Thanks Manxx, I assumed “member’ was an entry level 
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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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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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Is it possible that you trade without making at least some minor losses? Whether in demo or live accounts? I don’t think so, but tell me if it’s possible and how so. Thanks
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You can’t? Make 50k a year on a 5k account…
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I meant before going in to live account anybody needs to have clear understanding of Lotsize, margin, stoploss etc. They need to have a strategy and some understanding of fundamental Analysis.
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before going in to live account anybody needs to have clear understanding of Lotsize, margin, stoploss etc. They need to have a strategy and some understanding of fundamental Analysis.
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Newbies need to get PROPER education about the forex market before even going on the demo trade. It is very important. The most common mistake newbies make is jumping the gun, ready to begin to rack in profits from the markets without being armed with the necessary information…it’s like going to war without your offense and defense ammunitions… whoever does that has a death wish.
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Stop trading anything lower than a daily chart
Stop doing all varities of “the power of compounding” excel sheets promising a million dollars in 10, 20, 30 40… trades.
Stop asking questions before using the babypips search function. It is the key to a gold mine of information. Find it on your own and you own it!!
KC
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stop thinking that forex trading is very hard and you need to be a rocket scientist
stop thinking you can get rich with a 5k account
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Hey o, no one can, however after I reconsider, no. Annnnnnnnnd unless someone cares to put up a certified blotter, or a prospectus, or even a certified account statement, then I will change my point of view/opinion and admit I was wrong.
The Ever Calling Out VIPER
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how long have you been trading? I think I need a mentor fr. I actually thought I could make at least 1k bi-weekly on a $100 account
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@obieze If you read through the babypips school of pipsology, in the first group of lessons listed as Preschool, you’ll see towards the end there’s a section on Margin Trading 101 that explains why trading with $100 account wouldn’t be a good idea.
[Margin Call Example: Trading With Just A $100 Deposit - BabyPips.com]
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