Tips for Newbies

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Tips for Newbies

Postby blocktrading » Fri Jul 08, 2011 11:04 am

Forex Trading for Newbies

There are hundreds of Forex brokers out there, there are also so called Forex reviewer and trading system developers who persuades newbies to go into Forex trading that promises double digit return in no time by using Metatrader 4 trading robots, or which we call Metatrader Expert advisor.

In reality, 95% of the new traders, lose their money because of false promises. Only 5% are successful in Forex trading. You want to know why? Because they don't fall into trap and false promises.

Do you want to be part of that 5%?

Here's my advise:

1. Get familiar with Forex Market. Do not enter into something that you do not know if you don't want to get in troubled.Don't listen to all hypes that newbies buy an automatic system and become successful immediately. Forex market is highly volatile. You cannot be successful in just a flick of your hand.

2. Choose a reputable broker who offers Metatrader 4 platform for free. There are hundreds of brokers out there some are more reputable than the others. Only choose a regulated broker. And make sure they have 24/7 support better if they have online chat assistance (you don't want to pay for long distance call right?). Registering on forums would also a great help. There are lots of discussions about broker performance.

3. Once you have chosen a broker, Open a demo account first for you to know the ins and outs of trading. Demo accounts will help you enhance your decision making capability. Although is no real money involve.

4. Learn how to use the Metatrader 4. Make an effort to fully familiarize yourself with the trading platform so that you can set up your expert advisor correctly and to avoid parameter error. When in doubt, read the manual.

5. I have mentioned expert advisor on number 4. Yes, you can also set up an expert advisor on a demo account. Actually it is best way for you to test your expert advisor without risk.

6. Purchase a commercially available Metatrader Expert Advisor
(automatic trading system also called Forex robot) that offers support and has a user forum. Expert advisors completely automates your forex trading that allows you to lose or make money without doing anything, so be sure to choose the good ones because there are lots of EA's being offered although a lot of them make a good money but there are some that is just a marketing hype. Be sure to do research first before you purchase an EA.

7. If you think you are confident enough then you can now go onto
live trading. You can experiment with micro lots to warm you up. There are actually different types of account depends on what account your broker offers.

8. Start trading with a small risk. Ensure you understand the value of each pip for the currency pairs that your are trading in.

9. Keep yourself informed. Read and watch news. Good news or bad news has a great impact on the economy specially on Forex trading. (Remember when Japan was hit by an earthquake and tsunami? Japanese Yen went down the next trading day right after that incident.)

10. Spend what you cannot afford to lose.

Choosing the right broker and the right type of account is just as important as choosing the right system.If you need more help in choosing the right system, check out the live results and detailed reviews for top selling systems on http://www.best4xrobots.com
blocktrading
 
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Re: Tips for Newbies

Postby Moreno » Sat Dec 13, 2014 9:31 pm

tips for newbie is to try to trading on a demo account first. with a demo account then we will be able to trade with a maximum in the real account. if there is no demo account then we will experience many losses. because we have no idea what it's like trading
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Re: Tips for Newbies

Postby darklot » Sun Dec 14, 2014 2:27 pm

To start trading forex, it would be either through a demo account first, this step can reduce the risk of loss as well as our means to practice and find the right strategy before we start with the real account.s beginner better start to put more value with their account since the beginning. have a spread cost into consideration, while naturally the lower the spread the better for any trading strategies. any expert traders would prefer low spread trading condition, so why beginner trader wouldnt do the same then. personally i would recomend my current broker Armada markets, though its comission based, they offer quite good spreads, won't say raw but with a relatively low markup. Would advice to beginers to move on comission based platform, it can appear to lead to more expenses while it is not the case when getting down to the real practice.
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Re: Tips for Newbies

Postby Moreno » Sat Dec 20, 2014 10:31 pm

for newbie we should be able to trade using a small capital used to train the psychology of trading since the demo account trading psychology we will be less refined so as to train the trading psychology we need a real account with a small capital like $5 in freshforex. Do you know freshforex?
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Re: Tips for Newbies

Postby david100 » Tue Sep 08, 2015 8:49 pm

As a new trader we should learn the basics of forex because without good learning we can not succeed in Forex and we can loose our money quickly.
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Re: Tips for Newbies

Postby fxjennifer » Thu Feb 18, 2016 9:46 pm

Hi, I am a Professional Forex Fund Manager. If you are a Forex trader or willing to invest in Forex trading to gain profits up to 100-500% in 4 weeks, please check our trading results at: Pipscutter
E-mail: info@pipscutter.com
Skype : fxjennifer

You can leave your email address to us, and we will contact you to share detailed information about Forex. Thank you.
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Re: Tips for Newbies

Postby davidson333 » Sat Jul 30, 2016 6:44 am

My tip to new traders is to learn Forex or stocks first and then choose a reliable broker. Start traing with deom account first and then after getting some experience you can start real trading. Also you learn how to avoid emotions and do not become more greedy because greed is very harmful to traders.

https://www.youtube.com/watch?v=jbzrdOBvyM4
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