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Any Advice for a Beginner?

  • #61
  • Aug 3, 2021 8:50am Aug 3, 2021 8:50am
Quoting XxixixX
{quote} It depends, I have about 15 working strategies I use throughout the week. Some are intra-day, vs. others are for the day. The FX markets are very fickle and just have not found anything viable that works for me longer term. (still have some in the 20/20 testing) however nothing has held up going into the 4th phase. Trading for others, started at about year 10. Keep in mind trading for others is a different animal. Started with family members, who would ask and say sure why not. I learned along the way this can be a mistake. Certain expectations...
Isn't it that very difficult to use simultaneously 15 strategies ? I could send you a link with people that seems to be good on swing trading on forex if you want. Strangely their articles on long term trading positition helped me a lot to build my short term strategy.

I think trading for others, or suscribing to a prop firm ....is clearly not the moment for me. I need to do now the exact same thing I did on demo, going from - 5 % a day to + 0,01 % a day on 100 days, now it's - 0,70 % a day to + 0,01 % a day.

And THEN.... trying to improve that positiv results. What a challenge it is but I'm on it for the long haul. I can't die someday by thinking that I didn't managed to make this work somehow. You now I'm more interested in becoming good in it and having the joy of having won this challenge than in money. Money will be a bonus !

Have an awesome day and thank you to always take the time to answer to me, that's motivating !!
  • #62
  • Aug 3, 2021 12:22pm Aug 3, 2021 12:22pm
Quoting Focusedmind
{quote} Isn't it that very difficult to use simultaneously 15 strategies ? I could send you a link with people that seems to be good on swing trading on forex if you want. Strangely their articles on long term trading positition helped me a lot to build my short term strategy. I think trading for others, or suscribing to a prop firm ....is clearly not the moment for me. I need to do now the exact same thing I did on demo, going from - 5 % a day to + 0,01 % a day on 100 days, now it's - 0,70 % a day to + 0,01 % a day. And THEN.... trying to improve...
I am not using all 15 at once. Some strategies are based on "rate announcements", some are traded at certain times of the day (news related), some are based on pattern formations, etc. I will use maybe 1 - 3 at once. Once in a trade I try not to be all over the map "grasping at straws". I have some strategies that trades all similar based currencies, start with small positions and cut the losing positions (keep in mind these are small to begin "no harm no foul") add to the winners once the trend in underway. It's like casting a wide net, all I need is one trade to work out to make up for all the losers. Losing at trading is a given, just have to get really good at it, if you know what I mean
  • #63
  • Aug 4, 2021 9:25am Aug 4, 2021 9:25am
There is so much information out there for trading, lots of nonsense and lots of really good stuff.

So much to say in one post, I will try to be brief on my thoughts with what comes to mind right now.

Everything you need is available out there for no charge so don't be pulled into expensive courses, you just need to be dedicated to take the time to learn this new skill and manage realistic expectations.

It's not so much about the trading system but more about the management of it. How you manage your risk and exposure. You can give the same trading system to multiple people and they will all have different results.

For beginners, just expose yourself initially to trading, the tools available, the charts, the forum here so you get to grips with what goes on. It's almost like starting to work for somewhere new, you need to build up your hours exposed to the environment.

Then try all sorts of different styles of trading out so you can figure how you best you react to different strategies, scalping, swing trading or longer term trading. Find a strategy that works for you, back test the strategy to make sure it has an edge.

Learn about risk management, risk of ruin, win rates and risk to reward ratios. Learn and understand that you just need an edge, like a casino, it doesn't matter which individual trades you win or lose. It matters over a large sample size that you end up with an edge.

Then it's a matter of grind. Show up, take the trades and let your results show. Alter your strategy as you gain data to optimise it and continually grow.

Enjoy the ride.
  • #64
  • Aug 17, 2021 9:36am Aug 17, 2021 9:36am
First of all, I should tell you that there is no need to buy any courses or learning materials, because all the learning materials are available free of charge and there is no need to pay money to some people with the doubtful reputation. Babypips website has great educational materials which you may learn and acquire some basic understanding of what trading forex is all about. Surely, you won't become an outstanding trader right after reading those materials, but it is a good start. If you have desire to keep on learning trading, I advise you to search for answers to your questions on different forums. This way is free of charge and really efficient, because you are highly likely to come across different opinions on the same issue and you will have the opportunity to decide which approach is better for you. It is always important to see different opinions on the question because it allows you to look at the subject under different angles. However, the most efficient way to learn trading is to find a mentor. That is really hard to find a good and experienced trader who will spend their time on you, but if you found one, that would speed up your learning.
  • #65
  • Sep 4, 2021 12:33am Sep 4, 2021 12:33am
Quoting FinanceCat
Hi All, I am new here and have just signed up to this forum as It looks one of the more helpful for traders. Just wondering if anyone can direct me to any good courses/websites that don't just try to get your money if you know what I mean, and help you to read indicators, understand how to get into/exit a trade, to build a strategy etc. I have read already some of the threads on here related to beginners but was wondering if there are more options. Any help is much appreciated.
If you really want to success, I strongly advise you go to No Nonsense Forex youtube channel and watch all the videos.

And as my past experiences with losing more than 40 thousands dollar with my accounts, I strongly suggest you don't trade reversal, don't be a scalper, only be a trend trader and follow the big banks move.

Don't get me wrong, there's a lot of scalpers can make money in forex too, but it need much more experiences, and need super strong trading phychology level, and superior discipline.

When you're trading in lower time frame like M5,M15 when the trade go against you 30-50 pips, you'll feel exausted,pressure, any kind of bad emotions will comes together. It will ruins your whole day, trust me.

