Some hints for newbies

sabrinathomas · #11 (**permalink**) 24-08-2010, 15:11

A new forex trader should never lose their patience, generally new forex traders lose patience in the forex market and always make a mistake and make some wrong trades in forex market, and for that only they have to face big problems. There is high risk in the forex market, and this risk is not a negligible, so i advise new traders that never lose your patience during forex trading.

startrade · #12 (**permalink**) 08-09-2010, 14:09

All of the above suggestions are just want a newbie to forex trading should be looking to do, but it should also be stressed how vital a demo trading account can be and how important research into the trading conditions of their chosen broker should be done (For example: http://www.fxpro.com/trading-conditions gives a good explanation )before even considering moving onto investing for real.

goldie123 · #13 (**permalink**) 21-09-2010, 05:51

Quote:

Originally Posted by shirley

Some really important tips for the Forex Newbies can be:
* Never invest money into a real Forex account until you practice on a Forex Demo account.
* Go with the trend.
* Never risk more than 2-3% of the total trading account.
* Put emotions down. Trade calm.
* Choose the time frame that is right for you.

Hello Shirley,

Nice tips. Will be of great help to me. Keep up the good work.

DeliaJ · #14 (**permalink**) 22-08-2011, 12:26

Newbies: here are a few musts for learning about forex: Read "Trend Trading" by Daryl Guppy. Stay up to date with the latest at Bloomberg.com. For forex training basics and strategies check out Everestforex. (You'll get a $100 free bonus to trade if you pass their simulator). Hope this helps. Good Trading and Good Learning to you all!

creig22244 · #15 (**permalink**) 07-09-2011, 12:10

Quote:

Originally Posted by shirley

Some really important tips for the Forex Newbies can be:
* Never invest money into a real Forex account until you practice on a Forex Demo account.
* Go with the trend.
* Never risk more than 2-3% of the total trading account.
* Put emotions down. Trade calm.
* Choose the time frame that is right for you.

Hello shirley, many thanks for the tips, couldn't agree more with you. I recently started using zulutrade, can you tip me with some best practices of yours? So far, I’ve chosen 4 providers on top win % performance….do you think it is the right strategy? Shall I bet on different pairs or stick to one?

TLambarde · #16 (**permalink**) 07-09-2011, 22:08

For newbies out there I would recommend a few things. Firstly, there are so many resources out there, you just have to know how to utilize them. The forums and blogs are a great place to start!

There are also many websites which offer training and trading strategies. I have used Everestforex in the past and had a great experience with them.

Demo accounts are great for learning. You never want to start out and lose all your money right away

Happy Trading!!

fmfx · #17 (**permalink**) 08-09-2011, 17:26

Well, certain things are important as stated by other people.

1) Take care of your emotions. It could ruin you somehow, often.

2) Always use demo account first to try out things. Even real soldiers aren't using real bullet at first.

3) Read a lot from as many forums as you can find. It really is important.

4) Listen to advice from the experienced ones.

henryduncan12 · #18 (**permalink**) 23-09-2011, 08:24

Quote:

Originally Posted by adria

Well, Its good that members here are sharing information and tricks but i believe that education is really very important and there is no short cut in forex trading.

Well I also totally agree with you for forex initial at least basic training is very necessary otherwise it will be risky to get into it.

Marioth · #19 (**permalink**) 23-09-2011, 19:37

A newbie should understand that Forex should increase their capital (generally at a slow pace), not get him rich in a few months.

And nobody gains 10% every month. If it was possible, he could have all the money in the world in less than 30 years. Forex is a profitable market that fools lots of people.

creig22244 · #20 (**permalink**) 26-09-2011, 08:54

Hey guys, thanks for all the nicely shared info. I agree newbies need to read forums, see others' traders strategies, read info; of course nothing can compare to having an experience but we need to start from somewhere. Meanwhile, I am also using the option of Zulutrade called alchemy - where you can choose to follow some other follower performance – see they ROI analyzed, % wins and losses, worst/best trades, see the broker they are working with and be able to copy the settings of Signal Providers they follow, cool