12 Tips for Forex Novice from a Beginner

There are a lot of councils for trading in the foreign exchange market, but they are all of a general nature, so the newcomers break them. But in everything you need to know the measure. During the trading year, I had some opinion regarding trading, and I want to share my little experience by giving some advice for a beginner.

  • Everyone is advised to run a trading strategy and start trading on a demo account. I think in the demo it’s worth learning how to only press buttons, and everything else you need to learn on real. Of course, this should be cent accounts. Yes, trading on Forex requires investments. But let it be 10-20 dollars, which will not bring you significant financial inconveniences in case of loss. Again, many brokers provide free reals for trading with the ability to withdraw profits. Such accounts can be up to $ 500. For a beginner this is a smart opportunity, you can even not trade your own blood.
  • Based on my own experience, I can say that beginners can often make a mistake with the entry point, the size of the take / stop. Of course, in time everyone will learn to more clearly define these moments. But for starters, I advise you to close the deal with a profit of 20-30 points with your hands.
Forex Novice
Forex Novice
  • If your deal was in a drawdown for a long time, and you finally went to zero or profit, close it immediately, do not wait for profit. Most likely, there will be no profit and there will be no mistake since the mistake with the entrance was originally made.
  • Before the release of important news and speeches, I advise you to close the profit deal or at least to transfer it to a breakeven.
  • Study the main points of technical analysis – patterns and levels. Trace their work on history. Most likely you will find many patterns. For trading choose the most technical currency pairs, cross-rates are best not to trade.
  • Do not look for the Grail, better create your own. The simpler, the better!
  • Read the analyst, but do not trust her 100%. Listen to the inner voice and make a deal only if you are 100% sure of it.
  • A separate topic is stop orders. It is best for a beginner to trade within a day, as long stops are needed to trade in long lines, and their newcomers can not pull.
  • Beginners very often inflate the lot, opening several deals in one direction and inflating the volume. I advise you to close them quickly when you reach the total profit for all transactions, since the reverse is fraught with the discharge of the deposit. Of course, it is better not to practice such trade in principle.
  • I advise you not to wait for profits in the first year of trade, most likely it will not. Do not despair! Far not everyone earns on Forex, especially in the first years of training.
  • Do not place high hopes on the fast and big income from trading Forex.
  • Do not become conceited and do not become dependent on the market. You can not change anything.
12 Tips for Forex Novice from a Beginner
5 (100%) 2 votes





+Admin

Leave a Comment

Your email address will not be published. Required fields are marked *