After I switch my trading time frame to Daily, it is much much more better because I knew the trades have to be running for at least few days, so I don't need to keep watching the chart, and I know that my SL amount is big enough because definitely the price won't move so much in a day except have super big news event. And the best part is, most of the news event you can just simply ignore it, except some big news event like NFP,Interest rate, GDP, Employment rate. those ignored news events will have some impact, but it probably won't hit your SL, and after several of hours, the price will continue to move follow the trend in Daily time frame.
It doesn't mean that trade in Daily time frame do not have enough of pips or profit. if your system is great enough, usually you will get some re-entry signals every few days. And if you trade in Daily time frame, average per successful trade will get 150 pips to 250 pips depends on which currency pairs, sometimes will get more than that.

This is my personal experiences for you, at least I can't success in scalping, but now I feel much more better and more freedom because I do not need to keep watching the trade,I ignore most of the news events, and get more pips in single trade.
  • #66
  • Sep 28, 2021 6:00am Sep 28, 2021 6:00am
In order to become a successful trader, you need a lot of experience, money management, and analytical skills, along with the potential to understand market trends. Always learn from your mistakes and never give up on Forex trading.
  • #67
  • Sep 28, 2021 7:28am Sep 28, 2021 7:28am
Quoting waseemji
In order to become a successful trader, you need a lot of experience, money management, and analytical skills, along with the potential to understand market trends. Always learn from your mistakes and never give up on Forex trading.
No matter what u do, there forces bigger than us moving the market.
U need to educate in macro economics too and go down the rabit hole how th system works, otherwise we are just pawns.
  • #68
  • Sep 29, 2021 12:24am Sep 29, 2021 12:24am
Become a successful trader you need to be discipline.
Always remember no emotional trade.
  • #69
  • Sep 29, 2021 5:14am Sep 29, 2021 5:14am
as a noob/rookie i think patience , composure and perseverance are the key
  • #70
  • Sep 30, 2021 9:48am Sep 30, 2021 9:48am
Quoting CptMathy
as a noob/rookie i think patience , composure and perseverance are the key
u mean the most difficult things.....there is a long way to go.
  • #71
  • Oct 2, 2021 2:50pm Oct 2, 2021 2:50pm
preparation, study of details and rules, all gradually without unnecessary risk
  • #72
  • Oct 4, 2021 3:51am Oct 4, 2021 3:51am
There will be a lot more from the choice of a broker, it depends on how functional it is and how ready to cooperate with a client, as, for example, at amarket.
  • #73
  • Oct 8, 2021 1:26am Oct 8, 2021 1:26am
Patience is the key to success. Patience, self-control and wise decisions along with adequate knowledge is very important when it comes to trading.
  • #74
  • Oct 13, 2021 1:28am Oct 13, 2021 1:28am
First, learn to distribute small amounts, and only then move on to the next level.
Be patient and discreet.
  • #75
  • Oct 13, 2021 2:00pm Oct 13, 2021 2:00pm
Highly recommend for beginners to moderate level forex trader- educational course from "forex tester 5"

I tried the basic course for beginners.
From my experience of forex trading for years. This basic course is highly recommended. It will kick start all technicalities of the trading execution.

Few noted best points are.

  1. Description is precise and Short
  2. Chapters are concise.
  3. Highly interactive. For beginners it’s easy to grasp.
  4. Things like types of order, spread, swaps, base and quote currencies- explained in very perfect way. To my knowledge I haven’t read these details at one place in book or internet.


There are other courses in the Paid version, I am sure those will be also worth.
Please try it.

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  • #76
  • Oct 14, 2021 2:16am Oct 14, 2021 2:16am
For a forex beginner, the best thing I can suggest is controlling your emotions. Your emotions like anger, frustration, greed, etc. can make you make wrong trading decisions. It is better to first learn and understand the market and then, focus on making profits. One wrong decision can ruin the whole of your trading career.
  • #77
  • Oct 15, 2021 2:26pm Oct 15, 2021 2:26pm
The most important thing before doing trading is the understanding that it requires lots of energy and time to get some success.
Why do I say some is because nobody can gurantee you that your work will pay off. In many cases people think that they can make good profits in forex just after watching some youtube videos which cover a couple of '100% strategies'. Surely, it is a misconception. Such trading strategies either don't work or they can be implemented on extremely rare occasions. Every trader should create his personal trading strategy which goes through many different challenges and failed deals. You should be ready to losses because they are an integral part of trading. Even the most skillful and knowledgable traders have bad days and failures and the only thing which keeps them afloat is realisation that such things happen.
In order to create a trading strategy which will bring you the profits, you should learn all the time and under no condition should you think that you know the market perfectly well. The markets are unpredictable, there is no 100% certainty of what will happen in the nearest future, there are only probabilities.
My advice is to be ready to work hard and learn a lot. You should be prepared for the losses and psychological pressure.
  • #78
  • Oct 17, 2021 10:54am Oct 17, 2021 10:54am
Quoting erikte279
Dont bother with a demo account. Start trading live with micro lots at 1 penny a pip, that way you will be more serious and motivated about what your doing.
100% everyone told me to use a demo but found it gave me a false sense of security! Only lasted a month and got straight on a micro account and never looked back.
  • #79
  • Oct 17, 2021 11:58pm Oct 17, 2021 11:58pm
Quoting RachFX
{quote} 100% everyone told me to use a demo but found it gave me a false sense of security! Only lasted a month and got straight on a micro account and never looked back.
You're right. It is only necessary to recommend demo accounts with this remark. How could I not have thought of this before?..
  • #80
  • Oct 21, 2021 1:38pm Oct 21, 2021 1:38pm
Sell high buy low.

check my thread
LOVE
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