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Best Advice You Can Give A New Trader Starting Out

  • #1
  • First Post: Edited Aug 5, 2025 6:34pm Sep 21, 2019 2:49pm | Edited Aug 5, 2025 6:34pm
Z13
  • #2
  • Sep 29, 2019 2:59am Sep 29, 2019 2:59am
Quoting chartsndream
{image} Only real traders can understand and accept the hard reality in these words. It is the ugly truth of trading no one likes to talk about. The majority of traders will try to debunk this truth. All I can say is good luck to you in your trading career.
My main advice is; don’t be rush! Because I see; a number of new traders try to make money so quickly without even learning!
  • #3
  • Jan 23, 2020 6:32am Jan 23, 2020 6:32am
Whilst on DEMO...Learn Technical Analysis then once you are comfortable with squiggles on your chart REMOVE ALL INDICATORS and OSCILLATORS and stare at the screen for a couple of weeks looking for patterns. Pay attention to waves on higher time frames. Stay away from forums.
  • #4
  • Jan 25, 2020 10:50am Jan 25, 2020 10:50am
Quoting directxxx
Whilst on DEMO...Learn Technical Analysis then once you are comfortable with squiggles on your chart REMOVE ALL INDICATORS and OSCILLATORS and stare at the screen for a couple of weeks looking for patterns. Pay attention to waves on higher time frames. Stay away from forums.

Hi directxxx,
good to see you back at FF My Friend.

  • #5
  • Jan 25, 2020 11:36am Jan 25, 2020 11:36am
So I traded demo for 1 month now and averaged around 5% profit daily by scalping. Am I ready for the real markets now?
  • #6
  • Jan 25, 2020 12:01pm Jan 25, 2020 12:01pm
Start with a cent account. Educate yourself on trading, babypips has a good course on that.
Risk Management is of utmost importance!
  • #7
  • Jan 25, 2020 12:15pm Jan 25, 2020 12:15pm
Quoting RCtrader
Start with a cent account. Educate yourself on trading, babypips has a good course on that.
I use fib, fib retrace, rsi, macd, and moving averages along with price action. I scalp my trades so I make many quick small profits trades that adds up tremendously. I’m gonna start with 2k and see how it goes. Hopefully double it in 2 weeks like I did with demo
  • #8
  • Jan 25, 2020 1:46pm Jan 25, 2020 1:46pm
Run away from this forum NOW...never look back
  • #9
  • Jan 26, 2020 2:44am Jan 26, 2020 2:44am
Quoting chartsndream
{image}
This is about the most well-rounded and useful bit of newb advice I've probably ever seen on this forsaken forum. Good job.

Quote
The majority of traders will try to debunk this truth.

No, those are forum retards. Not "traders".
Congratulations ScalaFX for coming out of the closet!
  • #10
  • Jan 26, 2020 2:45am Jan 26, 2020 2:45am
Quoting Anonsuomy
{quote} I use fib, fib retrace, rsi, macd, and moving averages along with price action. I scalp my trades so I make many quick small profits trades that adds up tremendously. I’m gonna start with 2k and see how it goes. Hopefully double it in 2 weeks like I did with demo
Ah, so you know absolutely nothing and will soon be broke? Good to know.
Congratulations ScalaFX for coming out of the closet!
  • #11
  • Jan 26, 2020 2:46am Jan 26, 2020 2:46am
Quoting lddd
Run away from this forum NOW...never look back
Accurate.
Congratulations ScalaFX for coming out of the closet!
  • #12
  • Jan 26, 2020 2:54am Jan 26, 2020 2:54am
Quoting Anonsuomy
{quote} I use fib, fib retrace, rsi, macd, and moving averages along with price action. I scalp my trades so I make many quick small profits trades that adds up tremendously. I’m gonna start with 2k and see how it goes. Hopefully double it in 2 weeks like I did with demo
Doubling it in 2 weeks means taking a lot of risks. I suggest aiming for 10-20% a week.
Risk Management is of utmost importance!
  • #13
  • Jan 26, 2020 5:28am Jan 26, 2020 5:28am
Quoting Anonsuomy
So I traded demo for 1 month now and averaged around 5% profit daily by scalping. Am I ready for the real markets now?
There is only one way to find it out... My advice to you is to trade the smallest lots possible for the first 3 months!
  • #14
  • Jan 29, 2020 6:34pm Jan 29, 2020 6:34pm
Learning is the key to success for any work or business. If you know how to use your skills then you know how you are going to make profit with them.
  • #15
  • Feb 1, 2020 3:54am Feb 1, 2020 3:54am
I think the key to building your account is 80% risk management / 20% method for entry signals. Ask yourself, " If I got in this now, where is my stop?" That's your entry price. Keep your entry close to stop. If it goes against you, exit. Don't hold it and hope. It's much easier to make up a small loss than a big one. Go for small realistic wins . That big score is like a casino's jackpot. Could you hit it? Sure, Is it likely that you will? No. Most people do not realize how quickly those smaller scores add up. If the average range of the chart you are trading is 100 pips and you wait for a better price after your signal, grabbing 25%-30% of the range is a realistic target likely to hit most the time, no matter the market conditions. This is my first post on forum so I won't spam my youtube channel, but I'd suggest searching youtube for live trading videos. See who makes money consistently Good Luck
PS If someone claims to have figured out the secret to the markets yet, still need your $39.95 , that's a red flag hahha.
  • #16
  • Feb 2, 2020 6:02pm Feb 2, 2020 6:02pm
Quoting chartsndream
{image} Only real traders can understand and accept the hard reality in these words. It is the ugly truth of trading no one likes to talk about. The majority of traders will try to debunk this truth. All I can say is good luck to you in your trading career.

