Important tips for beginners (This could be your holy grail)
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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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    4. Endeavor to stay away from signal providers.
    I so much agree with you on this, making use of signal providers could make u lazy and independent on them, therefore I agree with you that if we must become successful in forex then we must learn and know our trading methods.

    I once made use of signal providers, and the fault I figured was that, since you are not one that made the analysis you will find it hard trying to manage the position you have made.

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    Quote Originally Posted by splash View Post
    I so much agree with you on this, making use of signal providers could make u lazy and independent on them, therefore I agree with you that if we must become successful in forex then we must learn and know our trading methods.

    I once made use of signal providers, and the fault I figured was that, since you are not one that made the analysis you will find it hard trying to manage the position you have made.
    That is my point, Another reason is that, while one is making use of a signal provider, you know nothing is certain and for sure in forex. The signal could hit stop-loss and the signal provider still holds his positions. Trading is so complex and the best way to success, which I have experienced a bit is that one should be his own master and learn his trading system properly, then follow it.

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    Quote Originally Posted by sharegistFX View Post
    That is my point, Another reason is that, while one is making use of a signal provider, you know nothing is certain and for sure in forex. .
    If a trader is to make use of a paid one then there is nothing bad about that because those that provides the paid ones take good care of traders that make use of it, I have tried it once.

    But, I stopped after come to think that, what if they stop offering the service tomorrow, thus, I will be then stranded, I has been fun or me learning forex and knowing how to make my analysis my self.

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    I do agree with you that a beginner trader have to get his own strategy and be able to find more situations to be able to find all the tools which may help them in the trading . also we have to think of the trading atmosphere . try them on the demo first and then we can apply them on the real trading .in order to be bale to think well of the trading chances

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    Quote Originally Posted by hosny55 View Post
    I do agree with you that a beginner trader have to get his own strategy and be able to find more situations to be able to find all the tools which may help them in the trading . also we have to think of the trading atmosphere . try them on the demo first and then we can apply them on the real trading .in order to be bale to think well of the trading chances
    The newbie traders will find it hard to have their own strategy, I am trying to say that they have to follow the strategy they have decide to learn and they should not be scared of making mistake, because through those mistakes they will be able to learn even more and get to master their trading system for future profits.

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    Quote Originally Posted by sharegistFX View Post
    That is my point, Another reason is that, while one is making use of a signal provider, you know nothing is certain and for sure in forex. The signal could hit stop-loss and the signal provider still holds his positions. Trading is so complex and the best way to success, which I have experienced a bit is that one should be his own master and learn his trading system properly, then follow it.
    Those who makes use of signal providers I think that what the lack is the patient for them to learn and know on how to make analysis and be able to know the direction of the market.

    I would prefer that I spend more time and learn on how to make analysis than making use of what someone else have done, I think that will make me dependent on the person.

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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: learning from two different people who makes use of different strategy will get you confused and make you make lots of mistakes.
    those should works of the good chance by returns as trader to gains of confirmation to defines of which ones to run with the future entrance on managing of the good plan on occupying strategy as expending the real risks on investment with the backup funding of the manage.

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    Registered user Quid's Avatar
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    Trading with simple trading strategy is mpre profitable for me because market is more predictable.See the market with trend i think the best way for the traders to gain knowledge and make the good income from market.I think trading with the strategy with that way see the trades and make good strategy and planning are the point which is wanted by traders.The market is more trending and make so many winning profit for the traders.

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    Quote Originally Posted by Quid View Post
    Trading with simple trading strategy is mpre profitable for me because market is more predictable.
    Sure, Simplicity is the best and the key to success if we should be patient, but then most of the times, traders gives up on simplicity because they would want to make fast money.

    I also believe that an holy grail depends and is the traders trading strategy, there is no magic or a perfect trading system in forex.

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