Daily Forex Tips For Newbies

[Pharaoh]

He who tries to pick bottoms ends up with smelly fingers.

 

[LoRio]

Never enter mid-range.
Crease your eyes and say to the chart , "you wont fool be biatch"

 

[FxMaster]

#Tip 7: Trade with the trends, rather than trying to pick tops and bottoms.

#TIP 8 : Trying to pick tops and bottoms is another common fx trading mistake. If you're going to trade tops and bottoms, at least wait until the price action actually confirms that a top or a bottom has been formed before you take a position in the market. Trying to pin-point tops and bottoms in the foreign exchange market is very risky, but exercising a little patience and waiting for a proven top or bottom to form can increase your odds of profiting and somewhat reduce your risk.

 

[jotekfinance]

7 and 8 are very useful to new traders.....

 

[FxMaster]

TIP 9 : Use protective stops to limit losses.

 

[Peter Neymovic]

I agree with all that you guys said before, but I think it is better to practice not on demo accounts but on real ones. For example when you are trading on demo account, you (or maybe it is only me personally) have a feeling that it is not real since you can not lose your money and everything looks so simple for the beginners. That is why I recommended cent accounts for the beginners, accounts with a small amount of deposit but still they are the real ones. I know many brokers have such accounts now, personally I tried with NAS Broker when I was a newbie, and I was satisfied. I want to open other account with NAS, but something happened with their website, all is in Russian now, except the personal account. Still, can not figure out what happened, they had so many languages before. Did someone hear about this?

 

[FxMaster]

I know many brokers have such accounts now, personally I tried with NAS Broker when I was a newbie, and I was satisfied. I want to open other account with NAS, but something happened with their website, all is in Russian now, except the personal account. Still, can not figure out what happened, they had so many languages before. Did someone hear about this?

I hope that you are not here to advertise broker, and if you want English version of your broker than simply add this at the end. .com/en/

 

[lbianchi86]

#TIP 8 : Trying to pick tops and bottoms is another common fx trading mistake. If you're going to trade tops and bottoms, at least wait until the price action actually confirms that a top or a bottom has been formed before you take a position in the market. Trying to pin-point tops and bottoms in the foreign exchange market is very risky, but exercising a little patience and waiting for a proven top or bottom to form can increase your odds of profiting and somewhat reduce your risk.

Sorry to be so ignorant but could you explain to me, in simple words what is a proven top or bottom?
thanks

 

[Pharaoh]

Absolute proof of a top or bottom is only available in retrospect. Still, when price begins to reverse, it can often (but not always) come back and retest the previous high or low. If the previous extreme point holds, that's usually considered a sign that it won't be broken soon.

 

[FxMaster]

Sorry to be so ignorant but could you explain to me, in simple words what is a proven top or bottom?
thanks

Sorry was not available here and Pharaoh answered your question. Let us know if you want to know about anything else.