Newbie
- Thread starter ernestngsy
- Start date
- Watchers 61
You cannot do anything right when you don't/can't detect the right direction of the market. So edge definitely is important, but we should always note that there will be loses sometimes.
I agree with you. Losses are inevitable even for professional traders. That is why it is important to invest only what you can afford to lose.
For a newbie, having a good trading instruction and carefully applying it is an edge. For example, For example, using a particular indicator in a specific way gives you an edge over traders that are not using the same indicator in the same manner as you. Understood?
Exactly, because you can't give what you don't have. So we should always remain watchful and decisive when we trade, we should not invest blindly.
Talking about investing, a newbie trader should invest a small amount of money in the beginning. This is so because, by investing small, a trader can analyze his or her trading plan and emotions, and gain more experience in the trading process without risking the entire trading account.
thereafter you can increase your funds gradually, this not only help you with developing a good plan but reduces the effect of massive loses.
F
fxclicker
Guest
Use simple strategy that can easily understand, have trading journal or spreadsheet for your trading goal. Better of you added the money management, stay focus on the maximum 5% daily loss from your total capital.
This is a BIG question with a SIMPLE answer. Learn first, then trade. There are free educational sources at Earn Forex and sites like BabyPips School of Pipsology to get you started. There are tons of forums and blogs online that you can learn from by reading and asking questions. Most brokers also offer rudimentary Forex education programs. The biggest problem the newcomer must overcome is not finding the right information, but rather, coping with the overwhelming amount of information that is already available...good luck!
For a newbie, I'll advise to always trade a number of lots you are suitable with, some traders are demo trading, others are trading micro lots, and still others multiple regular lots. Always understand yourself emotionally. As you acquire more experience the best trade will come along and you will automatically recognize when to expand the number of lots on entry. Start today by demo trading and then micro lots, then gauge your emotional response as you grow lots over time.
Mostly adviser in Forex trading suggest for the newcomers to trade in a demo trading for acquiring proper basic information about trading , but I don’t support demo trading , because the newcomers lost interest when demo trading practically , actually instead of demo trading it would be better to kick off a live account with a small balance . it would be most supportive for the beginners.
Demo trading is the ideal place to test your skills and trading strategy, but you cannot get a feel for your emotions until you begin trading live. So, I partly disagree, and partly agree with you.
Thank you. Got your point. Demo account is really effective for any kinds of traders. In my demo trading I always use high leverage to see the performance how it works., this approach always helps me for avoiding risk when trading in live account.
Demo account trading always pay a lot because it helps us learning forex trading processes easily without investing any single penny.
