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Main guidelines for beginners

  • #41
  • Mar 15, 2017 1:41am Mar 15, 2017 1:41am
A novice trader must continue to hone the skills of trading, let alone face the forex market dynamic change at any time, if not always hone trading skills then we are very difficult to be able to get benefits, and for that we do not get bored doing the learning in order to maximize trading its like in the demo account or demo contest in broker instaforex
  • #42
  • Mar 16, 2017 5:20pm Mar 16, 2017 5:20pm
Yes in demo trading we can use all our trading techniques to see the performance how it works. But when we trade in demo account practically lost interest after passing sometimes.
  • #43
  • Mar 16, 2017 11:07pm Mar 16, 2017 11:07pm
Demo - for testing you strategy and practicing executing your process.

Live - The results you get from demo cannot be equate to live market. Trade very small and practice executing it live. The question is Are you able to hold your rifle and shoot when there is an enemy shooting at you.

Best time to trade - London and US hours.
  • #44
  • Mar 19, 2017 10:59am Mar 19, 2017 10:59am
It is prudent for beginners to start trading by developing a fine strategy that usually takes a lot of time and patience. You have to know what you are doing & the reason for doing it. That is why a demo account proves invaluable as it enables you to experiment your trading strategy with no risks. The bottom line is for you not to get frightened by the amount of time it takes. Continue in this, & you'll definitely succeed.
  • #45
  • Mar 20, 2017 7:40am Mar 20, 2017 7:40am
Quoting JamesFx007
It is prudent for beginners to start trading by developing a fine strategy that usually takes a lot of time and patience. You have to know what you are doing & the reason for doing it. That is why a demo account proves invaluable as it enables you to experiment your trading strategy with no risks. The bottom line is for you not to get frightened by the amount of time it takes. Continue in this, & you'll definitely succeed.
I agree. This is why I always tell people who ask me how long it takes to learn that it takes however long it takes. This is not a race, it's not a competition, the only purpose is to learn.
  • #46
  • Mar 20, 2017 1:31pm Mar 20, 2017 1:31pm
Quoting mlawson71
{quote} I agree. This is why I always tell people who ask me how long it takes to learn that it takes however long it takes. This is not a race, it's not a competition, the only purpose is to learn.
Thank you very much. Patience is indeed a virtue that must be cultivated in all areas of life including forex if you must succeed. The lion is known to be a strong & successful predator of all time, not because of its strength but because of its patience & calculative skills. To be the king of the jungle in forex, traders need to emulate this animal by being patient and creating a winning strategy.
  • #47
  • Mar 21, 2017 1:47am Mar 21, 2017 1:47am
Quoting JamesFx007
{quote} Thank you very much. Patience is indeed a virtue that must be cultivated in all areas of life including forex if you must succeed. The lion is known to be a strong & successful predator of all time, not because of its strength but because of its patience & calculative skills. To be the king of the jungle in forex, traders need to emulate this animal by being patient and creating a winning strategy.
certainly very much patience can be good to run its trading, because patience is not owned by it will not be successful, and will cause the greed factor in doing. For that traders try to fight with the patient in running demo account trading by utilizing a good learning phase with the desire to consistently profit obtained
  • #48
  • Mar 21, 2017 5:06am Mar 21, 2017 5:06am
Yes, I am also willing to emphasis on patience which is mainly considered the key to success in this volatile trading place because all achievement in Forex trading is a long time process. But mostly traders especially the beginners try to make success from here very rapidly without learning. As a result they fall a great loss when trading practically.
  • #49
  • Mar 21, 2017 7:47am Mar 21, 2017 7:47am
Quoting RasmusFX
Hello I want to start this thread to help the newbies in trading. Regardless of the market or instrument please post your main personal rules in trading so the new traders won't make the same mistakes and learn in a safe environment. Here is what I think is important and please add more. - best time to trade - how to make your strategy - what to avoid - what indicators to use at the start - what brokers to trust - investments Hope it will catch on
for me best time trading is from europe sesion
mystrategy is based from suport and resistance
what to avoid is i have to pt my Stop loss
i just use trend lind indictors
  • #50
  • Mar 21, 2017 7:59am Mar 21, 2017 7:59am
Quoting JamesFx007
{quote} Thank you very much. Patience is indeed a virtue that must be cultivated in all areas of life including forex if you must succeed. The lion is known to be a strong & successful predator of all time, not because of its strength but because of its patience & calculative skills. To be the king of the jungle in forex, traders need to emulate this animal by being patient and creating a winning strategy.
I agree. Discipline, patience and a cool mind are some of the defining characteristics of a good Forex trader, regardless of whether they're studying or actually trading. If they try to rush ir they only fail.
I wish someone had given me this advice when I was a newbie.
  • #51
  • Mar 22, 2017 2:14am Mar 22, 2017 2:14am
Quoting mlawson71
