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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. #41
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    Quote Originally Posted by Sixteen View Post
    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
    Yes sir, the earlier the better for the trader. This is the market that needs the trader to be well equipped and prepare for it. Lots of traders are working with the expertise to make money, but some are having the feeling of fast money or holy grail, this will not really let the think straight and learn on how to break the market and make money.

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  3. #42
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    Quote Originally Posted by cozard007 View Post
    Yes sir, the earlier the better for the trader. This is the market that needs the trader to be well equipped and prepare for it. Lots of traders are working with the expertise to make money, but some are having the feeling of fast money or holy grail, this will not really let the think straight and learn on how to break the market and make money.
    yes, forex needs traders to be equipped, and it is equipped with knowledge and their trading skills, this will make he or she to trade with the knowledge of the direction of the market. traders without the skills will not know trading and will be doing trading in the bad way and bad emotions which will make him lose all his or her money.

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  4. #43
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    Quote Originally Posted by silverlady View Post
    yes, forex needs traders to be equipped, and it is equipped with knowledge and their trading skills, this will make he or she to trade with the knowledge of the direction of the market. traders without the skills will not know trading and will be doing trading in the bad way and bad emotions which will make him lose all his or her money.
    [lang=id]trading without proper knowledge just trigger the emotion come up easily, because they will not know how to manage trading forex with well and then just losing in hands, and at this side, the emotion will come up easily, or also they can not control the ambition to trade for making big money in a short time[/lang]

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  5. #44
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    Quote Originally Posted by sharegistFX View Post
    Avoid trying to know what your friends who are forex traders are making
    yes good beginner to works with the decision on running of practice with the selection of use with the system as best to match with the personal customs of ideal preference on exchanging with the limit on use of expends with the risks and resource on requesting excess on moderation as delivering returns of movesment to close with the good target of profit with the consequence.

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    Trader MoniraInvestment's Avatar
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    Quote Originally Posted by sharegistFX View Post
    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.
    Yes. There is no perfect trading system. But you can invent a better trading system which you feel comfortable for trading.
    Trading strategy depend on traders personality. For example, some traders can stay at front of desk all day long and impatient for
    waiting long time, the should trade with short time frame and some trader can't stay in front their computer but patient for waiting,
    they can trade with longer time frame.

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  7. #46
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    Quote Originally Posted by MoniraInvestment View Post
    Yes. There is no perfect trading system. But you can invent a better trading system which you feel comfortable for trading.
    .
    I have heard of people talk about inventing trading systems and I tend to doubt about it, because I think it will be heard and will take whole lot of time and another thing is that are we really ready to be that patient, so therefore I think the best thing we need is to learn the already existing ones, It will not be time and energy consuming as trying to create a new one.

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  8. #47
    Trader kagho's Avatar
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    Quote Originally Posted by sharegistFX View Post
    This could be your holy grail)
    it is so funny that you state this in your thread then you advice the new traders like this
    Quote Originally Posted by sharegistFX View Post
    . Quit looking for the perfect strategy, or the one that will make you fast money
    but i say that there is no trading system that never has its bad days in the market so new traders should not look for the holy grail in the market but should work and formulate a trading strategy that has more wins than losses

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    Quote Originally Posted by splash View Post
    I have heard of people talk about inventing trading systems and I tend to doubt about it, because I think it will be heard and will take whole lot of time and another thing is that are we really ready to be that patient, so therefore I think the best thing we need is to learn the already existing ones, It will not be time and energy consuming as trying to create a new one.
    it is not hard, except that traders will have the idea of the forex business before inventing anything, they can not do anything without learning from the traders who are already in the business and the ones that are making money through the business too. it can not stick to them like that.

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  10. #49
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    Quote Originally Posted by silverlady View Post
    it is not hard, except that traders will have the idea of the forex business before inventing anything, they can not do anything without learning from the traders who are already in the business and the ones that are making money through the business too. it can not stick to them like that.
    It will take time and therefore I have seen that one of the problem traders are having in forex trading is that they can not be patient, therefore that will be a problem, now ask your self if you can give good 5 years to inventing a trading strategy? Will you be consistent about it or cede at some point?

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  11. #50
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    [lang=id]the traders have to have a good confidence , believe with themselves when they have learned and practiced, and it means, do not depend to the others who offer the signals for trading or if want it they just take and compare it with their analysis, it is very important for them to dig the skill deeply till know how to trade properly[/lang]

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