Beginner's Tips
Membro Desde Nov 30, 2018
6 posts
Dec 24, 2018 at 15:09
“I’m just a beginner in Forex, how much should I put in my account?”
This question bugs me all the time. Its like walking into a casino, and asking the people around you, ‘hey how many tokens did you change?’
Seriously dude. Everyone has a different answer, some experienced people might help you (if they are kind hearted) but most people will not care how much you win or lose. You should treat forex as a form of investment, but please DO NOT use all of your income as your token to bet on the market. You might win once, twice but you will not be that lucky all the time. Spend some time and do financial planning, set aside daily expenses, insurance etc. And once you find extra money, you can then decide whether to use them for investment, or to help the needy.
For beginners, you might want to consider ‘choosing a broker’ as one of the important choices of all time. Broker can make or break your faith in trading. Next, pick a mentor. Be it a book, a youtube channel, a guru you found online or through friend’s recommendation, do just rely solely on that ONE source of information. Gather as much information as possible, talk to more people, read forum threads so that you will gain knowledge that might be useful for you in the future.
However, some people might still choose the easy way out and opt to follow the signals of the ‘chosen one’. Not to say this is the bad approach, like I said, this is a form of investment, you are free to choose what sort of investment approach you prefer. However, I’d like to call out to those investors, you might want to check the account history of the chosen one before subscribing to his signals. The results might look good on their profile, but you have no idea how many positions and how much losses they have yet to close, so people with smaller wallet size than the chosen one might not be able to follow the signals that smoothly. Hence you might want to check with the chosen one how big would they recommend you to have in order to follow their signals.
Last but not least, I’d like to emphasize the size of an account is not as important as knowing your own trading strategy or style. I’ve seen someone trading with just a $100 account, and has grown the account 10 times its size. I’ve also seen someone with $50,000 blown overnight. So it doesn’t mean that bigger wallet size is safer for trading. Smaller account is more prone to blow, but with own strategy and right mindset, you will find big potential in this forex business.
This question bugs me all the time. Its like walking into a casino, and asking the people around you, ‘hey how many tokens did you change?’
Seriously dude. Everyone has a different answer, some experienced people might help you (if they are kind hearted) but most people will not care how much you win or lose. You should treat forex as a form of investment, but please DO NOT use all of your income as your token to bet on the market. You might win once, twice but you will not be that lucky all the time. Spend some time and do financial planning, set aside daily expenses, insurance etc. And once you find extra money, you can then decide whether to use them for investment, or to help the needy.
For beginners, you might want to consider ‘choosing a broker’ as one of the important choices of all time. Broker can make or break your faith in trading. Next, pick a mentor. Be it a book, a youtube channel, a guru you found online or through friend’s recommendation, do just rely solely on that ONE source of information. Gather as much information as possible, talk to more people, read forum threads so that you will gain knowledge that might be useful for you in the future.
However, some people might still choose the easy way out and opt to follow the signals of the ‘chosen one’. Not to say this is the bad approach, like I said, this is a form of investment, you are free to choose what sort of investment approach you prefer. However, I’d like to call out to those investors, you might want to check the account history of the chosen one before subscribing to his signals. The results might look good on their profile, but you have no idea how many positions and how much losses they have yet to close, so people with smaller wallet size than the chosen one might not be able to follow the signals that smoothly. Hence you might want to check with the chosen one how big would they recommend you to have in order to follow their signals.
Last but not least, I’d like to emphasize the size of an account is not as important as knowing your own trading strategy or style. I’ve seen someone trading with just a $100 account, and has grown the account 10 times its size. I’ve also seen someone with $50,000 blown overnight. So it doesn’t mean that bigger wallet size is safer for trading. Smaller account is more prone to blow, but with own strategy and right mindset, you will find big potential in this forex business.
