Advice for novices

Amina El Mehdi

Sergeant
Messages
143
Every newbie must to know that trading is not a get rich quick game. It needs a lot of hard work and even then the success is not 100% sure. Also they must not risk what they can`t afford to lose.
 

FxProTrader

Private, 1st Class
Messages
55
Every newbie must to know that trading is not a get rich quick game. It needs a lot of hard work and even then the success is not 100% sure. Also they must not risk what they can`t afford to lose.
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.
 

Clay Davidson

Recruit
Messages
95
As far as I concerned, your goal in trading shouldn't be just making money, of course the final result is money, but you have to be concentrated on the process rather than on your goal. In case you're a novice you'd better train on demo, find the currency pair which isthe most suitable for you and try to trade. It's not enough to have just a goal, you should have an understanding of what you're doing and what you will strive. You have to dtermine your strategy, scalping or long trading, if you're consdering gold, then you have to forget about scalping because gold isn't such an asset whch you can succesfully scalp on.
 

sarah2701

Recruit
Messages
94
Gold is definitely one not for newbies in my view as pip value is massively different from your standard currencies
I was thinking the same, for newbies gold is not the suitable option to start trading with as it requires a good margin to invest.
 

Amina El Mehdi

Sergeant
Messages
143
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.
Sure but nobody can`t prevent anybody from his own mistakes. With other words some newbies must learn their lesson by the hard way.
 
Messages
104
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
One trade is a limited view, the measure should be to trade a series of trades and then make judgement
 
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