Right! Like any other business, trading also requires in-depth study and research, a trading plan and money management.
We will need to learn the basic skills of money management as well as Time management.
Exactly, imagine trying to start a business without a business plan and research.
Do not believe everything that is said. Upgrade your knowledge and skills in forex trading. Practice on a demo account as much as you can. Make notes as you progress. Learn from your mistakes as well as those of others.
I’d advice newbies in forex trading;
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To always Stick to the plan
Whatever your strategy is, stick with it once you’ve made up your mind. Don’t get cocky or think that a few lucky wins mean you know what you’re doing—the forex market is unpredictable and volatile, so it’s easy to get burned if you think too highly of yourself. A good rule of thumb is to stay within the confines of your risk tolerance and don’t deviate from your stop-loss levels. -
And, Keep track of your trades
If you’re going to trade, go all out. Start a log book (or use an app) and write down every trade—date, time, pair traded, lot size, etc. This will help you identify trends and common mistakes so you can make informed adjustments for future trades.
There is no holy grail in trading. No indicators, strategy, or methods will give you 100% work. They fail. So there are no shortcuts in trading. You have to rely on your analysis. Be flexible. Trade in different market situations with different strategies so you can understand the market better.
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I will say to most beginner traders who think that they will make better profits if they choose forex as their full-time career, is that, it won’t necessarily work.
What matters the most in forex trading is how you analyse the market, how good your strategy, and a decent trading capital.
I would say that trading might look hard initially though the only key to cracking this is consistent practice and learning. There are probably days when you are failing too. You should not find that horrific however instead, compare your overall performance so you won`t repeat it in the future.
To all newbies planning to get their feet wet in forex, it is important to swear by three basic things that will help in paving the path to success that are: dedication, consistency and hard-work. All in all, there is no substitute for them. Also, in addition to this, it is important to be an avid learner and keep educating yourself about the fundamental and technical analytics of the forex market along with the financial tools so that it can all be used for magnifying profits.
Trading forex carries a degree of risk, but patience and focus will get you where you want to go. Trading is a lifelong process of education and growth. You should never stop learning and improving your abilities. Do not let your trading be affected by your emotions. If you can’t afford to lose your money, don’t risk it. Start small and work your way up.
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Before beginning to trade on a live account-
- Thoroughly research the market
- Begin practising on a demo account for at least 6 months.
- Using strategies such as Risk and Money Management to avoid the risk
- Take a break if necessary, to avoid the over-trading
make sure you try on demo first
Demo trading is very important. You should also backtest your strategy as that will give you some valuable insight and experience. A beginner in forex should be very cautious and should give utmost importance to risk management. Do not rush and take your time to learn. Start small and grow at your own pace.
I would like to say that if you are a newbie in forex trading don’t rush on to profit making. Instead you should be consistent with the learning part as there are many sources available nowadays. Also, keep on practising on the demo account to enhance your skills.
forex is not a get rich thingy. AVoid at all cost unless you are willing to risk a small amount of your saving.
A beginner should always focus more on learning than on earning. The forex market is highly volatile and it becomes very difficult to trade the market at times. Traders should have the right mindset towards learning and understanding about the market. Having the right mindset will help him survive the volatility of the market.
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“Every cloud has a silver lining”
Remember that even if you lose one day, you cannot give up. The market is volatile, and it is the nature of the maret to change unpredictably. Hence, it is your duty as a trader to be updated, and change your trading plans accordingly.
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I would like to advise newbies never being afraid of trying. If you wanna try trading then just do it and do your best in order to become successful…
Yeah, without a doubt, it’s difficult, but if you have already decided to devote the time, you have to trading, then just keep going. Analyse, practice, learn, explore, combine, create and implement. All of these things matter a lot in trading and it’s important to receive an ability doing these things. If you allocated a particular sum of money for trading, then never be afraid of losing them. The best strategy is to imagine that this money doesn’t mean something significant for you and you can sacrifice it for gaining experience.
Only your efforts will make you successful; others can guide you, but you cannot copy their techniques or strategies. Only you know your trading situation better than others.
To a newbie I would say that practising on demo account is very important, as the forex market is very volatile and before trading on to any live platform, one should practice well on a demo account so as to sustain for a long time in the market.