Advice for novices

[Charlieboy885]

Well done on a successful trade. There are lots of great websites which can help you to learn more about trading and understand how to analyse the charts. My best tip for you is to observe good risk management and only ever risk 1-2% of your account at any point.

 

[Mums Trading Forex]

Very limited for sure but if he want he can share some setups with us and we`ll see how`s he doing.

Yes of course, always a great learning curve to do this!

 

[ele020]

What do you need to know when you join forex trading? Yes, your goal is definitely to make money. But how to make money? You need to choose a product that you are familiar with or that you know.How to determine the transaction time? You need to have a professional analysis, or have a professional person to help you analyze it.I can directly say that I have experienced great ups and downs in foreign exchange trading, so I know the market very well now. The product I invest in is XAUUSD. I have analyzed the trend of gold plummeting in June. I went short, and One transaction realizes the freedom of wealth

So much did you earn on that one transaction? And what was your lot size?

 

[Malsa]

It does happen that many of the traders who are Newbie are joining the business of the Forex trading without any knowledge about how it works.
And then they will also open the trading without any knowledge about the currencies in which they are actually doing their trades.

Yeah, you're quite right, however it's impossible to know something when you firstly in your life meet trading activity. I believe that everything here must be done gradually, you know. If a novice doesn't have any idea of what he/she should do at forex, he/she must ask questions on forums like this. Only by these steps a novice can acquire some knowledge and start his/her trading activity. To my mind, self-education is good, neverteless novices always have to ask questions on forums mainly because there are lots of responsive professional traders out there who always answer these questions. It may even bring more profit than self-education as I believe.

 

[Vinfred]

What do you need to know when you join forex trading? Yes, your goal is definitely to make money. But how to make money? You need to choose a product that you are familiar with or that you know.How to determine the transaction time? You need to have a professional analysis, or have a professional person to help you analyze it.I can directly say that I have experienced great ups and downs in foreign exchange trading, so I know the market very well now. The product I invest in is XAUUSD. I have analyzed the trend of gold plummeting in June. I went short, and One transaction realizes the freedom of wealth

Hi. It would be good and useful if you can share the screen of your order with forum community. I will wait for it. thank you

 

[HeavenLeighRob]

I’ve traded Gold before but tend to stick towards safer currency pairs…I hope you continue to have good luck with it!

 

[fxoday]

I also like to trading XAUUSD that represents Gold in spot forex, this pair has high liquidity and is very challenging, low spread more preferable to trade on this commodity, I just using Bollinger band standard-setting to trade in Gold.

 

[sarah2701]

I also like to trading XAUUSD that represents Gold in spot forex, this pair has high liquidity and is very challenging, low spread more preferable to trade on this commodity, I just using Bollinger band standard-setting to trade in Gold.

But trading gold needs higher initial investment as compared with the other major currency pairs.

 

[ForexWarrior2020]

But trading gold needs higher initial investment as compared with the other major currency pairs.

Also it is not a pair that moves smoothly. It can be so choppy that even experienced traders struggle

 

[fxoday]

But trading gold needs higher initial investment as compared with the other major currency pairs.

Not necessarily, I choose a broker with a low spread for trading XAUUSD, with use capital under $100 I can trade on gold, but not always I am trading on this instrument usually use pending order, so I can measure the risk tightly.