Advice for forex beginners

[Nazmus Shakib 12]

thanks for your tips about forex market.its hard to work on forex market but still if some one follow your rules they may get good result.all we need is to keep pateince on trading.

[khan188 536]

On 1/21/2020 at 3:39 PM, Karani said:

1. Register for a demo account
2. Set targets
3. Don’t trade emotionally
4. Understand the market
5. Know your limits
6. Take risks
7. Work with a reliable trading partner

 

Well, I am agree with you but not with demo account opening. I always suggest to new traders to trade in Cent account. the reason is they will trade carefully. In case they make profit, it will adding to their balance. I might be wrong this is only my opinion. 

[ram007 391]

On 1/21/2020 at 8:39 PM, Karani said:

1. Register for a demo account
2. Set targets
3. Don’t trade emotionally
4. Understand the market
5. Know your limits
6. Take risks
7. Work with a reliable trading partner

 

nice tips. forex for me is very risky,so in addition,having knowledge and don't stop learning is the most important thing you need to have before entering forex trading.

[drmsohail 151]

4 minutes ago, khan188 said:

Well, I am agree with you but not with demo account opening. I always suggest to new traders to trade in Cent account. the reason is they will trade carefully. In case they make profit, it will adding to their balance. I might be wrong this is only my opinion. 

I think this is good option, open a cent account and then trade carefully. With demo account we can't learn Forex because it's free, but when we open real cent account then we are trading carefully, because of losing money.

That's the benefits of real cent account.😍

[khan188 536]

1 minute ago, drmsohail said:

I think this is good option, open a cent account and then trade carefully. With demo account we can't learn Forex because it's free, but when we open real cent account then we are trading carefully, because of losing money.

That's the benefits of real cent account.😍

Exactly! Mr Sohail you explained it nicely. This is what I mean. fear of losing money will make us careful. we will not use big lot size, will not jumped in directly. will keep us waiting for the right oppertunity. will force us to study. 

[Jbetancourt532 17]

The best warning I can give you from my experience is to educate yourself with serious people and invest in education before investing in the market.

[Saif588 84]

I am also thinking that I will start forex trading. But I don't had much knowledge about forex trading. I think this information will be very much helpful for me.

[Ms.o 3322]

Nice tips,in addition,as a beginner,mistakes and losing is possible but don't lose hope,and enjoy what your doing to have a better mood and a better results.

[pablomarwan 3082]

On 1/21/2020 at 1:39 PM, Karani said:

1. Register for a demo account
2. Set targets
3. Don’t trade emotionally
4. Understand the market
5. Know your limits
6. Take risks
7. Work with a reliable trading partner

 

I agree with you on this information in addition to what I will add here

▶️ Study how to manage capital 

     Once you reap the profits, you must protect it. Capital management reduces losses and maximizes profits

▶️ You should understand that Forex is based on the Probability Principle

   Forex is a risk and prospect analysis. Forex does not carry a specific method or method that reaps profits at all times

▶️ Do not trust Forex Expert and deceptive ads

▶️Always study the reasons for your success and failure

The first step you should take is to monitor the movements of the first dollar you place in a trade and calculate your first mistakes

[Jinorkhan 10]

Thank you so much for giving this important advice.  Creating a new Forex account will be very helpful to us and it will be very secure.

[Irungu 4299]

its imortant for us to avoid making wrong information there is a lot of good that comes when we have to really run the market in a much different process that works well for us,  beginners in forex need to be careful what they are entering into , this can be the time when we all die, so we have to really be careful what we are getting ourself into in this kind of a market

[doanvahauvk 34]

On 1/21/2020 at 7:39 PM, Karani said:

1. Register for a demo account
2. Set targets
3. Don’t trade emotionally
4. Understand the market
5. Know your limits
6. Take risks
7. Work with a reliable trading partner

 

opening account will be very easy with me. I will strive to get old this site. obliging become much for giving me this new directions

 

[Hasanmahmudul 2]

In my opinion practicing is the best way for forex beginners.Even google and youtube may be very vital.i that for new forex beginners need a partner who knows is this about forex.

[mashara 107]

very informative topic thank you bro i learned from this topic about Forex trade hope fully i will do my Forex trade.we need to be patience in Forex trade and more skills and wee have ability to control our emotions and stress in Forex trade. 

[MrGeany 297]

thank you man for your advice i would like to know which youtuber do you advice us to watch on forex trading cause there are lot s of thems  i know that they all have same pricipes but still want a good trainer. thanks .

[Calvinpriva 17296]

Very good topic, its good to start with a demo account so that you can understand how the forex working and how to trade in it. After getting some experience don't fear to take risk to start the forex business because fear can make you poor.

[George10 9932]

My advice to all beginners in Forex trade acquire more knowledge about Forex market,practice trading with virtual funds on a demo account before you risk real funds and make sure to choose a popular broker with good reputation.

[guatazoo 7150]

On 2/4/2020 at 11:37 PM, Jhadhasan said:

You may succeed in making fake profits when your account is experimental, but fail when you turn to working with real money. The reason is the psychological factor. You have to realize the importance of controlling psychological pressure.

