What should newbies stop doing in order to succeed in forex? [We now have our forum giveaway winners!] 🎉

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:moneybag:We’re giving away $100 in cash to two lucky Spring giveaway winners! :moneybag:


It's SPRING TIME!

And you guys know what that means, right?

Time to bust out our vacuum cleaners and dusters, and get our houses sparkling clean!

But there’s more cleaning in order! Just like the hoarders who need to throw out all the useless junk and space-stealing doohickies inside their houses to find peace, it’s time to say bye bye to messy and unprofitable trading strategies!

Which is why with this giveaway, all you gotta do is reply to this forum topic with your best and most helpful answer to this question:

What should newbies stop doing in order to succeed in forex?

No need to hold back! You know they need to hear it…

So, who’s qualified to win in this giveaway?

This giveaway is EXCLUSIVE to our TL2 and TL3 members! (Check out Pipstradamus’ post to see if you qualify: An Explanation of Trust Levels) Thanks for sticking with us throughout your trading journeys and spending time with the BabyPips community!

It’s a win-win for everybody! Newbies get to learn valuable information from experienced and profitable traders like you, while you get a chance to win $50 worth of cash (All we’ll be needing is your PayPal account and we’ll send your prize right over!)

There will be two winners:

  1. The answer with the MOST number of likes.
  2. The answer deemed most creative by us, the BabyPips.com team.

The giveaway will begin running today, April 10, 2019, until April 24, 2019 at 11:59 PM Eastern Time! We will close this thread on April 24, 2019 at 11:59 PM EST, and the final number of likes will also be counted then.

We’ll be announcing the winners on this same thread the following day, April 25, 2019. Failure to respond to our PM within 7 days will result in disqualification and selection of new winners.

Remember, it’s not about how short or long your answer is - it’s about sharing valuable information with other members of the community! Good luck!

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Stop setting ridiculous targets
Whether that is targetting “x” pips per day, a certain percentage of capital growth, or posting up a chart showing that by making a certain amount each month you can be a millionaire next year.
Setting arbitrary targets like these only encourage you to take risks that will eventually blow your account
The scammers and crooked brokers actively encourage this, after all more newcomers are likely to sign up if they believe easy money is there for the taking. How many of us would have opened accounts if we had seen adverts telling us that we would probably lose our investment?

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Stop Looking For Shortcuts”

Nothing worth having in life comes easy. Stop looking for easy or lazy ways to get rich. Unless you win the lottery it just won’t happen.
Don’t expect others to do the hard work for you, if you don’t put in the hours learning how to trade why do you think you’ll succeed?

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They need to stop trading everyday

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Well, one of the things I used to do as a newbie was OVERTRADE lol I always used to hop in and out of trades allll the time. If I saw price moving the opposite direction, I would get out and go back in, then price would start going the way I thought it would go originally -_-…I definitely learned to control my trading more over the months. I also used to try and trade multiple pairs at the same time, instead of just trying to master one or two. Your mind goes crazy when you’re trying to analyze 10+ pairs at once lol and most newbies just aren’t patient. Let’s face it, when we first start we want to make a fortune right away, instead of building our accounts slowly.

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Newbies should probably stop expecting too much:money_mouth_face::money_mouth_face::money_mouth_face: at once and trust the process.:relieved:

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You are a “member” so does that not make you eligible as TL2?

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They should stop using live account until they don’t make loss on demo account.

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Aha, just to stop by since things are slowing down a bit. I don’t know about trust levels or whether I qualify. I certainly don’t need the 100 bucks. However, here we go.

  1. Stop listening to sum dum gai like me on internet sites
  2. Stop setting stupid unachievable goals
  3. Stop tying to use Spot Currency Volume to trade
  4. Stop thinking your regulated broker is trying to steal your $1000.00 retail account
  5. Stop thinking you are interacting with banks and prime brokers with your retail account
  6. Stop thinking it makes any sense to trade with a broker in the Maldives, Cayman’s, Macedonia etc.
  7. Stop thinking that the more lines you draw on your charts the better your trading will become
  8. Stop thinking you can make 50k a year on a 5k account

The Ever Taking Out The Trash VIPER

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Thanks Manxx, I assumed “member’ was an entry level :grinning:

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but the experience from demo actually not works when trading in a live account ? its a major problem

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Over trading. Over trading. Over trading. Newbies should avoid over trading like a machine gun is the one thing to stop doing because it’s the lion that will eat your account…

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I’ve noticed this to be true. Say for example I’m trading a pair or two, signals cannot be given off everyday. I totally agree with you.

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The News

Whatever you do, however you do it, if you don’t incorporate news into it, it may not work.

Your Technical analysis will be crippled by a news event. I’m not saying technical analysis is bad, but in order to have a better edge you have check the Calender before taking a trade. Very Volatile times can be very dangerous times.

I have met traders who didn’t know what NFP stands for or what it meant in Forex trading.

At least in the beginning of the week, take a look at the Calender and make mental notes regarding high impact news events. It will help your trading immensely.

Max.

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What I’ve learned so far is to:

STOP trading multiple pairs as a beginner! Find a pair that you will have an edge with, watch the pattern (trending up, trending down, ranging sideways). Attempt to master this pair (although all trends change over time, ride the trend while it lasts). I was finally profitable this week once I cleared my list of pairs and narrowed it down to one. (GBP/NZD)

STOP trading without a position sizing calculator. This calculator helps set up your risk management plan once you know what your stop loss and risk percentage of your account will be. This has been very useful for me when choosing LOT SIZE!

STOP letting the market take your profits back! Once your trade is in profit, move your stoploss a few pips above breakeven so that even if some unforeseen reversal happens, you will have a small gain instead of a big loss.

and last but not least,

STOP trading smaller time frames! Check your pair on the daily and compare that to the 4 hour, then the 1Hour. Depending on your level of patience, choose which time frame best works for you. When I traded on the 15 minute time frame I was taking too many trades and losing too much money (on demo). When I got tired of having to request a reload of $1000 on my demo, I reassessed my strategy and have been trading the 1H time frame but not before checking the daily and the 4H chart first and have been profitable for my first week in 3 months.

Using the demo account has helped me with all of these things and if I would have been trading live without learning just these simple tricks, I would have lost thousands in 3 months!!! Thank GOODNESS for DEMO!

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Newbies have to stop searching for "that holy grail trading strategies /systems.

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@giannigeez…Bingo…

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I completed all 332 lessons of babypips school and learned so much. Now its time to start demo trading. What should newbies stop doing in order to succeed in Forex? The answer is stop “learning by losing…” Take the time to learn the hardcore basics BEFORE you get out there with your hard earned money. Laughing, its what I’ve done. We’ll see if it pays off!

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Should avoid being emotional, been greedy, should demotrade very well and master the trading skills and strategies and have a consecutive wining system, and finally avoid being too familiar with indicator as newbies.

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