Words to Newbies in forex trading

Beginner Questions Trading Psychology
21

Wouldn’t that be quite difficult for them, since they are new to market and they have no idea where and which strategy to base their trade on?

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22

Yes, initially facing issues is very common. And for that, newbies should always start from the demo account to implement different strategies and know the results accordingly. As practical knowledge about trading is as important as theoretical knowledge.

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23

I good point ,a clear reflectful mind is necessary free from angst and. Excitement seeking

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24

I would say practice well with the demo account only then switch to a real account when you consistently start making profits in the demo. Always research well on trading strategies and read the market news.

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25

Although not being in any way experienced, I definitely like this advice. Not only does it match pretty much what my dad always said - Son, if it were easy, anyone would do it - but the guidance in regards to how long to demo trade is awesome. I planned for somehting like this with a similar mindset - I guess it lets me go through quite a few emotions and situations so that I have something to analyze and improve upon.

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26

Thanks for your kindly advice to us learners really appreciate

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27

Thanks for advice

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28

I agree with trading demo for at least 6 months before live trading. Another thing I would suggest is getting yourself familiar with a maximum of 2 correlated pairs to trade. EURUSD and USDCHF are correlated, meaning when one goes up, the other one usually goes down.
Watch for fundamental events, like NFP, CPI, and other events that might affect the pairs you want to trade. Remember that the market is irrational around fundamental events, and it sometimes takes time for the market to calm down, and settle on a direction. Wait for the direction to become clear, then trade your plan. Your chances for success will increase. If you must trade with leverage, use the smallest leverage posible. Good luck!!

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29

Thanks,Get you

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30

  1. Very first thing, start with the demo trading platform.

  2. Understand the Markets - The value of educating yourself on the forex market cannot be overstated.

  3. Make a plan and stick to it. Put your skills to the test.

  4. Know Your Limits -Know When to Stop Along the Way.

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31

Thanks for the tips! Beginners need to know the reality because some of them are too influenced by fake advertisements. They should educate themselves well and then test ways to proceed further.

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32

It’s common for new traders to think of forex trading as an easy way of making money as shown by lucrative ads. This often leads to newbies taking unnecessary risks and failing ultimately. Your focus should not be on making big profits but on making consistent returns and staying above the breakeven to be called successful.

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33

I’d recommend practising using the demo account first, and then switching to a real account once you’ve made consistent earnings with the demo. Always conduct a thorough study into trading methods and keep abreast of market developments.

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34

Newbies fail because they become desperate to make money. It’s tempting. But making money is not as simple as it sounds, especially when you have zero trading skills. I would say forget about the money part for a year and completely focus on learning. You can’t make money if you don’t have skills!

35

Newbies should focus on education more and more. They should discover different ways to get rid of losses and bring advancement in knowledge. But they should not hasten to obtaining quick return. They should practice in demo account more and more.

36

To the newbies out there reading this post, I know emotions take over you when you are trading. The emotions of greed, fear, anger, frustration, and depression. It is my suggestion to you that you learn from your mistakes and remember the emotions when you made a mistake - for example remember how frustrated you were when you doubted a strategy but still traded with it and lost, remember how trading greedily made you less profits and more losses. Let your mistakes and emotions teach you, but never ever ever let your emotions (as a result of your mistake) take over your trading actions.

37

Traders make a frequent mistake like whenever they see the market following uptrend, they make a buy entry without thinking and they did the opposite when they see the market following downtrend. So, analyze the market properly before taking a trade. Traders should not turn their blind eye to analyzing market.

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38

Newbies should learn how to determine the actual market trend because market trend plays a vital role to generate a signal over the market. The actual reason for technical and fundamental analysis is to determine the market trend. New traders should not jump onto trading without learning this.

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39

Newbies should focus on enhancing their trading knowledge first, be it from any source. When you are confident to enter the market, enter slow and steadily and review your performance time to time. Remember, don’t follow the crowd.

40

“Never over trade and never risk more than you are afraid to lose”, this is the only piece of advice I’d like to give to all the novices as in the beginning the forex market can seem to be quite overwhelming as well as loaded with opportunities. Always remember that trading decisions should always be backed by rationale and not emotions like greed or fear etc.