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Any Advice for a Beginner?

  • #81
  • Oct 21, 2021 8:19pm Oct 21, 2021 8:19pm
More practice will make a man perfect and you only can become successful in forex if you have good skills and skills only comes with practice and hard work.
  • #82
  • Oct 27, 2021 5:43am Oct 27, 2021 5:43am
My advice to beginners is to train a lot using the demo account until you make a consistent profit and build several strategies and skills for unexpected outcomes.

There is always loss in forex; if you are not ready to face losses, do not start trading because it is mostly about taking risks.
  • #83
  • Nov 10, 2021 2:59am Nov 10, 2021 2:59am
Start with mechanical trading, no subjective rules included. Not for the gains but for the understanding that when you think a trade won't play out because you feel like it doesn't look good. It still can end up being a winner. This learns you to have confidence in your strategy. Once you can put on trades no matter the outcome of the previous trade you can move on to subjective trading. Including rules or twisting rules to more subjectivity.

Good luck
  • #84
  • Nov 23, 2021 2:39am Nov 23, 2021 2:39am
you said actually to control emotions and greed which causes a great risk and losses for the beginners level. but that's really not an easy task as a New forex trader in a real account . for that reason i prefer minimum 6-8 months to practice in demo account , otherwise the result of live trading could be worst chapter.
  • #85
  • Nov 23, 2021 6:40am Nov 23, 2021 6:40am
Work on your psychology as much as you work on other aspects of trading. No matter how well you know the right way to trade properly, emotions can still be a hindrance in your way to implement that knowledge. You will feel yourself frozen when you are required to act fast and sometimes when you will be required to take your hands off the desks you’ll find yourself trading because you didn’t work on the element(emotions) which drive our actions most of the time.
  • #86
  • Dec 22, 2021 5:24am Dec 22, 2021 5:24am
It would be good for traders if they stick to the basic purpose of using a demo account and don’t depend too much on the results.
Use a demo account just to get an overview of the working of the forex market instead of jumping directly into the market. Collect information about the terms and features you read in your books before you have to make use of them with your money at stake.
  • #87
  • Dec 22, 2021 7:24pm Dec 22, 2021 7:24pm
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.
Be aware of all the red herrings and wild goose chases that educators who don't really know what they are doing will feed you and education retail material intended for the masses....."ooh, price is breaking out of a trend line, the baby pips module on trendlines says that I should buy immediately and put my stop beneath the last pivot....oooh noes, price has immediately reversed back on me and took out my stop loss......and then reversed right back in my direction ARGGHHH...STOP LOSSES ARE FOR SUCKERS!!!"

The over emphasis on 'divergences' candle patterns, trendlines, break outs, and Fibonacci ratios, and indicator buy/sell signals, is all there to suck your account dry....it works when it works, but most of the time, these things will not work.....see below for more on that.

The key to good trading performance is basically being able to pick a good trade location. Get that right, and you will get good results with any old p.o.s. setup some educator sold yo you for £1000. Spend some time reading and experimenting with Supply and Demand zones in price. I have seen some people here draw S&D zones around consolidations. I don't do it this way. I draw the zones at key levels where price has been clearly rejected (in either direction), these are often the levels where you should become interested in taking a trade.....it will take time to get the knack of it...lots of time.

Avoid the temptation to trade break-outs (until u really really know what you are doing) #1 way in which market rapes retailers.

Trade with a live account by all means, as most novices will find the whole thing far too boring to begin with, it will also give you a little introduction to all the psychological elements and traps involved with this game. When you start getting too freaked out by the amount of money you are consistently losing (and lose you almost certainly will), Stop. If you still have an appetite for this, then restart with a demo account and stay with a demo account until you have a very clear game plan that you have tried and tested ingrained in your mind....then try again with a small live account.....there will likely be a few cycles between small live, and small demo.....
  • #88
  • Dec 24, 2021 4:17am Dec 24, 2021 4:17am
Quoting MatDerKater
{quote} Be aware of all the red herrings and wild goose chases that educators who don't really know what they are doing will feed you and education retail material intended for the masses....."ooh, price is breaking out of a trend line, the baby pips module on trendlines says that I should buy immediately and put my stop beneath the last pivot....oooh noes, price has immediately reversed back on me and took out my stop loss......and then reversed right back in my direction ARGGHHH...STOP LOSSES ARE FOR SUCKERS!!!" The over emphasis on 'divergences'...
Trust this speaker!
  • #89
  • Dec 29, 2021 2:31am Dec 29, 2021 2:31am
@LouiseKing I agree with your point. There are a lot of differences between trading using a demo account and trading using a live account. Beginners should not become habitual of trading in a demo account so that it becomes difficult for them to switch and adjust to trading with a live account.
  • #90
  • Dec 29, 2021 10:24am Dec 29, 2021 10:24am
Is babypips a good forum to use to post questions as a beginner?
  • #91
  • Dec 29, 2021 10:56am Dec 29, 2021 10:56am
Quoting broker12
Is babypips a good forum to use to post questions as a beginner?
Same thing as any open public forum, there are gonna be a few solid traders kicking around, but mostly the blind leading the blind.

From what I seen, there are a better standard here, but again, they are in the minority.

By all means, run through the Baby Pips trading course and learn how the markets are *meant* to function, and how they seem to function with examples cherry picked with the full benefit of hindsight....but remember that whatever you learn there, is what everyone else has learned.....and 'everyone else' is generally getting wrecked.

