Help me i am a newbie

Yeah but some guys who know how to trade are also on Forums like myfxbook

TerraTopNova posted:
Yeah but some guys who know how to trade are also on Forums like myfxbook

That’s so true; there have so many pro traders who are active on popular Forex forums! I have learned news trading by using this forum!

I would like to point out 5 key points to improve your trading results significantly irrespective of whatever your trading style is:

1.Risk per trade: Never place a trade which you can't accept it to be a loss. Once you entered the trade, you should 100% accept that you are fine in loosing that trade, otherwise, don't place that trade or reduce the lot size. As a thumb rule which many traders will say don't risk more than 1% in one trade.

2.Don't over trade: This is the most common thing many successful traders will tell and many unsuccessful traders will ignore. It simply means if you love to trade and love to watch screens for long hours, then you will loose money in forex. It may sound contradictory, but a fact.

But if you want to trade to make profit, then only trade. Don't simply place each trade which you see on the chart that any EA can do and it makes no difference between EA trading and manual trading. In manual trading each and every trade matters from which a trader learns and improves on the next entry.

So if you are trading forex for quite sometime and loosing, then first thing you need to do is reduce the number of trades by half or reduce it to 1/4.

3.Risk/Reward ratio: This is second important point following the first point is take only highly accurate trade set ups with at least a risk to reward ration or 1:1.5 or 1:2 or more..... You need to focus more on the quality of each trade rather than quantity of trades.

4.Prepare before trade entry: You should put maximum time in preparing or analysing the market before the trade entry to find the most accurate trade set ups instead of worrying about the market after entering the trade. By following this point using a pending order is always better than using a market order. If you just switch from market order to pending order, then your results will significantly increase, because most trades will be automatically trigger with fixed stoploss and takeprofit when you are not in front of the computer by which you can avoid wrong trading decisions due to emotions.

5.Leave after trade entry: Following the point number 4 once you have entered the trade with fixed stoploss and takeprofit, then just leave it. Don't keep on watching the chart once you entered the trade and let it hit the stoploss or takeprofit. This is the most important point for every trader to deal with emotions like fear, greed etc. Simply enter the trade and close the mt4. Only in exceptional cases if your broker doesn't accept your stoploss or takeprofit, you might need to look into the trade to close manually.
You may work upon this to fine tune the exits later on once you have gained little bit mastery over trading, but for beginners this is the most important point.

For the newcomer , Pips school + trade in a demo account = a great result

Tips for newbie is to always improve the knowledge and trading experience. Forex is a business that has a high risk that we should be able to improve their knowledge and experience so well that would make we can trade with a maximum

follow trander

musshan posted:
Hello,

    I am a newbie to forex trading.

I came across this site while browsing for assistance with my forex trading. I am exactly not so sure of what this site will do for me? Can some one explain.
   
 I also want to know how i can add my account here and what help will that be off for me while trading.
    
What are the possible ways of getting assistance here?

Thanks is advance

I see, you have already got the instructions on adding your account here! Basically, this is one of the most popular Forex community; here you can share your account with others! Even, you can follow others!

As a beginner, first thing you need to do is to common in Forex trading and that means you need to have lots of extra time not only in trading but in learning also. And the most important thing is that you need to spend lots of time practicing and not going to make profit or don’t expect to get profit in the first two or three months.

Admoni posted:
As a beginner, first thing you need to do is to common in Forex trading and that means you need to have lots of extra time not only in trading but in learning also. And the most important thing is that you need to spend lots of time practicing and not going to make profit or don’t expect to get profit in the first two or three months.

AMEN

Hi,
As a Newbie You need to start trading with a demo account practice on it and then move to live account with moderate leverage and minimum deposit.

The newcomers need a proper guidance to keep survive in this volatile trading place , in order to me I think ForexPaceArmy , EarnForex and Baybypips school can be a great source for the new traders to acquire most powerful analyzing basic knowledge which is very supportive to continue a live trading in a proper way.

I recommend to watch this series of videos https://www.youtube.com/playlist?list=PLnbQ-vft3Hez5dL90qWMR1RC-PmZphz9F

the First step for newcomers should be used demo trading but I have seen so many traders don’t believe the importance of this trading place at all. so instead of demo trading it would be better to kick off a live account with small balance because of consternation.

hi mohammad. yes you are right. it is important of starting with small or demo account. Even now i am testing with demo account to try my strategy.

The beginners took this market place always as like a casino. And without passing a long time they always try to make profit very rapidly , as a result almost 90% traders are loser from here in particularly the beginners. So it is more appropriate , if the beginners emphasis on learning process before earning.

Admoni posted:
The beginners took this market place always as like a casino. And without passing a long time they always try to make profit very rapidly , as a result almost 90% traders are loser from here in particularly the beginners. So it is more appropriate , if the beginners emphasis on learning process before earning.

Exactly they need to practice and trade carefully

Beginners should first emphasis on money management. They should learn to lose little by using stop-loss and develop the confidence to gain more. its an art and habit one has to develop according to their personality.

mohideen171 posted:
Beginners should first emphasis on money management. They should learn to lose little by using stop-loss and develop the confidence to gain more. its an art and habit one has to develop according to their personality.

Money management is important

But the most important is to learn entry exit points so the trades are profitable

togr posted:

mohideen171 posted:
Beginners should first emphasis on money management. They should learn to lose little by using stop-loss and develop the confidence to gain more. its an art and habit one has to develop according to their personality.

Money management is important

But the most important is to learn entry exit points so the trades are profitable

Yes entry and exit points are important. But as a new trader they leverage too much and lose money. So first they should know how to safe guard their equity. Then fine tune the entry and exit based on their probability of success rate.