What's one practical tip you have for beginners?

Beginner Questions
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  1. Don’t ever forget the basics.
  2. Always test your strategy on a demo account before entering the market
  3. Have a proper risk management plan for every order you place.
  4. Be connected with other traders on forums and communities to learn from their experiences.

And I think everything was majorly covered above.

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@Franca_Bridge thank you for the interaction and question.

I think that I am not qualified to answer that, but I would like to offer this thought:
what data do we have on the specific sector that is professional currency trading, for example currency risk hedging at firms (funds, banks, corporations, etc.) or currency futures trading, in terms of male-female ratio of participants?

More specifically, which of them has power and influence (e.g. seniority and a larger capital allowance/risk) as opposed to just following execution orders?

Also, trading systems are largely automated for arbitrage, for example, therefore what does one mean by ‘forex trading’? If we were talking about retail crowds, then what numbers do we have on male-female ratios by brokers?

Without specifics, we may not come to a definite set of meaningful conclusions on this. It may be more helpful to talk about the finance world as in the world of investors, which encompasses trading but also so much more (e.g. wealth/hedge funds); how many head of funds, for examples, are women? And how many of their immediate teams (senior management) are women? What is the gender balance within the company? Again, focusing solely on the person at the top of the pile does not sufficiently shed light on the wider company culture.

I hope that this answers your point, somewhat.

Francesco aka PipMeHappy (yes, I am still kicking around these forums, from time to time).

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Here is an article published last year that has some interesting statistics:

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I would say, do not overcomplicate your trading.

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First, learn the psychology of trading, then everything else need to follow.

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Have you thought about using a VPS to avoid internet issues?

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My advice to those who are just starting out is to make risk management a primary focus from the very beginning. It is not about making enormous profits right away; rather, it is about protecting your wealth and remaining in the game for a sufficient amount of time to experience growth and learn new things. In particular, I would suggest the following two things: To begin, stop-loss orders should always be used. With no exceptions. Choose the level of risk you are willing to take before making a trade, and then adjust your stop-loss order accordingly. To begin, take baby steps. Trade with a demo account until you have a consistently lucrative approach, then trade with a tiny live account. This helps you practice managing real money without risking large losses while you’re still learning. Getting risk management right early will save you a lot of misery and money in the long term.

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I think I will keep it simple - Don’t just rush in, take your time and trade what you can afford to lose.

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Stick to a solid risk management plan—never risk more than you can afford to lose on a single trade. Survival > quick gains!

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Exactly. “Trade for tomorrow,” people say? :grinning:

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Thanks, but I’m not clear how that would prevent the problem I described above? I’d still have to be connected to the VPS at the same key moment, to avoid that problem, wouldn’t I?

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It wouldn’t.

But a VPS can have some uses for trading with a poor internet connection: for example, if you use Metatrader and have a trailing stop (two mistakes, many people would say!!), your stop loss will only work while you’re actually connected to the platform, so a VPS could certainly help someone in that position (just not as much as using a better platform and/or stop loss method).

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That’s exactly my thoughts. Don’t risk more than you can’t afford to lose.

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I heard it somewhere that TSLs do not work on VPS, is that a real thing? I dont know why tech cant support this, talking about Meta5.

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Completely agree but people want quick money and hence end up loosing their calm & money.

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How would a TSL know that the machine hosting its software/interface is a VPS? That would be very hard to understand?!

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You can also have a legitimate broker but engage in questionable business practices, such as price manipulation, fake spikes, platform freeze at the wrong time, etc.

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You can indeed.

I think it’s fair to say, though, that you can greatly reduce the chances of that happening to you by not using the MT4 trading platform, because the reality is that the “dealer plug-in” for MT4 makes that terribly easy for forex brokers - whether regulated or not - to pull all those tricks, and in practice it’s far more difficult for them to do when the customer’s using TradingView or C-Trader or whatever.

I’m not saying “it can never happen, that way”, obviously. But it’s just a wise precaution, IMO.

Also IMO, using a broker that offers only MT4 is just another additional, unnecessary layer of risk that we can all live without.

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I apologize for spoiling the enjoyment, but I post this in the wrong thread; my sincere apologies, and I appreciate the likes and it does indeed make sense for this thread.

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