"Beginner" really need advice

Beginner traders need to do demo trading. If you don't learn from demo trading, you will never be able to develop skills.

Proper discipline and meditation are essential to improve one's self-management. Meditation helps to motivate the trader and control the mindset.

I don't think meditation is absolutely necessary, but it does help some people.

I think it doesn't matter which method you use in order to balance your psychological state, the main thing is that it helps.

Hi Guys

I'm new in this Forex Factory but I'm not new in the trading world. Have been studying how to trade for 2 years daily and I still consider myself a newbie compared to the rest here.

However, one part of my beginner advice is that - Do not ever ever believe that Forex trading can give you financial freedom without any consistent effort and persistence to succeed in your part. 90-95% retail traders fail and only 5-10% will succeed to achieve profitability. Go find out why. There are solid evidences out there that are not obvious to new retail traders.

Know who your enemy is in the forex industry. If you can make/lose $100 dollars in 10-20 minutes by trading in Forex, ask yourself, where does the money come from? Money just don't appear out of thin air, and no brokers (and not anyone) is going to give you free money. Think hard about this.

You can try live trading with a relative small account. Once you notice how fast you are losing money, you will then realized that gains or loses can be earned back, if trading is done right.

Also, in forex trading, there are many ways/ systems that claims profitability. Again test it out yourself. - Back test them if required. Put in your own time. Run a simulation trade. Study, take action and analyze. Always question people and think out of the box.

Like any other profession (i.e Doctors or Engineers, that requires 4-6 years of education), trading is similar in such a way that ,you do no expect to be a master trader in months. Trading is a developed skill.

Knowing what you are getting into is essential. Only then you may be able to be part of the 10%? Its a long journey I can assure you.

Cheers!
Zyzel

Hello,

I am a newbie. Trading forex is a weird experience. You are not trading something that represents a certain value, you are trading on a ratio between 2 currencies.
This pair has no simple macroecomic meaning , in fact it so complex that its better to view a pair as an emerging entity of uncertain behavior

Also these pairs or ratios cant possibly be subject to the supply/demand concept. I feel these ratios are related to liquidity requirements by market players. As such, the study of cash flow in major corporation. institutions and goverment would probably depend on the sector and country where the currenciy is being used.

The only hope is that those who play with liquidity do it with a certain a pattern that we can detect by careful analysis and out of that emerges trends..from what I read , trends do appear on a regular basis...therefore there must be a way to get better at detecting them because the player are humans and have certainly habits and methods that we can detect

I hope this makes sense

You are not wrong Borex. In stocks, market manipulators or rather, the true players that drive the price up or down are the hedge funds/ market makers / institutions.
But when it comes to forex who are these manipulators or rather who are the ones that drives the forex market? Certainly it cant be retail traders with small lot sizes. Again, who issues currencies or cash to their citizens? That should answer who the enemies are in the forex market.

Zyzel I know, the Big Banks make and shape the market. The only pattern I believe really exists is a long trend, anything other then a long trend is in a chaotic state.
From what I read, market makers are less damaging in trends but they still are. They are like snippers, and can kill trades with enormous precision anytime they want.
What is your protection against snippers during trends.

this is a great writing.
it can be a guide for any beginner.

No matter how skilled you become, at some point, if you dont trade high volumes, you will never make significant earnings. Low volume trading with tight risk management approaches are promoted kindly by some experts to prevent you from loosing money. Its also about how much time forex trading consumes in your life. In my case its a hobby I enjoy. I also try not to put too much time to it, so I can explore other things in life. But if I were to decide to try and make a living out of it, I would sit down with pro traders, would seek financing from partners and would engage in large volume trading. At the moment I do forex to learn and develop skills and by association learn about markets in general.

Everyone went through that feelings actually.

Start with...

1) babypips.com/school
2) Youtube
3) Look at your broker's website. There must be some valuable video tutorials available there.
4) Always read forex forums like forex factory, babypips, mql5, etc.
5) Read books/ebooks like

1. Uncharted Stratagems: Unknown Depths of Forex Trading
2. Forex Backdoor: A 3-Step Down-Low Razor-Sharp Guide To 0.5% Profit Per Day
3. and many more in Amazon

You are correct, Borex. If you are looking to make Forex your bread and butter, then you will need to trade in high volumes. Otherwise, its just pennies.

