Daily Forex Tips For Newbies

FxMaster

Lt. Colonel
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7,925
Hello Guys,

I`m starting this thread to help newbies to get knowledge about what they can do and what they can avoid in Forex.........


#Tips 1 : Never go live without practicing on demo account. Take your time with demo and then jump in to live.


Best Of Luck
 
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FxMaster

Lt. Colonel
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7,925
#Tips 2 : When you are ready to go live, take a first step with small deposit. Don`t be crazy and greedy while you are in entering in Forex.
 

Pharaoh

Colonel
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19,691
Before executing Tip #2, spend some time researching brokers. You need one that's well regulated and that meets your personal forex trading needs.

Sadly, there are some bad brokers out there who don't scam - until after they gain your trust on that first small deposit and convince you it's safe to deposit more.
 

FxMaster

Lt. Colonel
Messages
7,925
#Tip 3 Lets start it again on professional way : Learn the basics of Forex trading. It's amazing how many people simply don't know what they're doing. In order to compete at the highest level in the trading business and be one of the few truly successful participants you must be well-educated about what you are doing. This does not mean having a degree from a well-respected university - the market doesn't care where you were educated.
 

FxMaster

Lt. Colonel
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7,925
#Tip 4 : Forex trading is a zero sum game. For every long there is also a short. If 80% of the traders are on the long side, then the remaining 20% are on the short side. This means further that the shorts must be well capitalized and are considered to be strong hands. The 80%, who are holding much smaller positions per trader, are considered to be weaker hands who will be forced to liquidate those longs on any sudden turn in prices.
 

Pharaoh

Colonel
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19,691
Remember that those percentages should be based on position sizes, not one the number of traders.

If all of us go short and George Soros goes long, we're all in a heap of trouble. :)
 

FxMaster

Lt. Colonel
Messages
7,925
#Tip 6: The challenge is not to be the market, but to read the market. Riding the wave is much more rewarding than being hit by it.
 
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