Tips on beginning trading

[pawned]

Demo trade only for a few good months until your consistent. Then start a small account. Demo trading and live trading hit different and you never really will understand your success until you get on a live account regardless of your demo results. Losing and gaining real money changes a lot of your mentality.

 

[antwanmcdonough]

Never approach forex with all the false beliefs like forex makes anyone rich overnight, etcetera, then forex is not for you.
Have clear goals and seek the right direction with respect to forex, you can move ahead and start learning. Start learning and practising on a demo account with proper discipline and consistency.

 

[Asteism]

When you are planning to begin your trading career, make sure that you are ready for the challenges that will come up as a complimentary gift. So, better prepare your mind for opposite market situations that may come up as big challenges for you.

 

[onomatopoeia]

Nice post. Most people have a dream of getting rich overnight, which may turn out exactly as unrealistic as it sounds. The world of Forex trading can be overwhelming, especially when you are new to the game, and don't know or understand the rules as yet. To profit in trading, you must recognize the markets but first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to forex and trading are not unnecessary, unwarranted or lacking. You need a profitable strategy with risk management to stop losses. Also, remaining dedicated & patient is very important.

 

[GabrielFortran]

Patience. I would suggest starting with a demo account for a considerable amount. Only then you should play with your own money.

 

[Rheometer]

As a beginner, you should learn about risk management first. It is one of the most crucial aspects of trading. Try reading books on risk management or following online courses. WIthout proper risk management, you can lose all the money you have made from profits.

 

[EliseoB]

the best thing that can be recommended to a newcomer is education and if you can get a tutor, much better

 

[fade]

you should start by understanding the basics of trading and trading strategies

 

[Contraband]

The best advice I can give a beginner is to never let your feelings influence your trading decisions and to never undervalue the significance of risk management.

 

[HeavLeighGill]

Always start on demo, don't get lazy or try to rush through it. Trade there until you're consistently profitable. In the meantime, study trading psychology so that you don't get blindsided by that once you open a real account.

 

[Berserker]

@Werdna88 I know I am a little late but just came across your post and wanted to check whether you have found a good broker for yourself. As you have mentioned that you want to trade and work simultaneously, why don’t you try copy trading. I too am doing it on Zulutrade alongside my regular job. It’s better than using EA.

 

[Psychomancy]

Read some books, watch some videos, and start trading using a demo account. Treat the money in the demo as real money.

 

[Monopial]

The best tip is to develop a forex foundation. There are some things you should know about the market before you take a risk. Things like: how does the market work? What is a pip? How can I start trading? What is forex analysis ? In short, get your basics covered. And practise. Forex is a constantly-moving market, so you need to comply with different market conditions and trade accordingly.

 

[Mesology]

If you want to be a successful trader, it is of utmost importance that you do not let your feelings influence your decisions and trust what the stats say more than anything. Also, it's critical that risk management remains a primary focus during all trading endeavors.

 

[Hootenany]

Start with gaining theoretical knowledge from books and online resources. Then use a demo account for practical learning. This is the best approach for learning forex as a beginner.

 

[Chorology]

There are a lot of things you will need to consider when beginning trading in FX, but first and foremost is to understand the basics. I’d suggest you invest only what you can afford to lose

 

[KlassicFx]

• Be aware of the fundamental and technical indicators
• Always keep a plan to manage all risks
• Avoid haste and emotional trading
• Believe in practice, do not follow social media news
• Patience is the most important key to long term success

 

[Dora_WalletInvestor]

Like a few previous replies have mentioned, learning is the very first and one of the most important steps. There are free online courses available as well as sites dedicated to providing information on financial terms. You need to learn the basics of risk management, understanding the market, analyses and building a trading strategy.

 

[Spectrograph]

Like a few previous replies have mentioned, learning is the very first and one of the most important steps. There are free online courses available as well as sites dedicated to providing information on financial terms. You need to learn the basics of risk management, understanding the market, analyses and building a trading strategy.

I agree! New traders need to learn all the aspects that contribute to a successful trade and practice trading on demo first. They should always start trading with a small deposit amount.

 

[Siphonic]

Always pay attention to risk management. There is always a certain amount of risk involved in every trade and that risk should be managed for minimising potential losses. Start by setting a risk/reward ratio and always limit the risk per trade to 2% of trading capital. This will help to keep your drawdown in limit.