Trading high volume or Lot Size requires EXTREME confidence and experience. How you can achieve that is run a simulation trade maybe in soft4fx? If you can win there consistently, you will have a "higher" chance to succeed in Live trading. This is just a small tip or could be something that you have already known. But if you have already known, then you are already in the right direction

Again when it comes to trading, you are your own trader and you decide how much time/effort you want to put into it

Cheers and God bless
Zyzel

Golden Rules [Taken from my private discord group. Link in profile]
- Accept that you will be wrong. Take the loss and learn from it.
- Accept that you will lose, even if you're right. Stick to your rules.
- Be disciplined. Keep to your rules. Keep emotions away.
- Capital preservation is important. Keep your risk consistent. If you risk 1% of your capital, then keep it constant. If you risk 3% of your capital, keep it constant too.
- If you're worried about how much you're going to lose, reduce your risk. You're risking too much now.
- No should've / could've / if only. I would have been a millionaire by now.
- Overtrading doesn't mean higher return.
- Risk management is important.
- React; Do not predict where the price will go. Let the market tell you where the price will go.
- Strategies based on luck is not consistent.
- There is always another setup. If you miss this one, wait for a re-entry or just close your charts. Do not enter at a bad price.
- Treat your results in terms of % and not monetary value. My $1,000 a trade risk could be 1% of my capital, but 10% of yours.
- You will miss a lot of winning trades. Be patient.

Hi Everyone I am new here and trying to get started posting. I don't see an official introduction section to get started so I thought I would try and reply here. I am hoping to be able to post and interact here where I see strategies and efforts that fit. Good luck in your efforts to everyone here who is new as well and also thanks in advance to the seasoned traders who stick around and provide help.

Lusky

Hi Rachelle. I'm way over the time I was going to allow for this today, but here is how to start. Get a free practice account from a good broker like Oanda and practice until you have made all the common mistakes, like hitting buy when you meant to hit sell. Then set up a live account and trade the minimum 0.01 lots until you are consistently profitable. Plan on that taking 5 to 15 years. Then you will know all about money management and you will know how much to trade. Then meet me on the beach at an all inclusive resort. Happy Trading!

This is for all you beginners out there. This is my opinion and I understand if you disagree. If you are new to this, you need to learn all of what you can. There are many free resources out there that do a good job explaining things. You should start with babypips. Now, taking the quiz's are optional. Baby pips will give you a basic understanding on how all this works. It will touch on margin, indicators, patterns, candle sticks, etc. Now, this is just for the basics. You don't have to use everything that you learn from babypips. It is there to give you a basic understanding on what Forex is. You should try to learn all types of trading like price action, algorithm trading, fundamental trading, etc. Now, you don't have use them but to know them is valuable. Me personally, I stay away from fundamental trading. I don't trade economic news. I have seen it go south. I do use some elements of price action and I mainly trade algorithms, that I have developed. Not everyone is the same. If you are interested in algorithm type trading, there are many people on youtube that teach that. NNFX by VP is an awesome channel but you don't have to do exactly what he says. You can take elements from him and others and make it your own. That is even the point of his channel. He won't give you his algorithm, just the elements and the tools to build one yourself. Now, if you are just starting out, I suggest learning the basics, figure out what kind of trader you intend to be, and demo demo demo, back test and forward test until you get it right. Once you feel comfortable, go ahead, try it. I am a swing trader and I only trade the daily chart. I tried scalping, intraday and even binary options and all of those in which failed for me. Swing trading the daily was the only way I have become profitable. I am now part of the 5 percent. We are all adults here and we all recognize the risk. Knowledge is obtained, used and evaluated over time and you need a great knowledge in three areas to succeed. 1. risk management 2. the psychology of trading, the mind can mess you up whether you are winning or losing. We have all been there. 3. your trading strategy. Once you have a clear understanding of all three, you will be part of the 5 percent of profitable traders.

Not sure if this is the correct thread to ask in but I have not come across another place nor found the answers. Where can I find info out how long it takes to complete junior status here and then be able to participate in the following which is currently not allowed? My goal is to be able to participate in a Trading System group.

"Additionally, there are several features that you don't have access to as a Junior Member, including:

Starting threads
Sending private messages
Liking/Disliking posts"

thanks in advance, Lusky

its a more appropriate place for the traders who are above all beginners, i hope you will enjoy the environment with learning new level of trading , just be active in there and you can trade in a practice account . thanks in advance , happy trading.

As a new trader always choose a broker carefully after some research online. Always choose a regulated broker with great trading features. You should look waht the broker offer and what you need to start.