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

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Is it possible that you trade without making at least some minor losses? Whether in demo or live accounts? I donā€™t think so, but tell me if itā€™s possible and how so. Thanks

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You canā€™t? Make 50k a year on a 5k accountā€¦

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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 informationā€¦itā€™s like going to war without your offense and defense ammunitionsā€¦ whoever does that has a death wish.

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Stop trading anything lower than a daily chart

Stop doing all varities of ā€œthe power of compoundingā€ excel sheets promising a million dollars in 10, 20, 30 40ā€¦ 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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:broken_heart: 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, youā€™ll see towards the end thereā€™s a section on Margin Trading 101 that explains why trading with $100 account wouldnā€™t be a good idea.
[Margin Call Example: Trading With Just A $100 Deposit - BabyPips.com]

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Right, remember seeing that. Wouldnā€™t stop you when all you have is a hundred though :joy:

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I like your number 8. Maybe even less than the 5K and more than the 50 K is what not are thinking.

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This is just too easy for me to get into trouble again. I will let this one sink in for a whileā€¦

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37

Thanks for your insights! That was a really good read

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As a total newbie + T2 Member, I know whatā€™s wrong with newbie that they should stop doing.

STOP MOVING TO LIVE ACCOUNT WHEN YOU ARE WINNING IN DEMO ACCOUNT. :no_good_man:

Demo Account is meant to get your familiarity on the usage of forex trading platform or it can be used to test your new strategy, not for ā€œwow Iā€™m winning, I can go live babyā€ tool.

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39

Totally agree with you this applies to most trading the longer the time frame the better and you also get less market noise on the longer time frame

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All same. It is a matter of understanding. That is not easy. Go with demo and smaller size, control emotion, know the spreads, never lose money is the theory.

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If you cannot make money with 100$, you will never make money with 5k, 10k or even 100k. First of all what is your goal in trading, getting rich quick, or systematically making profits? Secondly, if you are making money on a demo account, when are you ready to trade on a live account? Do you think when you are ready to trade live, you are never going to lose? We learn by making mistakes, getting up and correcting them, lose a few times on a live account and you are either going to run away or you are going to find ways not to lose!

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I think the most valuable lesson for newbies is that trading IS hard. Finding an edge isnā€™t simple or weā€™d all be making steady profits. You have to be dedicated and search hard for whatever it is you can do to eke our gains over randomness and assess your performance over a long enough period to see if things are working. Back and forward testing are critical along with the ability to take a bit of a beating!

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I honestly think this is key!

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