3 tips to beginner forex traders

[Onanak]

As Momo previously said, invest only capital for which you will be ok to lose. Dont overtrade and dont enter into revenge trading. Keep your emotions in peace and never jump into conclusions, before your check your charts again

 

[Dora_WalletInvestor]

This thread has lots of useful info already, I would just add a few more things:
- avoid being scammed. If something sounds too good to be true, it probably isn't - people trying to sell you complete trading systems / expert advisors that promise you huge profits are generally not trustworthy. Be extremely careful if you're looking into binary options or if someone is trying to recruit you into an MLM.
- trading with margin/leverage is not recommended for beginners as it is very risky
- when you feel you have enough knowledge to trade but don't have experience, try with a demo account first

 

[vicjon1995]

As a professional trader i have three tips for beginners :
Tips number 1 for every Forex trader is to survive. Every trader has losing trades, but when you go broke you can put yourself in a position where you can no longer have winning trades. Therefore, before everything else you have to make sure you stay in the game.
Tips number 2 : always use a stop The stop loss is perhaps the most powerful weapon in your arsenal as a Forex trader, just as the most powerful weapon of the professional poker player is the fold (if that means anything to you). The stop loss allows you to predetermine your risk down to the pip, therefore ALWAYS use it!
tips number 3 : be realistic Unless you are amazingly lucky you can't expect to close 80% of your trades profitably or turn a $500 trading capital into a $10,000 trading capital in six months. With those kind of expectations you're simply setting yourself up for disappointment, frustration and failure. (unless you're very, very lucky).
Try to look at things realistically right from the start. Determine an attainable percentage of winning trades considering your strategy and experience. Ask yourself how much time you can spend on trading and learning. When you have a clear view of your trading tools and conditions, you will find it much easier to work towards a profitable trading strategy.

well said. I like these tips.

 

[Akwin]

Greetings,

Hope you are doing well.

Please give me the chance to give you some tips from what I have acknowledged. First, try to control your emotions, since fear, stress, and greed will let you make bad decisions. Moreover, choosing the right broker is very important to keep your funds safe and secure. And of course, you should set a strategy for risk and money management.

Feel free to ask for further tips.

Best Regards,
Akwin

 

[hk_09]

@Akwin you have covered almost all important points, nice post!

 

[rexeb76437]

well said. I like these tips.

Feel free to ask for further tips.

 

[suzison]

One of the most important points for me has been not to blindly follow advice and to develop my own opinion. This was not easy because I did not have enough prior knowledge, but it became possible with little by little steps. I have failed in many investments that I entered into without understanding and trusting myself.

 

[suzison]

Could you share some specific steps or resources that helped you develop your own opinions?

I research, read and listen (podcasts). I know there are so many options of blogs, guides and etc. but only few them are actually good. Some of the exchanges provide solid guides with an easy tone to understand. So when I encounter a new or complex term I immediately look for it. Even I can't remember after the first time, it make me used to the concepts. I think one of the key factors of actually developing your own opinions giving it time and patience.