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

  1. #1
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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. #31
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    So far so good I have been into forex trading I have not been looking for the perfect trading strategy. I know that we can make best of that trading strategy that we make use of if we should learn. Therefore I also consider risk management an important factor in forex trading as well as money management, those things are important and anyone who wish to succeed needs to make good use of it.

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  3. #32
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    Quote Originally Posted by sharegistFX View Post
    This means that it becomes more effective when you mater just one trading strategy and knows it better.
    One trading with the longer trading system and trend following strategy, one position that open in so long time and so many years. And also with the enough lot to trade. I think to make one good position trader do the previous learning how to make one single shot good position and get the big profit.

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  4. #33
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    Quote Originally Posted by aris90 View Post
    One trading with the longer trading system and trend following strategy, one position that open in so long time and so many years. And also with the enough lot to trade. I think to make one good position trader do the previous learning how to make one single shot good position and get the big profit.
    Position trade using trend following system is good if you have huge capital, but if you have only a few hundred or thousand dollars it would be better to just use in in an intraday or swing trade strategy for it to grow faster but again having the right skills is important for us to be successful in using any particular strategy.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

  5. #34
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    Quote Originally Posted by techboy View Post
    Position trade using trend following system is good if you have huge capital, but if you have only a few hundred or thousand dollars it would be better to just use in in an intraday or swing trade strategy for it to grow faster but again having the right skills is important for us to be successful in using any particular strategy.
    Well, I must say having good amount of money when trading is good, but then it makes not different when you are trading with huge amount of money but then you have no knowledge and skills, moreover the important thing should be learning because when we do, we can get that few hundred or thousand dollars to huge amount of money.

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  6. #35
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    i made this mistake too while i was very new to forex, the way i entered the market was massive with all my investment, thinking i will be millionaire in the very month i started, but things are not like that. also know that all the programs they are advertising to you will not work as they have done so, nothing is totally safe in forex business.

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  7. #36
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    Quote Originally Posted by techboy View Post
    Position trade using trend following system is good if you have huge capital, but if you have only a few hundred or thousand dollars it would be better to just use in in an intraday or swing trade strategy for it to grow faster but again having the right skills is important for us to be successful in using any particular strategy.
    some time the prediction is not correct and trader get the loss. The loss make trader feel disappointed and these loss give the trader depresiation to gain more chnce. Swing trader or intraday trading looks fine, but in reality ti buil the good trading strategy is not that easy just like on tv.

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  8. #37
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    This is what a beginner should look into and try to develop himself to be capable of earning good and not looking for shortcuts to success. There is no easy money anywhere and if you are not ready to work hard, there is no way you can be able to improve good in forex business. Beginners should quit looking for shortcut rather they should invest good time into the demo account so they could improve to be a good and profitable trader

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  9. #38
    Trader lawners1791's Avatar
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    Quote Originally Posted by sharegistFX View Post
    Avoid learning from different source, mostly when the source are talking about different trading strategies:
    no i guess those helps of the better as confirming decision before further to run of choice with the selection of system on working with the customs on evaluation to gives of precise on submission to deliver returns of number with the projected target to closed with the terms.

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  10. #39
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    Quote Originally Posted by aris90 View Post
    some time the prediction is not correct and trader get the loss. The loss make trader feel disappointed and these loss give the trader depresiation to gain more chnce. Swing trader or intraday trading looks fine, but in reality ti buil the good trading strategy is not that easy just like on tv.
    there are predictions that are correct and some will not be right as the strategy of the trader is capable. i see things in the way of making my predictions right more than losing in my trades, and i make my stop loss to do the rest work for me, there is no way we can trade without losing some times.

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  11. #40
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    Quote Originally Posted by silverlady View Post
    there are predictions that are correct and some will not be right as the strategy of the trader is capable. i see things in the way of making my predictions right more than losing in my trades, and i make my stop loss to do the rest work for me, there is no way we can trade without losing some times.
    [lang=id]we do not let the order run in the market without good protection, and it means, stop loss is always necessary or something else to protect our balance, and it means, we do not believe to our analysis for 100 %, because everything can happen in the market, and also, i do not like to let the order run with take too much time, just close it when it got the profit[/lang]

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