Hi, anyone can tell me which trader type will be best for a newbie. We know Forex trading is largest and leading trading market. All Forex trader sell or buy currencies or securities by utilizing trading strategies , number of trading tools and platform. For a beginner, Day trader or scalp trader will be helpful to increase profit volume
Swing trading; more relaxed and less time consuming. It is very difficult to consistently make profits day trading or scalping.
Another piece of advice is concentrate on managing your losses. Most traders will develop systems that will give them a win rate above 50% but still lose money. This is the key to success.
best of luck
No commission and minimal deposit is the best account type for newbie. At least they don’t lose much money.
I totally agree that swing trading is the best option. Robots (algorithm trading) have ruined day trading.
Scalping if you have enough time
thanks for your concern. But what about Scalper trading? For beginner it will be beneficial to hold an asset for few second or not?
Scalping is all about making small profits, it might differ from trader to trader one can hold his position for few seconds to few hours, no fix rule.
I suggest ICmarkets: www.icmarkets.com.
for FBS: www.fbs.com with Cent account for newbies (but high spread is a disadvantage)
for Octafx: www.octafx.com Swing Trader and Position Trader. because Octafx has a free swap account
It all depends on what you want to achieve and your personality. If you want to be monitoring your trade all day then it might be worth doing a day trader strategy where you can trade every minute
you might win or you might lose but overall unless you are very experienced you will lose. As stated previously high frequency traders dominate this space.
I was gonna say, a demo account definitely! Haha. But reading the whole post, hmmm. Personally, I think day trading would be a bit easier to add into your daily routine, especially if you have a full-time job? At least you don’t need to be on your charts all the time. But that’s just me.
Nice! Its clarified
The beginner's guide to FX trading