Beginner's Tips
Member Since Jul 18, 2020
2 posts
Sep 09, 2020 at 17:09
(edited Sep 09, 2020 at 17:11)
Hi. For risk management i use this indicator for mt4 or mt5. (Link at the botton)
There you can calculate your lote size by percentage of risk on that trade or even for the value you want risk.
If you are a beginner don't use high leverage. For me the best is 100. Just because if you use high leverage you gonna open more trades then you should. My risk management strategy is. I only expose the maximum 2% of my account balance. And i open trades with 0.5% of my account balance. I just open more trades if the previous ones are in breakeven. This kind of approach you can control better your drawdown.
I also set daily goals. 4% gains and 2% loss. To avoid overtrading. (That was my biggest issue on trading).
https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator/
There you can calculate your lote size by percentage of risk on that trade or even for the value you want risk.
If you are a beginner don't use high leverage. For me the best is 100. Just because if you use high leverage you gonna open more trades then you should. My risk management strategy is. I only expose the maximum 2% of my account balance. And i open trades with 0.5% of my account balance. I just open more trades if the previous ones are in breakeven. This kind of approach you can control better your drawdown.
I also set daily goals. 4% gains and 2% loss. To avoid overtrading. (That was my biggest issue on trading).
https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator/
Sep 11, 2020 at 09:23
goncalo008 posted:
Hi. For risk management i use this indicator for mt4 or mt5. (Link at the botton)
There you can calculate your lote size by percentage of risk on that trade or even for the value you want risk.
If you are a beginner don't use high leverage. For me the best is 100. Just because if you use high leverage you gonna open more trades then you should. My risk management strategy is. I only expose the maximum 2% of my account balance. And i open trades with 0.5% of my account balance. I just open more trades if the previous ones are in breakeven. This kind of approach you can control better your drawdown.
I also set daily goals. 4% gains and 2% loss. To avoid overtrading. (That was my biggest issue on trading).
https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator/
thank you sir. i will definitely use it.
Member Since Jul 19, 2020
318 posts
Sep 11, 2020 at 17:52
If you are new in this market, you need to choose a good and reliable broker. You can take help from those websites that provide broker reviews on their websites.
Member Since Jun 22, 2020
39 posts
Oct 16, 2020 at 12:41
I would say a micro lot, and if you are new, then don't use more than 5:1 as leverage.
Member Since Jul 09, 2020
39 posts
Oct 26, 2020 at 06:12
If you are a beginner, I will suggest you get a good broker. Don’t use more than 5:1 leverage and keep a track on your risk management strategies. Good luck.
Member Since Jul 20, 2020
232 posts
Nov 10, 2020 at 20:51
Every new traders should gather proper education before starting their forex career.
Member Since Jun 26, 2020
327 posts
Nov 24, 2020 at 06:06
mistake is very common i do agree ,
but when the same mistake happens again and again then we can consider this habit as personal choice .
but when the same mistake happens again and again then we can consider this habit as personal choice .
Nov 24, 2020 at 12:32
Tradelist45 posted:
mistake is very common i do agree ,
but when the same mistake happens again and again then we can consider this habit as personal choice .
Indeed, making the same mistakes is not a desire to correct and analyze them.
Nov 25, 2020 at 09:26
Beginners, just one tip for you. Do not start without proper knowledge. This market has too much to explore and learn and without proper know-how, one cannot achieve anything here. Many traders just trade on hit and trial, which never gives good earnings in the long run. So, it is most important to do the best as far as learning is concerned.
Member Since Jul 20, 2020
232 posts
Dec 06, 2020 at 11:07
A beginner should choose a regulated broker to trade in the market. There are so many brokers in the market. Some are good and some are bad. So, be careful at the time of choosing your broker.
Member Since Jan 31, 2016
9 posts
Dec 08, 2020 at 08:13
Practise makes you perfect.
Having a mentor helps in any field you choose.
Choose the correct mentor with proven track record.
Only 2-5% forex traders are successful long term. It's not easy money. You need to work for it.
Work smart by investing in correct mentor, practising on a demo account for few months until you make profit on consistent basis, use stop loss before entering in the market.
Invest in a safe broker.
I use forex peace army to check the rating of a broker before i invest money in them. Anything below 3/5 , i wont invest in them.
Brokers i use are keytomarkets, darwinex, pepperstone.
I used to do manual trading. Now, i only does EA trading ( removing emotions out of the equation and getting discipline in return). EA is turned off completely on high impact news days.
If you are lucky to have a mentor, you might achieve your goals earlier or ATLEAST wont loose lot of money investing.
I did have a mentor/teacher though who taught me the basics. However i moved on from him since his goal was only to achieve around 5k per year. I learned from many institutions online , youtube channels etc. I paid an institution once only to ask for a refund as their strategies didn't pan out. I don't think hardly anyone would teach profitable strategies free of cost or for a low charge. Forex is a trillion dollar industry. Why teach their own trillion dollar strategies for small price. PAMM would be a better option safe guarding their property. If you decide to have a mentor, please check his myfxbook record first.
A professional trader supplements their income by providing basic lessons on teamviewer, youtube channel, PAMM accounts , copy trades , making forex bots,indicators etc..
All the best.
Regards
George
Having a mentor helps in any field you choose.
Choose the correct mentor with proven track record.
Only 2-5% forex traders are successful long term. It's not easy money. You need to work for it.
Work smart by investing in correct mentor, practising on a demo account for few months until you make profit on consistent basis, use stop loss before entering in the market.
Invest in a safe broker.
I use forex peace army to check the rating of a broker before i invest money in them. Anything below 3/5 , i wont invest in them.
Brokers i use are keytomarkets, darwinex, pepperstone.
I used to do manual trading. Now, i only does EA trading ( removing emotions out of the equation and getting discipline in return). EA is turned off completely on high impact news days.
If you are lucky to have a mentor, you might achieve your goals earlier or ATLEAST wont loose lot of money investing.
I did have a mentor/teacher though who taught me the basics. However i moved on from him since his goal was only to achieve around 5k per year. I learned from many institutions online , youtube channels etc. I paid an institution once only to ask for a refund as their strategies didn't pan out. I don't think hardly anyone would teach profitable strategies free of cost or for a low charge. Forex is a trillion dollar industry. Why teach their own trillion dollar strategies for small price. PAMM would be a better option safe guarding their property. If you decide to have a mentor, please check his myfxbook record first.
A professional trader supplements their income by providing basic lessons on teamviewer, youtube channel, PAMM accounts , copy trades , making forex bots,indicators etc..
All the best.
Regards
George
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