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New to forex Tips and Advice 134 replies

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New To Forex and Need Advice!

Quoting E300
Hello Forex Factory members, I just started trading Forex about 2 months ago and the past 2 weeks I started trading seriously on a demo account. (Feel free to check out my results) And well I don't know where to start. I love math so I understand risk formulas. My Goals this week are : Learn how to use/make trend lines Learn Order blocks/Order Flows Learn about other people's simple strategies As of now I trade through a few EMA's and other indicators, It's looking good but I'll share my strategy when I have a little more confidence in it. If you...
Well that’s great as you will be able to calculate your risks, profit potential in a better way. Risk and money management is really an important thing to understand while trading forex and those having good knowledge about it, definitely have an edge. And yes i agree with everyone here, learning forex is going to be a long process , so study, learn and practice regularly. Using a demo account will also help. Rest, this forum is a great place to learn itself. You can learn from people’s experience.
Quoting martin15
{quote} Well that’s great as you will be able to calculate your risks, profit potential in a better way. Risk and money management is really an important thing to understand while trading forex and those having good knowledge about it, definitely have an edge. And yes i agree with everyone here, learning forex is going to be a long process , so study, learn and practice regularly. Using a demo account will also help. Rest, this forum is a great place to learn itself. You can learn from people’s experience.
It was almost 3 years; so maybe he is doing live trading properly or left this market already!
Quoting GeorgeBaile
{quote} It was almost 3 years; so maybe he is doing live trading properly or left this market already!
That is certainly a possibility, I think.
Quoting mlawson71
{quote} That is certainly a possibility, I think.
But it’s really frustrating to see; many old members aren’t active right now! Don’t know why?!!
Quoting GeorgeBaile
{quote} But it’s really frustrating to see; many old members aren’t active right now! Don’t know why?!!
People come and go, I think it's pretty normal. If some members aren't very active than eventually new members will join us.
Quoting mlawson71
{quote} People come and go, I think it's pretty normal. If some members aren't very active than eventually new members will join us.
Yes but I am missing few old members; till now I can remember my early days of this community!
Quoting martin15
{quote} Well that’s great as you will be able to calculate your risks, profit potential in a better way. Risk and money management is really an important thing to understand while trading forex and those having good knowledge about it, definitely have an edge. And yes i agree with everyone here, learning forex is going to be a long process , so study, learn and practice regularly. Using a demo account will also help. Rest, this forum is a great place to learn itself. You can learn from people’s experience.
learning is a long term issue , for that reason by and large beginners lost interest after passing sometimes. and instead of demo i always prefer micro account which is very supportive to acquire a live account.
Hi. I would like to give a piece advice to new traders. Stay on demo account for a while, don’t be in a hurry to go live. If you try and go live trading and lose some money, the psychological effect of that would not leave your mind and you need some time until you can get yourself together and get back to track. On a demo account try every stupid idea or strategy you think of. Even if you know it’s not gonna work, just try it. This way you learn it the hard way and you don’t try stupid on a real account. What will you lose on a demo account? You lose some time but you gain experience which you need for your real trading career if it’s gonna last enough for you.
I agree. Don't rush with the live account trading. Learn the basics and then gain some confidence on a demo account.
confidence is very much important when trading in live or demo ,
but my question is ,
the confidence we took from demo actually works when in live account ?
Quoting MarkFxAnde
confidence is very much important when trading in live or demo , but my question is , the confidence we took from demo actually works when in live account ?
It will work if, and only if, you treat your demo account as a live account. Log your trades on your demo. Have a reason for every demo trade. Never approach a demo trade with the attitude "It's only demo." At least that works for me. YMMV. Best of luck!
I agree. If you don't trade the same on a demo account as you would on a live one the exercise becomes pointless.
Quoting Parabaj
I always do is to check every wave with fibo levels. It helps. Also I would like to agree about plan. You should discipline yourself with the constant habit to make financial plan and trade with it. Otherwise when you'll face little panic on real account and with no strategy and under the pressure I am afraid it will be fail 'cause demo doesn't give you an opportunity to feel real market and its behavior. Also learn to do bids and count stop-losses. It will really help
Hey man.....talking about fib, how does it work....like how can I add it to my trading repertoire?
Quoting Kingsley01
{quote} Hey man.....talking about fib, how does it work....like how can I add it to my trading repertoire?
I recommend reading the "No Brainer Trades" thread. Despite the sound of the title this thread is full of invaluable info that all FX traders would learn from.

Fibs are also covered in this body of work.

https://www.forexfactory.com/showthread.php?t=86429
Nil desperandum
i have seen so many traders suggest
reading books to gain more knowledge but i think bookish knowledge

cant bring good result when trading in practical.
Well, the idea is to read the theory in the books and then to practice is on a demo account before moving onto a live account. The knowledge won't change regardless of whether you read it in a book, or in an online tutorial or someone recites it to you in real life. Elliott Wave Theory is Elliott Wave Theory, candlesticks are candlesticks, etc.
newcomers can be mature only by more practicing . so trade more and more in demo if you want to be a real trader
Demo is great but must be so careful of too much confidence it loads. Its never the same with real accounts, especially the psychology.
And I believe that maths is the best tool of a trader for risk management, money management, and trading decisions as well.
Another so very significant thing is that not to forget that all the patterns, indicators, etc. look perfect when you look back, and therefore back testing may much differ than the future testing.
You have to understand what all the features mean, how they work. You should know how the price moves and why does it do it.
I have never thought demo was any way helpful. Yes ok maybe to learn the platfrom placing orders etc but as a trading tool pointless. Most of trading is psychology. You will not feel pain in a demo. YOU NEED TO FEEL THE PAIN !!! hahaha. The sooner you get over the fact that its ok to lose your trading will start to improve.
I much rather put a small amount of money in an account which really... i mean really you dont care about losing and trade as small as possible and do it that way.
But everyone is different just my thoughts.
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