Fantastic responses you sent. Problem is no one knows Forex is fire until they jump in it and get fried. My partner is a non trader and when I told her I was going to take time off work and become a full time trader she tried to play reasonable devil's advocate by saying things like " you can't expect to be successful straight away " " you're like the apprentice in the mail room not the bloody CEO" etc etc. I had been trading for 2 years and thought I was consistent enough... which I was when making $20-$50/day. Unfortunately, and as any seasoned trader reading this knows, when I put more money in my account and upsized trying to make a few hundred a day I panicked, revenge traded, spiralled , freaked out, stressed my relationship etc etc. Fortunately I hadn't given up my day job and am back at it and trading much much better.

So hot tips...
It DOES take much longer than you think
You WILL lose money
You WILL learn more about yourself and your weaknesses then you possibly ever have before. Forex is a mental health 're education program , and if you can come through it with philosophical reflection and not self hatred then you might make a good trader.

Good luck
H
  • #17
  • Edited 12:54pm Feb 3, 2020 12:23am | Edited 12:54pm
Quoting RCtrader
{quote} Doubling it in 2 weeks means taking a lot of risks. I suggest aiming for 10-20% a week.
Once real money, specially a large sum of money is involved, your mind works different way.

I suggest aiming for 1-2% a week if that is even possible without blowing up in 2 months.
That is about 4-8% Monthly and 50-100% Yearly which is not that easy to do in real trading.
  • #18
  • Feb 3, 2020 5:28am Feb 3, 2020 5:28am
Quoting BlueRain
{quote} Once real money, specially a large sum of money is involved, your mind works different way. I suggest aiming for 1-2% a week if that is even possible without blowing up in 2 months. That is about 4-8%, yearly 50-100% which is not that easy to do in real trading.
So here’s an update, I started trading with live account on forex.com and been averaging 5%. I guess my strat works cuz I doubled my trading fund already and it’s barely been 2 weeks
  • #19
  • Edited 3:37pm Feb 3, 2020 1:09pm | Edited 3:37pm
Quoting Anonsuomy
{quote} So here’s an update, I started trading with live account on forex.com and been averaging 5%. I guess my strat works cuz I doubled my trading fund already and it’s barely been 2 weeks
Either you are a forex genius or taking too much leveraged risk.
Sooner or later, it will blow up as your leveraged risk is too high once your luck runs out.

I suggest
"Keep your 100% gain and stop real trading for 2 month and trade demo. You will end up more knowledge and account still intact. You will feel good about yourself and you can restart your live trading in 2 month later"

or

"Reduce your risk level - otherwise, your account will be "blow up" sooner or later"
  • #20
  • Aug 21, 2020 1:23am Aug 21, 2020 1:23am
As a new trader, you should always be careful when trading in this market. At first, you should gather all knowledge about the market properly. Otherwise, you can lose all your money.
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