{quote} I agree. Discipline, patience and a cool mind are some of the defining characteristics of a good Forex trader, regardless of whether they're studying or actually trading. If they try to rush ir they only fail. I wish someone had given me this advice when I was a newbie.
I agree with you. This is the reason why I started this thread.
  • #52
  • Mar 22, 2017 5:24am Mar 22, 2017 5:24am
For beginners, it is humanly possible that you may be occupying yourselves in mere wishful thinking, acting in fear, or trading out of greed. You may be the unreasonable trader, making costly mistakes while trading. But It's ok. It happens to experienced traders sometimes, however, the more you are conscious of your emotional inclinations, the better you can manage them.
  • #53
  • Mar 22, 2017 6:28am Mar 22, 2017 6:28am
Quoting JamesFx007
For beginners, it is humanly possible that you may be occupying yourselves in mere wishful thinking, acting in fear, or trading out of greed. You may be the unreasonable trader, making costly mistakes while trading. But It's ok. It happens to experienced traders sometimes, however, the more you are conscious of your emotional inclinations, the better you can manage them.
It's true, unfortunately. Wishful thinking and believing the market will move in your direction just because you want it to happens even to seasoned traders. Hopefully, it doesn't happen as often as it does to newbies.
  • #54
  • Mar 22, 2017 10:21pm Mar 22, 2017 10:21pm
Quoting mlawson71
{quote} It's true, unfortunately. Wishful thinking and believing the market will move in your direction just because you want it to happens even to seasoned traders. Hopefully, it doesn't happen as often as it does to newbies.
with it to be better able to analyze the dynamic market that we can do to try to learn in doing, in order to be better able to carry out trading. Running a business was the main forex trading in forex business should be the maximum of his knowledge when profit to be obtained
  • #55
  • Mar 24, 2017 2:22am Mar 24, 2017 2:22am
I think that one the main difficulty of beginners is finding a valid source /guide where to study forex.
Sometimes the web is so full of crap and it takes a lot of time (personal experience) to find a complete guide,with ordered and complete informations about indicators ,about strategies etc..
Also,beginners want to jump immediatly on live accounts to get rich quick,wich is a problem.
But i think also trading in demo for a long time is a problem.
For example some days i feel so lazy that i don't even check the markets or my position,thinking :its just a demo,who cares.Or if a lose a trade i don't even ask why.
This mentality(i know is bad) its caused by the demo itsleft ,because i feel im making no progress,wasting my time.
So according to me new traders should learn the basics on demo for 3/4 months and the trade in live but with a very small account (example 50) ,small leverage and with micro lots.
In that way we are obbliged to control constantly the market,we are obbliged to check the position and to control carefully every detail,to test and find better strategies because if not we lose our money.(even if they are only 50,its still better than the 10k of the demo)
I think that this is the best way to learn forex and to make experience in an active way.
I know a lot of you will disagree.
  • #56
  • Mar 24, 2017 5:35am Mar 24, 2017 5:35am
One of the mistakes common to beginner traders make, is not building an action trading plan. As a trader, you have to calculate for yourself what you want to get from trading forex. Having a distinct goal in mind will help you become a disciplined trader. Lamentably, many traders don't know how to do that and that is why they are not successful.
  • #57
  • Mar 24, 2017 7:14am Mar 24, 2017 7:14am
Quoting JamesFx007
One of the mistakes common to beginner traders make, is not building an action trading plan. As a trader, you have to calculate for yourself what you want to get from trading forex. Having a distinct goal in mind will help you become a disciplined trader. Lamentably, many traders don't know how to do that and that is why they are not successful.
I don't think that's the only reason why people fail to succeed, but this is definitely a factor and a large one at that.
  • #58
  • Mar 26, 2017 9:15pm Mar 26, 2017 9:15pm
reasons in failing to execute trades with no knowledge that the maximum in running trading, because by not being able to understand the risks to controlled difficult to leverage in running trading, and certainly the loss will be able to attack. For that we try to always to try to learn as in a demo account or demo contest in instaforex broker
  • #59
  • Mar 27, 2017 11:49pm Mar 27, 2017 11:49pm
Quoting jimsnz
{quote} Best time to trade? From experience, best time to open a position is when volatility is low. How to make your strategy? Study the charts. Use different indicators and see if you can find a statistical edge that you can use. What to avoid? Buying someone else's Expert advisor or trading system without first knowing the fundamentals of trading. Indicators I use? Bollinger bands, ATR, RSI Brokers to trust? I trade with pepperstone.
Since I am in the US, TOS is great. Has some great account management options where I can withdraw money right away. Very accessible and happy. Spreads could be better, but oh well.
  • #60
  • Mar 28, 2017 5:13am Mar 28, 2017 5:13am
All broker gives a demo account. Beginner especially needs to experiment firstly, every new strategy repeatedly until the results are convincing & you are assured in what you are experimenting. Only then should you open a live account & practice your own strategy. Make sure you handle your demo account trades as if they were live trades.
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