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Any Advice for a Beginner?

  • #141
  • Jul 20, 2023 2:34am Jul 20, 2023 2:34am
For beginners, my advice would be to trade using regulated brokers like Pepperstone or FP Markets.

Using demo brokers during the initial stages is better to avoid unnecessary losses and risks.
  • #142
  • Jul 21, 2023 10:11am Jul 21, 2023 10:11am
Get a job and get paid every week
every Saint has a past. Every Sinner has a Future
  • #143
  • Jul 24, 2023 1:51pm Jul 24, 2023 1:51pm
Read Some Books, Learn From Youtube, Books like Naked Forex, TJR And ICT As Youtubers, And Please, Don't think Forex Is A Get Rich Quick Type Of Thing, It can take up to months, years, to click. I recently had that mindset for about 5 Months, got lucky with pattern trading for a month, thought i was doing something. Wouldn't you know it, in 2 weeks from 130k (DEMO) back to 106K, The 130K I Had Made In Like A Month, I had gotten Lucky With A Subjective System. Don't Be Like That, Take Your Time, Also Learn From Mistakes. #1 Tip Though Right Now As A Beginner is Obviously Patience, But Don't Tell Anybody That You're Learning Forex, The Amount Of Negativity You Are Going To Get Is Insane. My Dad Keeps Telling Me That it's a Scam And I Will Lose My Money Quick, This Is Coming From Him, Who Once Treated The Forex Market Like The Stock Market, Put his Whole Balance Of 500 Euros On One Trade, Just Like That, Lost His Whole Account, And Says Same Is Going To Happen To Me. It's Sad, But They Don't Believe in You That Much. So Rememember, Consistency Is Key, And Take It As Serious As A Job.
  • #144
  • Jul 28, 2023 3:41am Jul 28, 2023 3:41am
Advice for beginners:

  1. Do you have money? The side money that is ready to be burned? No? If not, it might be better to consider finding a stable job. Forex trading is a financial venture suited for those with sufficient capital to spare and are well-prepared for the risks involved.
  2. Full-time Trader? Trading for a living? Forget about it.
  3. No strategies work for the long term. If yes, all brokers are bankrupt now.
  4. Leverage is your number one enemy, not your psychology.
  5. Fix your expectation. Set to yearly target and be realistic. 10-15% a year is a good start.

  • #145
  • Jul 28, 2023 4:57am Jul 28, 2023 4:57am
1. Dont risk more than .5% per trade
2. Reward should be atleast 2x the risk. So .5% risk 1% reward.
3. Choose one setup and only one setup
4. After putting the order, set and forget.

Thats it. Let the statistics be in your favor.

P.s. demo before live. Back test forward test

Know ftlog that trading is gambling
Trading is gambling. So gamble responsibly.
  • #146
  • Jul 28, 2023 7:36am Jul 28, 2023 7:36am
Quoting Sovy
1. Dont risk more than .5% per trade 2. Reward should be atleast 2x the risk. So .5% risk 1% reward. 3. Choose one setup and only one setup 4. After putting the order, set and forget. Thats it. Let the statistics be in your favor. P.s. demo before live. Back test forward test Know ftlog that trading is gambling
a Recipe for disaster.
Don't risk more than .5%, and get hit 10 stop losses in a row. After that got angry and gambled to get the money back.
Never-ending cycle.

Wake up.
Never trust the stupid money management like that.

The only way to survive is to trade with sanity.
  • #147
  • Jul 28, 2023 7:57am Jul 28, 2023 7:57am
Quoting bayfresh
{quote} a Recipe for disaster. Don't risk more than .5%, and get hit 10 stop losses in a row. After that got angry and gambled to get the money back. Never-ending cycle. Wake up. Never trust the stupid money management like that. The only way to survive is to trade with sanity.
Different strokes for different folks. What works for me for the past 8 years may not work for you in a day.

i do admit since i trade once a week so 10 losses is 10 weeks in a row hasn't happened yet.
Trading is gambling. So gamble responsibly.
  • #148
  • Jul 28, 2023 8:04am Jul 28, 2023 8:04am
Quoting Sovy
{quote} Different strokes for different folks. What works for me for the past 8 years may not work for you in a day. i do admit since i trade once a week so 10 losses is 10 weeks in a row hasn't happened yet.
8 years of disaster?

Sorry dude you can't lie!

You joined Forex Factory in January 2023 and claimed that you trade for the past 8 years.

What kind of Forex Trader didn't have a Forex Factory account for 8 years?

A loser one?
  • #149
  • Jul 28, 2023 8:10am Jul 28, 2023 8:10am
Quoting bayfresh
{quote} 8 years of disaster? Sorry dude you can't lie! You joined Forex Factory in January 2023 and claimed that you trade for the past 8 years. What kind of Forex Trader didn't have a Forex Factory account for 8 years? A loser one?
Ah yes, 9 years. 2014 was when i started. Nah, never heard of forex factory until recently. And saw it was great and decised to be a member.

What kind of forex trader didnt have a forexfactory.com account? Someone who didnt need it.

