Tips on beginning trading

[Shaner3]

Dont trade. Best advice. You lose more than you win most of the time.

 

[Plethora]

The Forex market is one of the most liquid markets in the world. This means that there are many buyers and sellers at any given time, so you will always be able to find someone to trade with.
If you are new to trading, the first thing you should do is learn about it. Understand how a currency pair moves in relation to each other and what factors cause it to change.

 

[Angiosperm]

When you are about to begin your trading career, make sure that you don’t expect anything. First of all, you must see what trading is and build your trading strategy according to that. It would take some time and you better be ready to keep patience until you reach where you want to.

 

[Semantology]

First and foremost thing is to gain knowledge and develop your skills with demo account practice. Motivation often fades away after the first few days and we should rely more on building discipline instead. Discipline and consistency are very much needed for becoming a successful forex trader. Be patient and take your time to learn.

 

[anderson00]

thanks for your tips, i can only add two things which is important, money management and control emotion

 

[Mucivorous]

Focus on strategy formulation and risk management. These are the two most important aspects of becoming a successful forex trader.

 

[Seminule]

Learn the basics at least before starting trading. Forex is not a quick way to get rich. Most professional forex traders would earn around 2% monthly return on average in the long run, which is kind of a more realistic return you could expect.
Follow these steps:

1. Enhance your trading knowledge
2. Avoid revenge trading
3. Use stop loss
4. Do not put more than you can not afford to lose
5. Stay disciplined

 

[ggtx7]

Keep your lot sizes small... if, or when I should say, rather - you start losing, start reduces your positions until you get back to an ideal balance curve so you can start increasing your risk or position sizes again.

 

[Isocracy]

First you should focus on reading and researching the market. Well, earning profit doesn’t happen overnight so until you gain confidence, it is necessary to stay consistent and gain an overall idea of how the process should move along. Learn about the various terminologies and technicals. Most importantly, be patient.

 

[Agynary]

Here are some tips;

1. Trade with a small amount of money

2. Be patient and don’t rush in

3. Don’t expect to make money every day

4. Learn from your mistakes, don’t repeat them

5. Try to keep a positive attitude

6. Don’t be attached to the outcome of any trade but rather the process and strategies behind it

 

[Sufflate]

There are many good beginner friendly books that you can read including ‘Currency trading for dummies’ by Brian Dolan. Also I highly recommend taking the free course on Babypips website. I started from there when I was a beginner and it was pretty helpful.

 

[Hipparchy]

Learn and learn! Then implement that learning on a demo account.
Be disciplined and consistent in your trading. Learn from your mistakes, and do not be too emotional.
This is just a brief of the tips you need. These ‘tips’ are not even the ‘tip’ of an iceberg as forex trading is a vast topic; you need to be patient; forex trading will take time to make you successful. It is not as easy as it sounds here.

 

[Quibble]

I’d suggest beginner traders to pay more focus on trading psychology. Forex should be treated as a business. Attaching your emotions and sentiments to forex trading will cling you to grief over losses, and you will not be able to trade with clear logical thinking. Trading psychology needs to be developed from the very beginning.

 

[Ikeyoung27]

How to help with drawdown. I keep losing my trades with drawdown

 

[Hercule Butler]

You may not know how the market moves and what the outcome of your trades will be. But you can obviously decide how much money you should put at risk and what you can easily afford to lose. Learn not to go beyond your risk appetite.