Membro Desde Nov 30, 2018
6 posts
Dec 24, 2018 at 15:09
Hope I can meet like minded traders here :)
Dec 25, 2018 at 10:04
Newcomers first of all have to observe some mandatory things if they want to lead a secure and comfortable trading life with certainly. Only good trading knowledge cannot bring success in this volatile trading place. Besides good trading knowledge we the traders have to make sure a reliable support from a credible trading broker, because the broker can affects the result of our trading with certainly.
Membro Desde Nov 30, 2018
6 posts
Dec 26, 2018 at 11:36
Imamul posted:
practically as a newcomer it is quite difficult to keep patience for a long time , so demo trading for long time we the newcomers have to practice , it can help us for ensuring a great patience.
Yes, I definitely agree that demo account is a necessary account for beginners to start with
Membro Desde Nov 27, 2017
2 posts
Dec 27, 2018 at 07:46
As a beginner, I think it would be fair if you trade with small amounts in cent accounts (after trading demo of course). with small amounts you taste the market in real conditions, you feel like how the revenge trading get started, letting losers run, entering trade without any plan (sl & tp etc...).
I have a newbie friend that he thinks he can't trade with small amounts like 100$ and I have told him it's a mindset and mental limit that you have put on your mind, it's not true because you don't see the amounts that you're trading with, it's the percentage that you're trading with, no matter 1$ or 1 billion dollar. if you're successful in trading with low amounts, you're also successful with large amounts and if you're not, no matter the size of your account, you can't be successful in the long term. so it doesn't matter with how much you start trading because only the net profit (in percentage of course) will give you the confidence to put larger amount into your account.
Money management is the most important key to long term successful trading. after that trading psychology and after that comes the knowledge of how to analyse the market!
But so many people put the last one first and think the most important thing in trading is how to analyse the market but the truth is you can't always be right and if you can't control your emotions and if you don't apply strict money management rules, you will end up destroying your accounts one after the other!
I have a newbie friend that he thinks he can't trade with small amounts like 100$ and I have told him it's a mindset and mental limit that you have put on your mind, it's not true because you don't see the amounts that you're trading with, it's the percentage that you're trading with, no matter 1$ or 1 billion dollar. if you're successful in trading with low amounts, you're also successful with large amounts and if you're not, no matter the size of your account, you can't be successful in the long term. so it doesn't matter with how much you start trading because only the net profit (in percentage of course) will give you the confidence to put larger amount into your account.
Money management is the most important key to long term successful trading. after that trading psychology and after that comes the knowledge of how to analyse the market!
But so many people put the last one first and think the most important thing in trading is how to analyse the market but the truth is you can't always be right and if you can't control your emotions and if you don't apply strict money management rules, you will end up destroying your accounts one after the other!
Membro Desde Jan 05, 2016
1189 posts
Dec 29, 2018 at 21:34
FxFTradingGroup posted:
“I’m just a beginner in Forex, how much should I put in my account?”
This question bugs me all the time. Its like walking into a casino, and asking the people around you, ‘hey how many tokens did you change?’
Seriously dude. Everyone has a different answer, some experienced people might help you (if they are kind hearted) but most people will not care how much you win or lose. You should treat forex as a form of investment, but please DO NOT use all of your income as your token to bet on the market. You might win once, twice but you will not be that lucky all the time. Spend some time and do financial planning, set aside daily expenses, insurance etc. And once you find extra money, you can then decide whether to use them for investment, or to help the needy.
Only invest money that you have set aside specifically for trading that will have no negative impact on your life when you lose it all. There is no specific dollar amount, because it also depends on the trading strategy being used. Some trading strategies require considerably more investment capital than others.
For example:
Someone who trades a long term trend analysis strategy, with only one or two open tickets on their account at any given time, using only very small lot sizes, would need considerably less investment capital than someone who is using a grid trading system coupled with a martingale betting system using considerably larger lot sizes.
FxFTradingGroup posted:
For beginners, you might want to consider ‘choosing a broker’ as one of the important choices of all time. Broker can make or break your faith in trading. Next, pick a mentor. Be it a book, a youtube channel, a guru you found online or through friend’s recommendation, do just rely solely on that ONE source of information. Gather as much information as possible, talk to more people, read forum threads so that you will gain knowledge that might be useful for you in the future.
ALWAYS select a broker with strong regulations in addition to having a favorable reputation with professional traders.
If it looks too good to be true, it's probably a scam! Let the buyer beware.
Feb 11, 2019 at 06:50
It you want right mind set the just trade with Demo as long as you can. Bcz you can find traders primary level from demo. And gather knowledge step by step and use it in demo. Hopefully within 2 yrs you will find a way to trade. When you are learner about forex plz away from real trade.
Day by day having better, better and better...
Feb 13, 2019 at 09:53
FxFTradingGroup posted:
“I’m just a beginner in Forex, how much should I put in my account?”
This question bugs me all the time. Its like walking into a casino, and asking the people around you, ‘hey how many tokens did you change?’
Seriously dude. Everyone has a different answer, some experienced people might help you (if they are kind hearted) but most people will not care how much you win or lose. You should treat forex as a form of investment, but please DO NOT use all of your income as your token to bet on the market. You might win once, twice but you will not be that lucky all the time. Spend some time and do financial planning, set aside daily expenses, insurance etc. And once you find extra money, you can then decide whether to use them for investment, or to help the needy.
For beginners, you might want to consider ‘choosing a broker’ as one of the important choices of all time. Broker can make or break your faith in trading. Next, pick a mentor. Be it a book, a youtube channel, a guru you found online or through friend’s recommendation, do just rely solely on that ONE source of information. Gather as much information as possible, talk to more people, read forum threads so that you will gain knowledge that might be useful for you in the future.
However, some people might still choose the easy way out and opt to follow the signals of the ‘chosen one’. Not to say this is the bad approach, like I said, this is a form of investment, you are free to choose what sort of investment approach you prefer. However, I’d like to call out to those investors, you might want to check the account history of the chosen one before subscribing to his signals. The results might look good on their profile, but you have no idea how many positions and how much losses they have yet to close, so people with smaller wallet size than the chosen one might not be able to follow the signals that smoothly. Hence you might want to check with the chosen one how big would they recommend you to have in order to follow their signals.
Last but not least, I’d like to emphasize the size of an account is not as important as knowing your own trading strategy or style. I’ve seen someone trading with just a $100 account, and has grown the account 10 times its size. I’ve also seen someone with $50,000 blown overnight. So it doesn’t mean that bigger wallet size is safer for trading. Smaller account is more prone to blow, but with own strategy and right mindset, you will find big potential in this forex business.
Hi, Just join this community! I am very new in Forex Trading and got some basic tips here to buy and sell crypto through brokers.
Feb 19, 2019 at 10:34
The broker can affects the result of our trading with certainly , that’s why choosing a broker should be in cool mind, please don’t choose a broker in an emotional state, we the traders should choose the broker which is more appropriate to the concept of trading that will be used , the traders who are particularly scalpers have to choose the broker which allows trading concept such as this.
Membro Desde Feb 20, 2019
11 posts
Feb 20, 2019 at 09:58
Sure. Many trader just trade one pair. Big bank trader just trade one or two Forex pairs at a time. I prefer 7 fx pair but some trade 20 . it is all personal preference but definitely it possible to do well with one pair
Feb 20, 2019 at 12:58
elikplim posted:
Hi, am new in fx trading and i want to know if i can benefit when trading one currency pair.
from what i understand it will help you to get a good understanding of how that pair behaves. when your new it will benefit because it can be very confusing trying to keep a watch on more pairs.
Membro Desde Nov 27, 2017
2 posts
Feb 21, 2019 at 07:57
elikplim posted:
Hi, am new in fx trading and i want to know if i can benefit when trading one currency pair.
Trading one currency pair is ok, but it all depends on your strategy of executing trades.
Before you even think about trading multi-currency and different pairs at the same time, read about this subject 'Currency correlation' (to save your hard earned money).
You can start here:
https://www.babypips.com/learn/forex/what-is-currency-correlation
