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Any Advice for a Beginner?

  • #101
  • Feb 2, 2022 12:06am Feb 2, 2022 12:06am
Quoting shirly1989l
First of all a newbie can try trading with a cent account, which can be tried with a small amount of money.
this is perfect , cent account really supportive instead of demo account.
  • #102
  • Feb 2, 2022 7:28am Feb 2, 2022 7:28am
In the end, it is the transaction that makes people grow。
  • #103
  • Feb 2, 2022 11:25pm Feb 2, 2022 11:25pm
the beginners first of all should develop their mentality , when start trading they keep a message on their mind that 90% losers from here , so there is a chance to bring losses after having good analysis. this is why newcomers cant come out from huge losses. should work on mentality first of all.
  • #104
  • Feb 6, 2022 10:13pm Feb 6, 2022 10:13pm
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.
Take your time before live trading! I jumped in too quick and cost myself money that I couldnt afford to. My brother spent 18 months learning before rising real funds. It seems like a crazy amount of time but it saved him 10s if not 100s of thousands.
  • #105
  • Feb 25, 2022 3:00am Feb 25, 2022 3:00am
Quoting mirage88
{quote} Take your time before live trading! I jumped in too quick and cost myself money that I couldnt afford to. My brother spent 18 months learning before rising real funds. It seems like a crazy amount of time but it saved him 10s if not 100s of thousands.
Congratulations to your brother! I don’t think 18 months is that much long to learn Forex! I guess now he is consistent enough, isn’t? If yes, then he must used his demo sessions so sincerely! I know many traders who spent more than 18 months but till now they are suffering! Actually there is no shortcut way of learning! Unfortunately, I have similar experience as like you; when I was new, I tried to open my live account as quickly as possible! And I faced a huge loss!
  • #106
  • Feb 27, 2022 12:35am Feb 27, 2022 12:35am
Nice to meet you. I am a Japanese FOREX trader. There are rumors in Japan that "MetaQuotes' MT4 & MT5 cannot be used" due to the issue of Russia and Ukraine this time. What do your seniors from overseas think?
  • #107
  • Mar 2, 2022 12:14am Mar 2, 2022 12:14am
Quoting shirly1989l
First of all a newbie can try trading with a cent account, which can be tried with a small amount of money.
This is quite good advice, actually you can try demo first before setting off with either cent or micro account.
  • #108
  • Apr 12, 2022 11:49pm Apr 12, 2022 11:49pm
Beginners should trade Forex carefully and they should be devoid of greed, emotion and fear because these three worst qualities are mostly seen among traders. Their sole intention should be acquiring knowledge as much as possible. Because without earning knowledge, there is no other ways open for them by following which they can derive profits from Forex market.
  • #109
  • Apr 29, 2022 4:39am Apr 29, 2022 4:39am
I would like to recommend the following steps to beginner:

1) First and foremost, please understand that there is no quick and fast track to be a successful trader. Unless your are lucky and find the right strategy early.
2) Make sure you know what forex is all about and graduate from www.babypips.com
3) Find out what type of trader you are and most comfortable with. Long term, swing, intra-day or scalping. What type of person you are?
4) Identify a strategy that suite your trading/life style (step 3).
5) Scour the internet for information of the identified strategy. If lucky, you may find a decent mentor but highly unlikely.
6) Backtest, Journal, refinement of the strategy. Rinse and repeat. You may trade demo account during this period.
7) Find a trusted broker. Many bad brokers out there.
8) If confident of the strategy you may trade life account. Start with cent account first. Never beyond 2% of your capital per trade.
9) Journaling and refinement.
10) Repeat steps 4 to 8 if the strategy fail or not suite your trading style.

Notes:
1) Never trust EA or robots. If an EA is so profitable, why would anyone sell it to you? Think about it.
2) Indicators are lagging. But there are few leading indicators.
3) Price Action is still 1 of the best strategy I found so far.
4) Beginner may use indicator to assist to identify trend direction.
5) Trading is 70% Risk Management/Phycology and 30% strategy. Most strategy you find will work, just the win ratio differs.

Cheers and wish everyone many pips!
  • #110
  • Apr 29, 2022 2:08pm Apr 29, 2022 2:08pm
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDH1.png Size: 25 KB


1) The arrow indicator ASCTrend shows the direction of the trend. This is not a signal indicator - it is a trend indicator.
If the down arrow is red, then it is a downtrend, if the up arrow shows, then it is an uptrend.

