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Startup in Forex Trading Need Guidance

Discussion in 'Beginners Bootcamp' started by ewali, Sep 13, 2012.

  1. ewali

    ewali Recruit

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    Hello Everyone,

    I need to know few things before I invest and start trading.

    Which platform is the best for online Trading (virtual) (scam free, good in payouts, loss management etc)?

    Where I can learn all the concepts and best trading tips to get started?

    What to look for in trading platform?

    How much time should I spent in learning before investing?

    Is it going to be good side-income (if I am lucky and do it right)?

    Thanks

    Wali
     
  2. Pharaoh

    Pharaoh Colonel

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  3. kaito kid

    kaito kid Suspiciously linked to FBS Spammers

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    I think better doing demo first for mastering your trading system. After that you have to learning for the emotion control :). Make just a little investment, so you are practice with real account. Try doing the best until you get a profitable result. After that you can increase your investment.
     
  4. FringFX

    FringFX Sergeant

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    it's nearly impossible to learn all the concepts in one place.
    As you move along, you will find that learning comes from various sources.
     
  5. RP1

    RP1 Corporal

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    Mostly your going to have to train your emotions . Those books mentioned above are an excellent starting point. Do not get caught in EA's and trying loads of different trading methods for short periods, find a good one (preferably not envolving lagging indiactors) and stick to it .
     
  6. FringFX

    FringFX Sergeant

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    trying several trading methods can help the trader find what's best for him. having said that, I agree that extreme focus is needed, as opposed to jumping from one method to another. it comes with experience, though...... that is why it's sooo difficult at first.
     
  7. Aesop02

    Aesop02 Private, 1st Class

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    I think this is some of the best advice you can take. I spent months reading up on different aspects, strategies etc, but when it came to live trading I just wasn't ready when i first started. It takes longer to train yourself to trade, even though you might think you already know it all!
     
  8. Pharaoh

    Pharaoh Colonel

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    True - it's SOOO easy to move (or remove) that stop loss when you "know" the price will turn in your direction. Then it's so easy to keep letting the losses build while waiting (and then praying) that price wll turn because you'll lose too much if you close the trade now.

    This can happen to experienced traders too. There are many stories of good account managers who let emotions sway them into breaking their own rules - wiping out investor accounts in the process.
     
  9. Aesop02

    Aesop02 Private, 1st Class

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    The only time i've ever moved my SL is when i've moved it to my Break Even when i'm a couple of pips from my TP, just because if it does retrace from there i'd rather not lose anything at all.
     

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