I'm a beginner and I'm new in the channel
- Thread starter Matsi
- Start date
forexnews
Member
Hello Matsi,
Since you're a beginner, I would like to give you some tips that can really help you learn faster and avoid losses in your trading journey.
1. Knowledge is power - In addition to knowledge of day trading procedures, day traders need to keep up with the latest stock market news and events that affect stocks. This can include the Federal Reserve System's interest rate plans, leading indicator announcements, and other economic, business, and financial news.
2. Set Aside Funds - Assess and commit to the amount of capital you're willing to risk on each trade. Many successful day traders risk less than 1% to 2% of their accounts per trade. If you have a $40,000 trading account and will risk 0.5% of your capital on each trade, your maximum loss per trade is $200 (0.5% x $40,000).
3. Set Aside Time - Day trading requires your time and attention. In fact, you'll need to give up most of your day. Don’t consider it if you have limited time to spare.
4. Start Small - As a beginner, focus on a maximum of one to two stocks during a session. Tracking and finding opportunities is easier with just a few stocks. Recently, it has become increasingly common to trade fractional shares. That lets you specify smaller dollar amounts you wish to invest.
5. Avoid Penny Stocks - You're probably looking for deals and low prices but stay away from penny stocks. These stocks are often illiquid and the chances of hitting the jackpot with them are often bleak.
I would recommend you to choose your broker intelligently as a broker also plays an essential role in making your trading journey blissful. I'm using CapitalStreetFX as my broker. They offer a free demo account, 15 plus free trade signals, market reports, and market insights that keep you up updated with the market, all free of cost.
Since you're a beginner, I would like to give you some tips that can really help you learn faster and avoid losses in your trading journey.
1. Knowledge is power - In addition to knowledge of day trading procedures, day traders need to keep up with the latest stock market news and events that affect stocks. This can include the Federal Reserve System's interest rate plans, leading indicator announcements, and other economic, business, and financial news.
2. Set Aside Funds - Assess and commit to the amount of capital you're willing to risk on each trade. Many successful day traders risk less than 1% to 2% of their accounts per trade. If you have a $40,000 trading account and will risk 0.5% of your capital on each trade, your maximum loss per trade is $200 (0.5% x $40,000).
3. Set Aside Time - Day trading requires your time and attention. In fact, you'll need to give up most of your day. Don’t consider it if you have limited time to spare.
4. Start Small - As a beginner, focus on a maximum of one to two stocks during a session. Tracking and finding opportunities is easier with just a few stocks. Recently, it has become increasingly common to trade fractional shares. That lets you specify smaller dollar amounts you wish to invest.
5. Avoid Penny Stocks - You're probably looking for deals and low prices but stay away from penny stocks. These stocks are often illiquid and the chances of hitting the jackpot with them are often bleak.
I would recommend you to choose your broker intelligently as a broker also plays an essential role in making your trading journey blissful. I'm using CapitalStreetFX as my broker. They offer a free demo account, 15 plus free trade signals, market reports, and market insights that keep you up updated with the market, all free of cost.
Wallflower
New Member
Always strive to learn new things and improve yourself. This is the only thing that can guarantee your success in forex trading. welcome here.
Gymnosophy
New Member
Hello! Welcome to the community. Please feel free to ask and share your trading experiences.
мистер Лео
New Member
Use a cent account to start, risking minimal money.
Thank for Advise
forthebest
New Member
just use a demo account to train your skill, when you become confident enough then start on a live account with low money you can afford (to lose).
BinarySumo
Member
Hi, welcome. Keep your focus on learning and you will go far. Good luck on your trading journey.
HeavLeighGill
Member
Hi! It's always nice to see new traders around. What got you into trading?
Macromania
New Member
Welcome to the world of Forex Buddy. Hope you are ready for a roller-coaster ride of excitement, losses and profits, and experiences.
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