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Thread: Important tips for beginners (This could be your holy grail)

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    Important tips for beginners (This could be your holy grail)

    We all were once a beginner in the business, as I have experienced a lot, I think it will help others. Please follow this tips and thank me later.

    1. Quit looking for the perfect strategy, or the one that will make you fast money.: There is nothing like a perfect strategy. You will spend lots of time searching, that way wasting time, instead have that time been used on mastering a particular strategy.

    2. Avoid learning from different source, mostly when the source are talking about different trading strategies: learning from two different people who makes use of different strategy will get you confused and make you make lots of mistakes. That way, have just one mentor and one strategy, get to know it more better. Just like Bruce Lee said and I quote
    I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.
    This means that it becomes more effective when you mater just one trading strategy and knows it better.

    3. Avoid trying to know what your friends who are forex traders are making. Most times, when your friends are making more and you are still losing, that may fuel some spirit of competition in your, thereby making you make mistakes and even deviate from your goals and plans. That way, have in mind that forex is not a race.

    The last but not the least!!

    4. Endeavor to stay away from signal providers. I believe we are into forex because we would want to make money on the long run, that way the best way to start is to be able to believe in our selves, that way following our analysis because it is made based on the strategy we use, when you loss you learn and get better. Don't follow signals blindly, unless you are into forex just for some short term money making.

    Success trading!!!!!!!!!!!!!

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  2. #1671
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    I think it is mainly all about the mindset. Because when there is a good mindset, being that the trader understands the business and know that they ain't gonna make a dime from it if they are the kind of trader that is always about the money. From there the new traders could then get to look for good trading methods to ensure that they get good execution on how they trade.

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  3. #1672
    Rookie Toyen's Avatar
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    Quote Originally Posted by Real View Post
    I think it is mainly all about the mindset. Because when there is a good mindset, being that the trader understands the business and know that they ain't gonna make a dime from it if they are the kind of trader that is always about the money. From there the new traders could then get to look for good trading methods to ensure that they get good execution on how they trade.
    It is not all about mindset, what i want you to know is that what is bad is bad, it does not have two meaning than it is bad. Traders that knows how this market is working have to know that there is nothing like holy grail and those other distractions of traders, it is what you want to believe that you will believe, not a matter of mindset here. I choose to believe that experienced trading is the best, not that traders will be thinking of cheap earnings, we have to learn and work-hard before we will make it here.

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  4. #1673
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    Quote Originally Posted by Toyen View Post
    It is not all about mindset, what i want you to know is that what is bad is bad, it does not have two meaning than it is bad. Traders that knows how this market is working have to know that there is nothing like holy grail and those other distractions of traders, it is what you want to believe that you will believe, not a matter of mindset here. I choose to believe that experienced trading is the best, not that traders will be thinking of cheap earnings, we have to learn and work-hard before we will make it here.
    anything like this is fully depending on how traders able to realize things based on their own experience and capability in trading. they can tell themselves anything that good for them is working to give profits, or otherwise they won't get anything from market if they force something they don't understand. i can feel and learn every single trades i make by its risk and then prepare myself for any result to learn things.

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  5. #1674
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    One of the common tip the beginner needs to have is, never calculate your winning first, allow the trade to run and also I don't think it is a good thing that one should keep on resetting the stoploss and take profits, I will suggest that traders should allow their trade to run and be able to only secure the trade sometimes with breakeven.

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  6. #1675
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    The beginners that don't have a trading strategy, they will find it so much hard and difficult to cope with the business so they will mostly make mistakes, you can't make success in this business if all you want is just to make money, for sure we will make money but at first we are to go in for the knowledge and learning first.

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  7. #1676
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    The first most important thing for any beginner should understand is that learning is very important in forex because the knowledge brings about the chance to make good profits from forex. As long as we have a plan to manage risk is followed we will have the possible chance to make profits from forex. Newbies who wants to earn from forex must understand that good learning will be a great thing and from the demo can have the better platform to perform practical learning.

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  8. #1677
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    Before the beginners can have the important tips that could possibly make them become profitable, those beginner should be away that they need to learn a lot of things from the demo account, don't think that you will become successful trader when you don't learn, the beginners always want to make huge amount of money without even doing the hard work and understanding the business as they should have.

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  9. #1678
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    The beginners should take time to learn and know what it takes to trade properly also, there is no trading strategy out there that any one could make use of and then still not take losses once in a while. Losses is general in this business and to succeed the trader just have to manage it, so if you ain't got the mindset of managing the losses and risk,you can't be profitable.

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  10. #1679
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    Quote Originally Posted by Real View Post
    The beginners that don't have a trading strategy, they will find it so much hard and difficult to cope with the business so they will mostly make mistakes, you can't make success in this business if all you want is just to make money, for sure we will make money but at first we are to go in for the knowledge and learning first.
    It is wrong for beginners to trade without having a good trading strategies, and it is not only about the trading strategies, traders needs a trading system which can make them to trade and be satisfied with their earning. That makes it a duty for the beginners to be learning, they have to make sure that they get all what it takes to trade the market and likewise apply them rightly before they stop learning how to trade.

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  11. #1680
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    Quote Originally Posted by Toyen View Post
    It is wrong for beginners to trade without having a good trading strategies, and it is not only about the trading strategies, traders needs a trading system which can make them to trade and be satisfied with their earning. That makes it a duty for the beginners to be learning, they have to make sure that they get all what it takes to trade the market and likewise apply them rightly before they stop learning how to trade.
    We need to learn a good strategy, but a good strategy does not mean that the strategy is perfect and always gives us profits. Balancing is the thing needed, like a strategy is perfect for trading and that perfect strategy need not be fully accurate, it can be something even just 70 %. We should improve on the way we follow the market movements and use stop loss.

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