Loser? I dont really care what you believe in. ill stick with my guns.
Trading is gambling. So gamble responsibly.
  • #150
  • Jul 28, 2023 8:15am Jul 28, 2023 8:15am
Quoting Sovy
{quote} Ah yes, 9 years. 2014 was when i started. Nah, never heard of forex factory until recently. And saw it was great and decised to be a member. What kind of forex trader didnt have a forexfactory.com account? Someone who didnt need it. Loser? I dont really care what you believe in. ill stick with my guns.
WHAT A JOKE.

That's the beauty of being anonymous, right?

I can also claim that I'm Warren Buffet. And if you didn't believe me, I don't care.

Ah, just give you a few months, then you'll lose all your money and be gone forever here.

Don't worry, I'll capture this moment in my documentation. I'll bring it few years later.
  • #151
  • Jul 28, 2023 8:22am Jul 28, 2023 8:22am
Quoting bayfresh
{quote} WHAT A JOKE. That's the beauty of being anonymous, right? I can also claim that I'm Warren Buffet. And if you didn't believe me, I don't care. Ah, just give you a few months, then you'll lose all your money and be gone forever here. Don't worry, I'll capture this moment in my documentation. I'll bring it few years later.
I find that an honor that you would keep track of me that way. *blush.

Hehe.

Good luck to you.
Trading is gambling. So gamble responsibly.
  • #152
  • Jul 29, 2023 9:49pm Jul 29, 2023 9:49pm
Quoting Sovy
{quote} I find that an honor that you would keep track of me that way. *blush. Hehe. Good luck to you.
Don't worry; I'll do that for free.

I have encountered many versions of you and will meet them in the future.

They all have the same trait; they are arrogant pricks.
  • #153
  • Jul 29, 2023 10:05pm Jul 29, 2023 10:05pm
Quoting bayfresh
{quote} Don't worry; I'll do that for free. I have encountered many versions of you and will meet them in the future. They all have the same trait; they are arrogant pricks.
Stalking much. Ugh. :3
Trading is gambling. So gamble responsibly.
  • #154
  • Aug 12, 2023 8:10am Aug 12, 2023 8:10am
I don't know whether my answer will be helpful for as more than a decade since you question has passed. Anyway, maybe some other traders who are only making their first steps on the market will find it handy.
- Read articles, book and literally surround yourself with the information about trading. Watch podcasts, videos and so on.
- Practice every day. It doesn't mean you should go and find any broker, open an account and deposit your funds. You can do it easily on the demo.
- Read forums and communicate with peers traders. They can stand as a very valuable source of information for you as they have experience.
  • #155
  • Aug 15, 2023 10:10pm Aug 15, 2023 10:10pm
For me personally, I learn to trade from several sources, such as:
1. Baby Pips School of Pipsology
2. Youtube Channels
3. Blogs such as How to Trade and Prime Codex.

After that, you can start practising in a demo account
  • #156
  • Aug 16, 2023 8:19am Aug 16, 2023 8:19am
What (if any) indicators should I use as new to forex?
  • #157
  • Aug 16, 2023 8:58am Aug 16, 2023 8:58am
Quoting Mattfx042
What (if any) indicators should I use as new to forex?
Moving Averages.

Most typically

8 EMA
21 EMA
50 MA
100 MA
200 MA

And multiple timeframes, i.e.

Weekly, Daily, 4Hr, 1Hr, 15min.

And if u are a beginner, I suppose you should at least know what momentum indicators such as RSI and MACD are, and how they (are meant to) work. Just don't fall into the trap of thinking you can use them as trade setup parameters. n00bs like to fade overbought and oversold zones in RSI or buy/sell MACD crosses (NEVER do this) Novice traders who think they know what they are doing, like to trade momentum divergences, inevitably trading against the trend. I don't recommend u do this either, but you at least have to know what these things are, and how ur favourite TA 101A tutor reckons they should work.

When you get up n running a bit, then add Floor Pivots (Pivot Points) and Volume Profiling to ur chart.
  • #158
  • Aug 16, 2023 10:47pm Aug 16, 2023 10:47pm
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.
Do not buy EA, again. If you really care your money, you will take it serious. Look for a good platform, create a demo account, learn some useful knowledge, ask some information from experienced traders and forget it when you lose even though you've followed all the rules mentioned above.

One more thing, trading Forex is a little bit risky than other investment, meaning that you should also have a good luck even though you are well-prepared. However, knowing lots of trading knowledge can still increase your WP. Pick a good platform!
  • #159
  • Aug 17, 2023 2:47am Aug 17, 2023 2:47am
To become a great trader, you must have a lot of experience, money management abilities, analytical skills, and the ability to analyse market patterns. Never give up on Forex trading, and always learn from your failures.
  • #160
  • Aug 17, 2023 4:25am Aug 17, 2023 4:25am
Quoting GusParker
{quote} Moving Averages. Most typically 8 EMA 21 EMA 50 MA 100 MA 200 MA And multiple timeframes, i.e. Weekly, Daily, 4Hr, 1Hr, 15min. And if u are a beginner, I suppose you should at least know what momentum indicators such as RSI and MACD are, and how they (are meant to) work. Just don't fall into the trap of thinking you can use them as trade setup parameters. n00bs like to fade overbought and oversold zones in RSI or buy/sell MACD crosses (NEVER do this) Novice traders who think they know what they are doing, like to trade momentum divergences,...

Thank you for your post.
Do you have a name of the indicators in mind on Tradingview?
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