2) If the indicator's TrendFlat histogram is red, then we do not trade until the indicator's histogram turns blue. This is a flat indicator.

3) The signal indicator CHO crossed the zero line from the bottom upwards, a signal to buy, provided that the two upper points are met. Similarly, a signal to sell, the indicator line if it crossed the zero line from top to bottom.

4) Exit from position. Follow the signal indicator CHO if it changes direction it is better to exit. Do not be greedy if you take 20-40 points a day, this is enough to become a millionaire in the future. (kidding)
Attached File(s)
File Type: mq4 ASCTrend.mq4   8 KB | 375 downloads
File Type: mq4 CHO.mq4   5 KB | 403 downloads
File Type: mq4 TrendFlat.mq4   5 KB | 361 downloads
I may not notice. Better write in a personal.
  • #111
  • May 9, 2022 7:58pm May 9, 2022 7:58pm
Quoting Dzire
I would like to recommend the following steps to beginner: 1) First and foremost, please understand that there is no quick and fast track to be a successful trader. Unless your are lucky and find the right strategy early. 2) Make sure you know what forex is all about and graduate from www.babypips.com 3) Find out what type of trader you are and most comfortable with. Long term, swing, intra-day or scalping. What type of person you are? 4) Identify a strategy that suite your trading/life style (step 3). 5) Scour...
solid stuff here... 100% focus on yourself and stop following social media guys once you have a trading strategy/trading plan.
  • #112
  • May 10, 2022 11:56am May 10, 2022 11:56am
one should focus on the defence first. without the defence your portfolio won't be there so long. In the market we don't decide how much we gonna make, but how much we could potentially lose. Markets will not be at your favour every time. Market fluctuations are also very high with rising inflation, chinese lock downs, central bank rates, limited supplies during war and much more. and do not ever trade with high leverage just because your broker offers, a few bad trades and you wiped up. Plan your trades according to the technical analysis and do not get so much on news until it is high frequent. And lastly focus on trade/risk management.
  • #113
  • May 14, 2022 1:33pm May 14, 2022 1:33pm
What ever broker will you choose don't forget to use forex rebate provider. That will significantly reduce your trading cost.
  • #114
  • May 15, 2022 7:07pm May 15, 2022 7:07pm
A trader once told me as a beginner don't spend too long demo trading as you won't experience the highs and lows of using real money. He said demo trade for a while but then once you're ready move to a live account. Even if you only trade nano lots initially you will take it much more seriously than if you demo trade and it will help you to overcome a lot of your own psychology.
  • #115
  • May 15, 2022 8:58pm May 15, 2022 8:58pm
Patience! Patience! Patience! Do your research right and the rest will come.
  • #116
  • May 17, 2022 12:42am May 17, 2022 12:42am
Avoid emotion trading. Do not prefer trading if you think you are under the influence of any emotion like greed, fear, or anxiety and you are unable to control them.
Consider facts and figures and then make rational trading decisions.
  • #117
  • May 18, 2022 11:36pm May 18, 2022 11:36pm
I think there is enough content on the internet for free. That you can learn and trade with them and make a profit
Do not engage yourself too much in training
the chart is your best teacher
just Practice
  • #118
  • May 22, 2022 9:49am May 22, 2022 9:49am
Focus on each trade.

Do one good trade, then wait for the next good setup.

Don't be in a rush to over trade too much.


Scale in, scale out. Manage your risk.

Cut your loses quick, and let your winners run.


Don't have directional bias, trade what the market gives/ will give. It always comes in waves/cycles.
Love to talk on Discord: DividendGamer#1324
  • #119
  • May 31, 2022 11:54pm May 31, 2022 11:54pm
Focus on the process, not the outcome. If you have trading strategies that suite you, practice and master it. Unless its really not working for you then look for another trade strategies. Simple the better.

Most important is how you manage your risk reward ratio. End of the day you need to make net profit from all the trade you have taken. Another tips is trade with capital you willing to lose so you wont have any worry trading with it ( would take a while and experience to have this kind of emotion when trading ).

Never give up and all the best fellow new trader out there !
fall seven times, stand up eight.
  • #120
  • Jun 1, 2022 11:30pm Jun 1, 2022 11:30pm
Hey, I've seen great advice given on here and thought I should inquire about my own issues. how do we use the news to correlate with our trading??
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