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Basic advice for newbies on Forex

Discussion in 'Beginners Bootcamp' started by GFSignals, Aug 4, 2009.

  1. GFSignals

    GFSignals Recruit

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    These are some advice for the beginners at Forex market, given by the active and professional traders, working at our service. Every trader mentioned some rules, which he consider to be main for the beginners. So, we'd like to post it there in order to help newbies on Forex market. Today only advice by only 2 traders are have been posted, but we'll certainly add some posts in the nearest future. Here's a piece of advice by the trading system provider "Jolly11":

    "Of course, one of the main things is learning to do money management, which will help you to avoid losing your deposit and keep you in a good mood for continuation of trading. The next thing you need to do is working out your own trading system based on positive mathematical expectation. It is said: "If you can't predict, how the market is going to move, your prediction is completely wrong". The trading system should be accurate and consistent. Always use stop-loss and take-profit in order not to lose big money and to exit the market with profit. Notice, that it's useless to put stop-loss smaller than 50 pips, because it will be eaten by the trend's movement very soon and you'll be quite disappointed (you see, I use higher stop-loss in my Forex signals).You are also to use all you analyst's skills to find out, when this or that tendency gonna begin. But never open a position in passed wave with the hope of earning some pips. You'd better analyze the market and find out the beginning of a new wave. And don't forget to follow the rules of your trading system, which is very important. Good luck!"

    And there you see some tips by one of the traders, who's passing testing period at our service at the moment:

    "Firstly, find out, what currency pair "suits" you. Don't try to trade with big amount of pairs - 2 or 3 is enough. Otherwise you'll be lost among different news, parameters and so on. Secondly, don't lose your temper in case of loss. Sometimes you need to close a position with a loss in order not to lose the whole deposit. Thirdly, never take important decisions in a hurry! Fluctuation of the market will always take place, but being hurried can really damage your capital. Also don't forget to take a rest. If you had a loss, it's better to relax for a while and improve your trading system than start trading in a bad mood. And never retreat from your strategy rules. Try not to use more than 5% of your deposit for trading. Remember, that trading with big part of your deposit can easily lead to complete loss of your funds (such mistake is very often done by beginners.). So, keep trading and good luck!"

    If you have some common advice for newbies too, You are also welcome to post some common advice for the Forex beginners there. That will be quite convenient and useful for all forum-users.:mad::D
     
  2. OperationForex.com

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    Very well said GFSignals and good advice.
     
  3. Nancy Cheah

    Nancy Cheah Sergeant

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    First and foremost, master both fundamentals and also technicals.

    Secondly, trade demos for a year.

    Thirdly, sell all you have (basically your soul too) and make tonnes of money in the long run.

    See you up in the corporate ladder, folks.
     
    #3 Nancy Cheah, Aug 17, 2009
    Last edited: Sep 5, 2011
  4. indahau

    indahau Recruit

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    Nicely put, bravo:D.

    Gambling is the name of a lucky game where you could win against the odds, with or without prior knowledge on the subject. But you will lost most of the time, of course.

    But masta, let say i wanna have a quickstart, as the choice whether to gamble or to trade is mine eventually, what are the must-have essentials of technical analysis in my trading endeavor?
     
  5. Pharaoh

    Pharaoh Colonel

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    Even before mastering the technicals, you need to master managing risk in your forex account and master keeping scammers out of your wallet.

    There are a few articles that could prove helpful on this here...

    Forex Basics Boot Camp - Forex Peace Army Forum
     
  6. Lhar_fpa

    Lhar_fpa Private, 1st Class

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    Is it necessary to have a broker when a person wants to enter into a forex trading?
     
  7. Lhar_fpa

    Lhar_fpa Private, 1st Class

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  8. elah024

    elah024 Private, 1st Class

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    hi there!

    could you help me some tips on how to keep away from scammers?
     
  9. elah024

    elah024 Private, 1st Class

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    hi lhar!

    brokers are the main ingredient in making trading. ;)
     
  10. vans22

    vans22 Private, 1st Class

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    :D
    :D

    thank you very much for that wonderful advise.I'm sure you've helped a lot of newbies out there. Happy trading!
     

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