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Six Forex Trading Tips for Newbies

  • #21
  • Mar 20, 2018 3:49am Mar 20, 2018 3:49am
Quoting AgusKurniaw
Good tips. The biggest mistake newbie does is they treat trading as a gambling. They come here to get rich overnight. But they are unwilling to learn by themselves. But the reality is- you have to be skilled in order to make money consistently. If you can't invest your time in learning, do Not invest in the market.
There no profession in the world which can make you rich overnight. So, keeping this mentality is just a part of immaturity. Be patience , be profitable.
  • #22
  • Mar 20, 2018 9:47am Mar 20, 2018 9:47am
Quoting MitchellMcC
{quote} There no profession in the world which can make you rich overnight. So, keeping this mentality is just a part of immaturity. Be patience , be profitable.
I completely agree. Any notions that you can get rich quickly from trading is created by unethical advertising. Don't fall for those lies.
  • #23
  • Mar 20, 2018 1:16pm Mar 20, 2018 1:16pm
I'd like to add to your list.

Learn and practice sound money management principles.

In fact more than almost anything else it seems in the worlds of both gambling and trading that poor money management is the number one killer. People placing trades with FAR too large of a lot size for their account size. Traders not closing losing trades soon enough causing losses to grow.

By keeping your trade size appropriate to your account it makes it a little easier to trade rationally. Keeping hard and fast rules for when to close a losing trade can prevent a small loss from turning into a very account busting loss.

Money management is (IMHO) probably the single most important thing for any new trader to learn and master.
Woohiye is a Lakota Sioux word that means success, or overcoming obstacles
  • #24
  • Mar 21, 2018 12:42pm Mar 21, 2018 12:42pm
Quoting mlawson71
{quote} I completely agree. Any notions that you can get rich quickly from trading is created by unethical advertising. Don't fall for those lies.
We know this kind of true fact, but we can’t avoid the attitude to earn profit rapidly when trading . it’s a reality.
  • #25
  • Mar 22, 2018 9:10am Mar 22, 2018 9:10am
Quoting MitchellMcC
{quote} We know this kind of true fact, but we can’t avoid the attitude to earn profit rapidly when trading . it’s a reality.
That attitude is created and fed, as I said, largely by unethical advertising from brokers that promise people to get rich quickly, and newbies, being ignorant, believe it.
  • #26
  • Mar 22, 2018 9:18am Mar 22, 2018 9:18am
Quoting mlawson71
That attitude is created and fed, as I said, largely by unethical advertising from brokers that promise people to get rich quickly, and newbies, being ignorant, believe it.
I disagree that it's the brokers. I think it's people that sell stuff (systems, books, whatever) that promise "make X pips per day" or whatever. Brokers are typically pretty darn careful with not making claims as most of them are in the US or Europe where that kind of stuff is frowned upon and brokers are under a lot of scrutiny.

Also, lets face it, forex in general is popular with people seeking "get rich quick with little effort." (it's no real work to sit and stare at a chart) This leads some to believe a lot of nonsense simply because the want to believe it's possible.
Woohiye is a Lakota Sioux word that means success, or overcoming obstacles
  • #27
  • Mar 22, 2018 9:27am Mar 22, 2018 9:27am
Quoting Woohiye
{quote} I disagree that it's the brokers. I think it's people that sell stuff (systems, books, whatever) that promise "make X pips per day" or whatever. Brokers are typically pretty darn careful with not making claims as most of them are in the US or Europe where that kind of stuff is frowned upon and brokers are under a lot of scrutiny. Also, lets face it, forex in general is popular with people seeking "get rich quick with little effort." (it's no real work to sit and stare at a chart) This leads some to believe a lot of nonsense simply because...
I think it's often both. You make a great point about the strategy sellers, but there are also plenty of bucketshops who take advantage of people. Obviously, not all brokers are like that. There are plenty of reputable companies who don't do that, but unfortunately an ignorant newbie doesn't necessarily know how to differentiate between the two. I certainly didn't know when I was a newbie, and I got burned.
  • #28
  • May 5, 2018 10:54am May 5, 2018 10:54am
Quoting MitchellMcC
{quote} There no profession in the world which can make you rich overnight. So, keeping this mentality is just a part of immaturity. Be patience , be profitable.
Forex trading cannot make us profitable within very short time , but by means of this market place we can earn more profit rapidly than other sectors if you can ensure some inevitable parts of trading.
  • #29
  • May 17, 2018 2:14pm May 17, 2018 2:14pm
yes it is. and from all important parts long term knowledge and experience is more expensive. and we the traders have to acquire this by passing a long time.
  • #30
  • Last Post: May 18, 2018 3:11am May 18, 2018 3:11am
Knowledge and experience looks similar but there is a massive different between two , you can acquire good knowledge within very short time but to be experience in Forex trading is not an easy task , minimum you have to pass 6-8 years in this market place to acquire real trading experience that always supportive to predict the market at any situation.
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