I completely agree with you on this, even consistency is a crucial aspect in the market. If a trader is consistent only then he can shine in forex.
My advice to newcomers would be to be yourself. You may feel like giving up at first, but this is when your patience will be tested, and you must remain calm.
My words of suggestion to a newbie would be - do not trade exotic pairs even when you are bored of trading the same pairs. Exotic pairs are highly volatile and you are prone to high levels of risks and losing your money. It is best to stick to major pairs.
Well said.
Maintain discipline when it comes to closing out your positions.
I think mental toughness will develop and evolve naturally as our trading will evolve. It will not be something that will develop on its own or that it will develop overnight. Of course, efforts to develop it are required. And observation is the key. Trading journal, discipline, and consistency will make one mentally tough, provided that one is not too attached to trading.
My piece of advice to newbie traders would be to spend more time learning instead of chasing profits. You can earn in forex only with relevant knowledge and skills. So, work on that and enter the market with a long term plan rather than going after quick profits.
I couldn’t agree more, they rush to trade live without knowledge or considering what it takes to trade in the market. We have to be patient with learning, practice and consultation before we go live.
As forex is a volatile market, a newbie needs to maintain consistency in learning and practising on a demo account so as to sustain in the forex market.
Never stop learning about trading. It’s an ongoing process; no trader, no matter how experienced, knows everything. You put yourself at risk of losing money the moment you stop learning new ways to trade and analyse the market. Also, be consistent and disciplined with your strategy. This is what matters the most.
As a newbie, take things slow. If you lose one trade, don’t think it’s the end of the world. The forex market is a sea of opportunity; the trick is to catch the correct wave. Above all, practise on a demo account to sharpen your skills and gain a better understanding of the market as a whole.
It is such useful advice. Traders need to work hard on themselves, to improve, to make money. There are no shortcuts.
My advice to newbie traders would be to never look for shortcuts in forex. You must pave your own way and that is the only way towards long lasting success. Take your time to learn and continue to work on your trading skills. Risk management should be prioritised every time you trade.
Hey!! Thanks for the great advice.
I will definitely try! Thanks
Any good sites or platforms from where my learnings can improve for forex market?
No pressure
No diamond s
Hello everyone, I’m new here, so can anyone recommend some good trading strategies to keep in mind while trading?
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Some good strategies as a new trader for me turned out using a stop loss and maintaining trade journal for all of my learning about Forex and tested strategies and mistakes.
Get a mentor!
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