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Best Advice You Can Give A New Trader Starting Out

  • #21
  • Sep 5, 2020 8:28am Sep 5, 2020 8:28am
Very correct especially in the last message of post 3. You may be trading for as long as 20 years and still, there is no guarantee of a consistent profit. It's very important not to completely rely on trading as your only source of income in the beginning.
  • #22
  • Sep 5, 2020 9:13am Sep 5, 2020 9:13am
My advice is, don't rush into attempts to make money. Rushing the process of learning leads to failure.
  • #23
  • Sep 6, 2020 5:05am Sep 6, 2020 5:05am
just dont rush, take your time on demo. only go liv when you have a consistent strategy that brings in decent profit at least 15 percent
  • #24
  • Sep 8, 2020 4:21am Sep 8, 2020 4:21am
I am still a new trader. Practice makes perfect they say. I got an inexpensive simulator. I love using it to develop my brain to spot patterns and test out new strategies. So far I figured out that there are as many strategies as there are traders. I would say the best strategy is the one that you develop yourself because it will fit with your schedule, lifestyle, and personality.

Finding a strategy that works is easy , sticking to the plan of that strategy is the real hard part. Be patient, and use sound money management.

Mm-hmm. It should be all right, I think.
  • #25
  • Sep 8, 2020 4:32am Sep 8, 2020 4:32am
dont trade demo for too long... you will not learn how to control your emotions... its better to open a small account and trade 0.01 size than trade a demo for 5 months. Nothing beats live trading conditions.

Any time i try out any stratgy adjustments i follow this every time open a small seperate account and trade as small as possible to see what happens in real time real emotions
  • #26
  • Sep 14, 2020 9:30am Sep 14, 2020 9:30am
Quoting ThatlldoPig
I am still a new trader. Practice makes perfect they say. I got an inexpensive simulator. I love using it to develop my brain to spot patterns and test out new strategies. So far I figured out that there are as many strategies as there are traders. I would say the best strategy is the one that you develop yourself because it will fit with your schedule, lifestyle, and personality. Finding a strategy that works is easy , sticking to the plan of that strategy is the real hard part. Be patient,...
Developing one's own strategy requires patience as it is a time-consuming activity. It's perfectly alright if your initial strategy doesn't yield great results. To make your strategy bring profitable results you have to constantly improve it so do a lot of backtesting.
  • #27
  • May 5, 2024 5:34pm May 5, 2024 5:34pm
Hey fellow traders! As a newbie in the forex world, I'm eager to soak up as much knowledge as I can. Experienced traders, I'd love to hear your pearls of wisdom! What advice would you give to someone just starting out in the trading game?
  • #28
  • May 6, 2024 7:12pm May 6, 2024 7:12pm
Quoting amtrading
dont trade demo for too long... you will not learn how to control your emotions... its better to open a small account and trade 0.01 size than trade a demo for 5 months. Nothing beats live trading conditions. Any time i try out any stratgy adjustments i follow this every time open a small seperate account and trade as small as possible to see what happens in real time real emotions
I love your perspective!
  • #29
  • May 8, 2024 8:01pm May 8, 2024 8:01pm
Learn to hold longer than a day. The better you are at this; the less troubles you will have in the future.
Trading is gambling. So gamble responsibly.
  • #30
  • May 9, 2024 10:22am May 9, 2024 10:22am
Hey guys,

I am new to trading and just started trading gold with an expert advisor provided by a company. How do you feel about these automated expert advisors?
  • #31
  • Last Post: May 14, 2024 1:56pm May 14, 2024 1:56pm
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.
Start by mastering a single trading strategy that aligns with your trading style and risk tolerance. Practice executing trades on a demo account until you consistently achieve profitable results. Additionally, prioritize risk management by using stop-loss orders and only risking a small percentage of your trading capital on each trade.
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