An advice for new comers - Page 241
Page 241 of 241 FirstFirst ... 141191231237238239240241
Results 2,401 to 2,410 of 2410

Thread: An advice for new comers

  1. #1
    Trader jamey's Avatar
    Join Date
    Aug 2015
    Posts
    813
    Thumbs Up
    Received: 7
    Given: 12

    An advice for new comers

    When I was new trader, just came in forex market. I thought that, indicator can bring profit for me. I search many kind of indicators and use them but no indicator gave me profit. I just waste my two years for find a better indicator but finally I realize that indicator is nothing. Then I start learn price action from many websites and trade in a naked chart. I advice all new comer trader, don't waste your time for finding colorful indicators. Learn price action from first.

    Not allowed!

  2. #2401
    Trader
    Join Date
    Mar 2017
    Location
    Biafra
    Posts
    11,775
    Thumbs Up
    Received: 58
    Given: 20
    The best thing for a forex newbie is to follow the right process to learn. This newbie will realize that its not so easy in this market but they should never give up but put in good time to build a profitable system for themselves. Newcomers here should take the demo account seriously because this is such account that will bring about the right success with time. Newbies should take their time to learn and they should realize how to get better with the right development.

    Not allowed!

  3. #2402
    Trader sniper007's Avatar
    Join Date
    Jun 2017
    Posts
    10,929
    Thumbs Up
    Received: 81
    Given: 146
    When I was new to the market, I always did had my mind mostly on the amount of money that I would make from the market. I think that affected me in such a negative way and I think that I will like to also get to advice the new traders that they shouldn't trade in such a way. Cherish learning more and with time, earnings will come.

    Not allowed!

  4. #2403
    Trader juniorpeters's Avatar
    Join Date
    Apr 2018
    Posts
    4,460
    Thumbs Up
    Received: 32
    Given: 43
    indicator is a very good strategy to use and trade the market but when you don't learn from someone who is more experienced it becomes a problem for you and you will see it as useless.i thought the same thing but later on i found out that i have been missing out a lot of trades and now i can't trade the market or make analysis without using indicator to get that done.

    Not allowed!

  5. #2404
    Trader Senorita's Avatar
    Join Date
    Jun 2016
    Location
    Africa
    Posts
    7,494
    Thumbs Up
    Received: 119
    Given: 73
    Quote Originally Posted by sniper007 View Post
    When I was new to the market, I always did had my mind mostly on the amount of money that I would make from the market. I think that affected me in such a negative way and I think that I will like to also get to advice the new traders that they shouldn't trade in such a way. Cherish learning more and with time, earnings will come.
    When you engage yourself on the amount of money to be made. You will be easily blinded on putting effort to build a strong strategy that can help you to realize those targets. I think a newbie focus should not be about the money but to learn and understand how they can develop better in trading. Because of the much emphasis on earning big money, you find newbies cutting corners to make profits and this easily backfires.

    Not allowed!

  6. #2405
    Trader Sixteen's Avatar
    Join Date
    Sep 2015
    Posts
    12,155
    Thumbs Up
    Received: 141
    Given: 68
    What happens to newbies who don't find it necessary to learn is huge loss. Here the need for newbies to manage their loss is very important and they should seek learning to develop their knowledge and possible experience that would help them to trade right. New comers must all see the chance to build what works and seek on the opportunity to realize their goals in forex. It won't be easy for a newbie and it will be good if a newbie can have a decide to manage risk and seek on the very opportunity to build a long lasting trade for themselves.

    Not allowed!

  7. #2406
    Trader cutiekc's Avatar
    Join Date
    Dec 2013
    Posts
    23,501
    Thumbs Up
    Received: 158
    Given: 236
    Quote Originally Posted by Sixteen View Post
    What happens to newbies who don't find it necessary to learn is huge loss. Here the need for newbies to manage their loss is very important and they should seek learning to develop their knowledge and possible experience that would help them to trade right. New comers must all see the chance to build what works and seek on the opportunity to realize their goals in forex. It won't be easy for a newbie and it will be good if a newbie can have a decide to manage risk and seek on the very opportunity to build a long lasting trade for themselves.
    One of the common mistakes that the newbies also do is that once they have had some consistent wining for like two times, they get so over confident, therefore trading outiside of their trading plan and then making a whole lot of mistakes as well. I mean, this are things we should always get to avoid. The new traders should know that no matter what the result of their trade could be, they ought to always stick to the plan.

    Not allowed!

  8. #2407
    Trader
    Join Date
    Aug 2018
    Posts
    175
    Thumbs Up
    Received: 2
    Given: 0
    Before you can plan for your trading in live, you can practice your trading strategies on demo trading account. By judging or practicing some methods or approaches with demo trading account a foreign currency exchange trader can get proper understanding with the risk factors related with those approaches. After that he can try to hedge his position with the proper adoption and right utilization of risk management tools in real manner.

    Not allowed!

  9. #2408
    Trader J_C_Anderson's Avatar
    Join Date
    Oct 2018
    Posts
    142
    Thumbs Up
    Received: 2
    Given: 1
    For sure, demo trading is very important and useful because it offers trader a possibility to practice trading skills without the exposure to risks of financial losses. At the same time, demo is great for education, but not for testing new strategies. Most of the traders check the performance of their new strategies manually placing orders. This process is very time-consuming and requires a lot of efforts while the outcomes are not accurate enough due to the impact of trader`s psychology and the lack of data to make reasonable conclusions. To my mind, it would be more efficient to backtest new strategies on historical data with the help of special software like Forex Tester. Backtesting process is fully automated, and the only thing trader needs is to describe his strategy and start testing. Such approach allows trader to test new ideas and strategies only in a few minutes. The software contains built-in historical data download manager providing the possibility to choose the data from particular broker to improve the accuracy of backtesting. As the result, trader will get detailed information on the performance of the strategy including all important criteria like risk-reward ratio, maximum drawdown or the maximum number of losing trades in a row.
    At the same time, demo testing is also important to get familiar with the new strategy. That is why the best solution would be to start with backtesting and then move to the demo trading to check how the strategy will work in real situation.

    Not allowed!

  10. #2409
    Registered user
    Join Date
    Jan 2018
    Posts
    1
    Thumbs Up
    Received: 0
    Given: 0
    For anybody starting anything newly, it is a good thing for such a person to first take appreciable time to study where and what he is going into. This is the reason why all newbies should look for trading training materials that can teach the basics of forex trading. Secondly the people who can tutor new traders too should be identified and consulted, their help will go long way to prevent the future losses that could have happened. All these put together are necessary for all new forex traders to succeed even when they are hardworking.

    Not allowed!

  11. #2410
    Registered user
    Join Date
    Sep 2019
    Posts
    4
    Thumbs Up
    Received: 0
    Given: 0
    Great post! Very valuable explanation. This is really a cool thing, thank you for these tips.

    Not allowed!

Page 241 of 241 FirstFirst ... 141191231237238239240241

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •