What do you wish you knew before you started FX?

Trading Discussion
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What mistakes do you think you wouldn’t have made then, if you knew what you know today, and what advise can you give to a forex beginner?

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Hmmm. :thinking: I was gonna say something about keeping my emotions in check. But I realized it’s still something I struggle with today. :sweat_smile: So, I guess, I would just say don’t be too hard on yourself. :sweat_smile: Losing is part of trading. It’s not the end of the world. :sweat_smile:

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:rofl: :rofl: We all struggle with this. On my end, I have accepted that losses are part of the game, and I always set stop losses. I’m also a swing trader so I avoid checking the charts in between until it’s time to check. All the best

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Oooh. :blush: Do you plan on creating a trading journal here? :smiley: Or do you already have one? :slight_smile:

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Just start! I definitely spent way too much time overthinking whether trading is something I could do and I thought I needed x, y, z before I could begin but really just open that demo account, learn here on this website and get on with it!

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Forex CFD trading is a bilateral OTC trade while spot forex trading is a multilateral OTC trade. This means that you have to buy a CFD only from the respective issuer, and it is also mandatory to sell it.

`The price of a CFD from provider A is also determined only by him and may differ from provider B or even the reference market.

With other words, CFDs quotes if manipulated by a brokerage firms, perfectly legal!

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I have a trading plan in my head. I did the same routine for a long time untill now it became part of me. I also do a lot of back testing to gain more confidence in my strategy. @ria_rose

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I cannot stress enough how crucial it is to set stop-losses. and well, I DID NOT KNOW THAT!!!

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This is the biggest mistake for new traders. I also fell for the same mistake and it costed me a lot of my capital.

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I wish I knew about Babypips because it’s important for everyone to have knowledge before taking action. I believe that one of the best places to learn is Babypips. Who agrees with me? :thinking:

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I do miss :joy::joy:

:green_apple:

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13

Why are you laughing though? :joy:

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Because I’m happy

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15

Wish you be happy all the time. :smiling_face_with_three_hearts:

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16

That would nt be appropriate

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It’s gonna be philosophical, so Why? :thinking:

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i should work harder while learning forex ,man forex really takes up time to profit

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You only need a good strategy and discipline.

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Risking more than I could afford , huge blow.

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21

One of the worst mistakes new traders make is averaging down : investing more money in a losing trade in the hope of a turnaround.

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