5 Tips for forex beginner

[danielelton]

Thanks for great tips.

 

[Sheldon56]

Good It's really important in forex trading. Every beginners need to follow these tips before invest in forex trading.

Agreed. These are some important tips. Another crucial thing to follow is not to over trade at all. That's another thing to be careful about.

 

[Dora_WalletInvestor]

Please, don’t mind. I am not agreeing with your 2nd point! I don’t think small trading capital is such a big issue; when you have enough trading knowledge & skill.

I think that depends on how we define "small" - it might not be the same amount for everyone

 

[Zalea]

5 Forex trading list for beginners

1. Money Management
2. Always use a top loss
3.Be realistic
4 . Interact with other traders
5.Keep your emotion under control

 

[e_abrams]

Don't revenge trade. That tends to be one of the biggest mistakes newbies make. They lose and they desperately want to get their money back and just dig themselves ever deeper.

 

[hk_09]

5 Forex trading list for beginners

1. Money Management
2. Always use a top loss
3.Be realistic
4 . Interact with other traders
5.Keep your emotion under control

And what about risk management and planning?

 

[e_abrams]

I think those two are probably merged with the money management.

 

[Resolve]

I think those two are probably merged with the money management.

Those forex traders who have learnt how to make better use of the Money management will be able to get more profits easily.

 

[Zeenat shein]

Know the Markets. We cannot overstate the importance of educating yourself on the forex market.
Make a Plan and Stick to It.
Practice.
Forecast the “Weather Conditions” of the Market.
Know Your Limits.

 

[e_abrams]

I agree, having self-awareness is vital. Otherwise one just ends up making more mistakes and losing more money.

 

[danielbro]

For me, I would say:

1. Learn, learn and learn so that you can get better in time
2. Always use stop loss to avoid dealing with nasty losses
3. Don't let the emotions get the best of you while you trade
4. Money Management to maximize the profits and
5. Risk Management to minimize the losses

 

[e_abrams]

I would add having a trading plan among those, it's especially important for a newbie because it gives them structure to fall back on when necessary.

 

[danielbro]

I would add having a trading plan among those, it's especially important for a newbie because it gives them structure to fall back on when necessary.

Oh yes, that is also important. Trading plan is very important for the whole process

 

[e_abrams]

Indeed. Without one trading starts resembling gambling a little too much, I think.

 

[forexking]

This thread is really providing great tips for beginners. Thanks for sharing everyone.

 

[Fritz Fabiano]

For me, I would say:

1. Learn, learn and learn so that you can get better in time
2. Always use stop loss to avoid dealing with nasty losses
3. Don't let the emotions get the best of you while you trade
4. Money Management to maximize the profits and
5. Risk Management to minimize the losses

• Do have sufficient knowledge of Forex market.
• The market keeps changing so do a continued research of it and make strategies accordingly.
• Learn about risk management and money management.
• Maintain trading journal.
• Keep your emotions out.

Great list! Couldnt agree more about proper plan one.

 

[Profl_]

For me beginners must work on:
Having a trading plan, gaining knowledge, working on their emotions, demo practice and quite important, risk management.

 

[e_abrams]

Did you apply a similar approach as a novice trader?
I, personally, made so many mistakes.

 

[Todor]

5 Forex trading list for beginners
3.Be realistic
5.Keep your emotion under control

Can relate with these two the most.

 

[e_abrams]

I agree. A lot of people seem to be going into trading thinking they'd make a lot of money overnight but reality couldn't be further from that.