But since I am here, what do you want to know?
  • #92
  • Dec 29, 2021 11:50am Dec 29, 2021 11:50am
Quoting broker12
Is babypips a good forum to use to post questions as a beginner?
Both babypips and forexfactory are communities for traders. It's not about which one is better but to find the right person to answer your questions.
Risk Management is of utmost importance!
  • #93
  • Dec 29, 2021 2:09pm Dec 29, 2021 2:09pm
Quoting MatDerKater
{quote} Same thing as any open public forum, there are gonna be a few solid traders kicking around, but mostly the blind leading the blind. From what I seen, there are a better standard here, but again, they are in the minority. By all means, run through the Baby Pips trading course and learn how the markets are *meant* to function, and how they seem to function with examples cherry picked with the full benefit of hindsight....but remember that whatever you learn there, is what everyone else has learned.....and 'everyone else' is generally getting...

Thanks for the reply!

I'm just getting into trading forex at the moment and am struggling to choose some strategies to use.

I seem to be getting the basic idea of them but struggle to look for specific entry points.
The ones I've been specifically looking at are the travel strategy and the MACD. with the t-wave I am struggling to find any hugh or low test bars to identify an entry point. And the MACD I am also struggling to find specific entry points.

Is there any advice you could give me to those questions or alternatively point me in the right direction of a good/simple strategy to use to get mr started.
  • #94
  • Dec 29, 2021 3:14pm Dec 29, 2021 3:14pm
Quoting broker12
{quote} Thanks for the reply! I'm just getting into trading forex at the moment and am struggling to choose some strategies to use. I seem to be getting the basic idea of them but struggle to look for specific entry points. The ones I've been specifically looking at are the travel strategy and the MACD. with the t-wave I am struggling to find any hugh or low test bars to identify an entry point. And the MACD I am also struggling to find specific entry points. Is there any advice you could give me to those questions or alternatively point me in the...
OK, so you are right at the very very start, at the very most basics.

The thing with strategies, is that their effectiveness has much more to do with the trader using them, than the strategy itself. Something you will discover after several thousand hours in front of the screens (lol)

For me, the thing of primary importance in any trade, is getting the trade location right. I never realised that for a very long time, because nobody evr taught me that and had to learn the hard way. So first, you are going to need to learn how to go about identifying good trade location.

I recommend you go here:

https://www.forexsignals.com/

If you want to do the cheap (free) way, register for a 7 days free trial, make sure you login with Brave Browser, then head over to the education section, head straight for Max Norbury, and stream all his education videos, the course and his seminars, straight to your hard drive (u will need a stream downloader app for that), and watch at your leisure.

If you want to do it the more expensive way, you could subscribe (and stream the content at leisure, ask questions of the 'Mentors', etc) but the community there isn't fantastic.....there are quality people there of course, but the chat and discourse is dominated by complete and utter fkn bullshitters, and as a novice, you won't be able to tell the wheat from the chaff......the site functionality is also pretty shite.....way lower tier than simply using Discord for example.

Think it is £40 for a month, or £250 for 6 month.

There are a shit ton of red herrings out there in the FX trading education space, I should know, cos I bought plenty of them, but Max Norbury is a diamond in the rough. check him out.

Here is the guys YouTube page:
https://www.youtube.com/channel/UC3e...agCZZ3QDxgZywg
  • #95
  • Dec 29, 2021 3:50pm Dec 29, 2021 3:50pm
Oh yes, and when you learn a couple of strategies (or indeed develop your own), you are going to want to backtest them.

For that, I would recommend Motivewave. A fucking brilliant charting program overall, that also has a very decent built-in market replay feature, and the Community Edition is free whilst still offering loads of functionality.

Open a real/demo account with either FXCM or OANDA for your data feed, and then you are good to go.
  • #96
  • Dec 29, 2021 10:23pm Dec 29, 2021 10:23pm
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.
Free RSS you can get is babypips.com

There are a few books you can also get from amazon to get your foundation tight. Trade in the Zone by Mark Douglas is my all-time favorite. I have it on both book and audiobook.

Cheers and good luck!!
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #97
  • Dec 30, 2021 1:05am Dec 30, 2021 1:05am
Quoting MatDerKater
Oh yes, and when you learn a couple of strategies (or indeed develop your own), you are going to want to backtest them. For that, I would recommend Motivewave. A fucking brilliant charting program overall, that also has a very decent built-in market replay feature, and the Community Edition is free whilst still offering loads of functionality. Open a real/demo account with either FXCM or OANDA for your data feed, and then you are good to go.
Thanks a lot for those detailed replies!

I'll check out the places and software you have mentioned.

Thanks again!
  • #98
  • Jan 5, 2022 11:01am Jan 5, 2022 11:01am
The main advice which I consider the major one is that never try to earn all money. You will never be able to earn money if your objective will be earning money actually. The very firts goal for you should be the knowledge and experience. These two thingscan't be compared to money because they're worthless.
Moreover, I would advice a beginner not to rush and do everything gradually. You have to underline particular amount of time which you will daily dedicate to trading, I mean learning and practicing. Always start from learning theory and then move on demo account. I guess it's enough for beginning.
  • #99
  • Jan 5, 2022 11:54pm Jan 5, 2022 11:54pm
Quoting Raincrusher
The main advice which I consider the major one is that never try to earn all money. You will never be able to earn money if your objective will be earning money actually. The very firts goal for you should be the knowledge and experience. These two thingscan't be compared to money because they're worthless. Moreover, I would advice a beginner not to rush and do everything gradually. You have to underline particular amount of time which you will daily dedicate to trading, I mean learning and practicing. Always start from learning theory and then...
Thanks for the advice
  • #100
  • Jan 5, 2022 11:57pm Jan 5, 2022 11:57pm
To be frank, you could always create a demo account as soon as you start studying more about chart patterns in your trading platform.
Those will help you to understand better, and then you can use strategy to form a pattern of your own. Once you found a good strategy to use, you are off to good start.
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