9 Forex Trading Tips

[Paulsy]

I think you've missed another crucial point. which is,

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[Zooscopy]

I’d suggest to focus on learning about the market as much as you can, befriend it and start with demo and go to micro live trading accounts then go big.

 

[Theresa Duron]

Thank you for this wonderful post with these amazing 9 tips! Most people start trading forex without realising their goals first, and why they want to do it. They simply start trading in the hope of making money, and in this process, they lose it all. With such impatient and unskilled people, is it any wonder that they lose the game quickly?

 

[Retropulssion]

A skilled forex trader is significantly superior to one who only has money to trade. It might be difficult for a trader to stay up with their trading goals if they are unaware of what is going on in the market or what their next move should be.

 

[Arithmogram]

The OP has mentioned all necessary and crucial points. I agree with all of them, but I would like to add an extra point.
And that is patience. As a new trader who has tried everything and still feels that nothing is working out for you, you should be a little patient, and see if the same strategy works when the market condition changes. One strategy may not work with one set of conditions, but can very well make profits when the market conditions are different. Therefore., It is important to backtest your strategy with different historical datas and pairs.

 

[Sacralgia]

Never try to run ahead of the market. Instead, walk with it. The market is so huge that you will end up blowing your account if you don’t pay attention to current market movements. Take your own time to develop a market understanding so that you know what to expect from a certain move.

 

[Sacralgia]

Never try to run ahead of the market. Instead, walk with it. The market is so huge that you will end up blowing your account if you don’t pay attention to current market movements. Take your own time to develop a market understanding so that you know what to expect from a certain move.

 

[quidsworth]

Most essential tips and very nicely explained. These are also basic tips that one needs to follow throughout the forex trading journey to make it to the long run.

 

[Paramedian]

They are amazing tips. Quiet useful tips for beginners and professional traders alike.
The very first thing you have highlighted here is to be clear about our goals. If we are not, trading is just blind trading with no fruitful results. Other tips like planning, studying, etcetera are just perfect.

 

[FXPIP.ONE]

useful tips! even for experienced coder and trader

 

[Symphony]

There is always a scope of learning regardless of whether you are an experienced trader or a newbie in the market. Keeping a learning attitude can help you walk miles easily on the rocky highway of trading. So, get ready for the real hard work when you start.

 

[Implumou]

When considering forex trading as a means of generating income, there are a few considerations to bear in mind. First and foremost, it's critical to establish reasonable expectations. Forex trading is not a quick-rich plan, and anyone who promises you rapid cash is probably trying to con you. Second, prior to beginning, make sure you are knowledgeable about forex trading. Before putting any money at risk, it's crucial to study as much as you can from the wealth of knowledge that is available online. Last but not least, remember to start small and trade cautiously at first. You can start to expand your trading activity if you have a better grasp of the market and how it operates.

 

[Gorm]

Risks can be easily reduced by opening a cent account. I once started my way as a trader in this way. Opened a cent account with ForexChief and traded on it for over a year. Yes, I lost a few deposits, but they were small deposits of $10-15. For a cent account, that's a lot of money. This way I was able to learn how to trade with little loss.

 

[SupplyZ]

9 excellent points for new traders .
This should be pinned at the top of every forum

 

[Hogwash]

The market looks like a great source of income for new traders. But experienced traders know that the same market can turn into a losing business for you if you don’t set your limits. You must always determine how much you are ready to put at risk per trade and make a trade in accordance with that.

 

[Polakandil]

The market looks like a great source of income for new traders. But experienced traders know that the same market can turn into a losing business for you if you don’t set your limits. You must always determine how much you are ready to put at risk per trade and make a trade in accordance with that.

Forex is called a high-risk high-gain business, a wise investor will only spend money that affords to lose, it is the golden rule to investing money in a high-risk business, avoiding borrowing money to deposit account trading, especially newbies still lack experience.

 

[peter9461]

Here are some forex trading tips that i think may help new traders.

1. Start with Knowledge -Educate Yourself First!​

2. Do a lot of Practice​

3. Be Realistic ​

4. Make a Plan, Stick to it​

 

[Gorm]

Good advice. Seconded by

 

[Hev_Leo26]

On the subject of goals, I also think beginners need to be able to recognize the different between short-term and long-term trading goals. Too many think they'll be rich or retire by the end of the year, so they feel unsuccessful even when they do start off doing okay for themselves.

 

[Cataclasm]

You may read hundreds of tips to trade well but if you are not applying them in your trading life, you will lag in every manner. A few wrong trades is okay but it’s not good to make it a habit to take unnecessary risks.