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Thread: First steps of newbie traders

  1. #1
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    First steps of newbie traders

    Knowing Forex and our work Before starting any business a person should explore about its possibilities and the benefits and risk involved. It is not just Forex that is risky all business have this element called risk. So a good planning can help a person from a good start to a successful continuation. A trader should learn all the basics about the Forex market. Its earning potential and the risk involved. The losses possibilities should also be known with attention.


    Choosing the right Broker
    It is very important that a beginner should choose a right broker. if a beginner moves with a wrong broker then he can face so many failures in his beginning trading days that he will become victim of frustration and depression. Already our beginning trading is filled with hardships and hurdles and a bad broker can make it big failure. I and all my forum friends and all Roboforex traders are very lucky to find a great broker like Roboforex.



    The demo account
    We all know that demo account is very useful especially for the beginner traders. But some beginners think it boring and some think it waste of time. The main reason for this thinking is demo account cannot give a person real money earnings. But beginners should never forget that demo account can give them knowledge and make them familiar to this market. This knowledge saves traders from many losses and also help them in earning profits when they move towards real account.



    Having discipline and patience
    beginners run the risk of getting lured by the high earning potential in Forex. Most beginners face heavy losing because they work with the concept of fast and easy earning. Beginners should understand the importance of patiece and discipline and a good trading psychology.

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  2. #121
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    Quote Originally Posted by silverlady View Post
    yes, that is what many traders think of, and tey are losing in the forex business instead of making the money, the fast money making is not the good thing for traders, and the profits will come when traders have the good mind to trade and make tehir money.
    [lang=id]making fast money become a part of many reasons that lead the traders to face some loses in the market and failed, that is the real problems for them because just think about the money first and not to think about how to trade properly to protect their balance,[/lang]

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  3. #122
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    Quote Originally Posted by samprazaan View Post
    [lang=id]making fast money become a part of many reasons that lead the traders to face some loses in the market and failed, that is the real problems for them because just think about the money first and not to think about how to trade properly to protect their balance,[/lang]
    it is the new traders that i believe that does that. ans yes, there are many of the old traders that are doing this as well. they will have little money, and want to make bigger money, and that might be affecting them when they do no take caution in what they do.

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  4. #123
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    Well yes i agree with you that there are few things which traders need to keep in mind and the first step should be choosing the right broker to invest the money and trade and second most important thing in the trading is keeping patience while we trade to make money from trading.

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  5. #124
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    Quote Originally Posted by silverlady View Post
    it is the new traders that i believe that does that. ans yes, there are many of the old traders that are doing this as well. they will have little money, and want to make bigger money, and that might be affecting them when they do no take caution in what they do.
    It is not right to aspire for bigger profits in this market because there is no guarantee that every trade can be a winner, most traders aspire to have huge profits in a short period of time so they use huge lot sizes in their trading but only to lose and get wiped out in the long run, risk management is also an important aspect in trading.

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

  6. #125
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    Quote Originally Posted by techboy View Post
    It is not right to aspire for bigger profits in this market because there is no guarantee that every trade can be a winner, most traders aspire to have huge profits in a short period of time so they use huge lot sizes in their trading but only to lose and get wiped out in the long run, risk management is also an important aspect in trading.
    Keep aiming for a bigger profit will become our poison for sure in the future. If we can keep making money like that then it is very good. But just in case when we make one big mistake in here, we will loss a great deal of money that is unrecoverable. We need to watch out for such things when we are trading and avoid them as much as we could possibly do.

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  7. #126
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    Quote Originally Posted by techboy View Post
    It is not right to aspire for bigger profits in this market because there is no guarantee that every trade can be a winner, most traders aspire to have huge profits in a short period of time so they use huge lot sizes in their trading but only to lose and get wiped out in the long run, risk management is also an important aspect in trading.
    it is not wrong to aspire for bigger profits in my thinking too, traders will need the good side to trading and make some money in that way. and when you plan it well, the winning will be more when you have the real calculation in place, and you can maximize your potential with that.

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  8. #127
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    Quote Originally Posted by sekiryutei View Post
    Keep aiming for a bigger profit will become our poison for sure in the future. If we can keep making money like that then it is very good. But just in case when we make one big mistake in here, we will loss a great deal of money that is unrecoverable. We need to watch out for such things when we are trading and avoid them as much as we could possibly do.
    Yes that is greed which acts like a poison and can kill our entire trading career. Things proves to be just like our idea about it. it is easy to make profit in forex conditioned that you do not try to earn every pip in the market. so simple profit can be simply realized.

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  9. #128
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    Quote Originally Posted by AmitChallenger View Post
    Yes that is greed which acts like a poison and can kill our entire trading career. Things proves to be just like our idea about it. it is easy to make profit in forex conditioned that you do not try to earn every pip in the market. so simple profit can be simply realized.
    Oh yes greed is that poison that can end the persons career and also his life. Those who work hard and learn with their experience can find success. Those who lazily dream for success will only find failures here. Forex trading could be an easy way for us to earn if we can effectively know what it takes to make good trades.

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  10. #129
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    Quote Originally Posted by Abhishekwala View Post
    Knowing Forex and our work Before starting any business a person should explore about its possibilities and the benefits and risk involved. It is not just Forex that is risky all business have this element called risk. So a good planning can help a person from a good start to a successful continuation. A trader should learn all the basics about the Forex market. Its earning potential and the risk involved. The losses possibilities should also be known with attention.
    In everything a man does, the foundation matters a lot and that is exactly what so many people fail to acknowledge and admit in forex trading. Your approach and attitudes towards learning and practice determine the strength of your foundation and that is why so many people fail in forex trading.Majority of people coming into forex trading erroneously think that forex is just about making money without looking at the side of the risk which must usher them into serious learning and practice.Without learning , it will be very hard to earn a dime in forex trading

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  11. #130
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    Quote Originally Posted by layigold View Post
    In everything a man does, the foundation matters a lot and that is exactly what so many people fail to acknowledge and admit in forex trading. Your approach and attitudes towards learning and practice determine the strength of your foundation and that is why so many people fail in forex trading.Majority of people coming into forex trading erroneously think that forex is just about making money without looking at the side of the risk which must usher them into serious learning and practice.Without learning , it will be very hard to earn a dime in forex trading
    You are right everywhere foundation is of utmost importance. So when a person newly enters into Forex trading he should make sure that he has good understanding of the basic concepts and techniques about the Forex market. If he fails to understand the basics properly there will be no way for him to have advanced knowledge and achieve higher levels of learning to ensure successful trading.

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