You know why the newbies are success to rise from $10000 up to $1000000 through the demo account? This is because they placing order by predicting without knowing the market conditions, so they making orders without any fears because of demo moneys. 

But when they starting using really money they must be fears to place orders like they were making orders through demo moneys, and the bad thing they'd be don't know how to do marker analysis.

[bantrau817 13]

On 1/21/2020 at 7:39 PM, Karani said:

1. Register for a demo account
2. Set targets
3. Don’t trade emotionally
4. Understand the market
5. Know your limits
6. Take risks
7. Work with a reliable trading partner

 

They help to reference those who has contracts with forex brokers becme beware of work parties who lang not offer goodness advice or today advice on short-term gains

[bachnhuc8273 231]

On 2/17/2020 at 12:25 AM, crypto2020vision said:

Trading Concepts
Tips for Forex trading Beginners
Before you start something new, begin with the fundamentals. Let’s look at trading tips every trader should consider before trading currency pairs.

1. Know the Markets
We cannot overstate the importance of educating yourself on the forex market.  

2. Make a Plan and Stick to it
Creating a trading plan is a critical component of successful trading. It should include your profit goals, risk tolerance level, methodology and evaluation criteria. Once you have a plan in place, make sure each trade you consider falls within your plan’s parameters. Remember: you’re likely most rational before you place a trade and most irrational after your trade is placed.

3. Practice
Put your trading plan to the test in real market conditions with a risk-free FOREX. com practice account. You’ll get a chance to see what it’s like to trade currency pairs while taking your trading plan for a test drive without risking any of your own capital.

4. Forecast the “Weather Conditions” of the Market
Fundamental traders prefer to trade based on news and other financial and political data; technical traders prefer technical analysis tools such as Fibonacci retracements and other indictors to forecast market movements. Most traders use a combination of the two. No matter what your style, it is important you use the tools at your disposal to find potential trading opportunities in moving markets.

5. Know Your Limits
This is simple yet critical to your future success: know your limits. This includes knowing how much you’re willing to risk on each trade, setting your leverage ratio in accordance with your needs, and never risking more than you can afford to lose.

6. Know Where to Stop Along the way
You don’t have time to sit and watch the markets every minute of every day. You can better manage your risk and protect potential profits through stop and limit orders, getting you out of the market at the price you set. Trailing stops are especially helpful; they trail your position at a specific distance as the market moves, helping to protect profits should the market reverse. Placing contingent orders may not necessarily limit your risk for losses.

7. Check Your Emotions at the Door
You have an open position and the market’s not going your way. Maybe you could make it up with a trade or two that don’t fit with your trading plan... just a couple couldn’t hurt, right?

“Revenge trading” rarely ends well. Don’t let emotion get in the way of your plan for successful trading. When you have a losing trade, don’t go all-in to try to make it back in one shot; it’s smarter to stick with your plan and make the lost back a little at a time than to suddenly find yourself with two crippling losses.

8. Keep It slow and Steady
One key to trading is consistency. All traders have lost money, but if you maintain a positive edge, you have a better chance of coming out on top. Educating yourself and creating a trading plan is good, but the real test is sticking to that plan through patience and discipline.

9. Don’t Be afraid to Explore
While consistency is important, don’t be afraid to re-evaluate your trading plan if things aren’t working like you thought. As your experience grows, your needs may change; your plan should always reflect your goals. If your goals or financial situation changes, so should your plan.

10. Choose the right Trading Partner for you
It’s critical to choose the right trading partner as you engage the forex market. Pricing, execution, and the quality of customer service can all make a difference in your trading experience.

FOREX. com is a worldwide leader in currency trading and offers competitive pricing, great customer service and helpful guides and tutorials so you have a wide range of tools to start forex trading.

okay for giving us some very useful and very important answer for Forex traders.Thank you for giving this advice.

[guatazoo 7150]

Beginners should learn forex course very deep because I have a lot of experience in trading but I still learning about it till today, so they must be patient.

[Honny143 13612]

Forex are crypto trading both are different platform, but in forex we have some advantage, this platform brokers gives demo accounts to practice the forex trading, and if you think now are good in trading then use real account to made trades, but always try to take safe trade strategies because forex risky platform.

[estee369 489]

The most important things is for every new trader is they need to do a lot of practice in demo account. Forex trading is very different that crypto trading.

[Tunuu 2235]

Very well explained. We should take risk but we have to prepare a good plan and to know our limitations (lose what you can afford). We need to be patient enough when trading forex because you can start with $200 and the profit is only $10 per day. It's small but remember you will double your capital in just 30 days!

[Yomose 3704]

On 6/10/2020 at 12:41 PM, Honny143 said:

Forex are crypto trading both are different platform, but in forex we have some advantage, this platform brokers gives demo accounts to practice the forex trading, and if you think now are good in trading then use real account to made trades, but always try to take safe trade strategies because forex risky platform.

Demo account is not any advantage at all,trading with money is not the same with trading with nothing. The best thing I like in trading was that I started with lost amount of funds which makes it real than using demo. Using demo is not advisable than starting with lowest amount of money to trade.