what’s your trading style, scalping, intraday, swing? “Sorry, talk to me in English only!” Leverage. TA, FA. That will more likely scare the heck out of any wannabes.
How about to start with a macro perspective that help them gain the understanding they need. I would recommend this short checklist:
Of course, BP gives you a great jumpstart to all this.
Hope this helps. Regards.
this is turning into a really good thread 
I think many should be asking what’s this futures contract I’m currently trading…