GFSignals
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:idea: We've forced the traders, working at our service, to give some advice for newbies at Forex market. Every trader wrote some tips, whcih he consider to be main for the beginners. We are very glad to post that there in order to help all people, who only start their way at Forex market. Today we post only advice given by only 2 traders, but we'll add some posts in the nearest future. Here's a piece of advice by the author of trading system "Jolly11":
"Of course, one of the main things is learning to do money management, which will help you to avoid losing your deposit and keep you in a good mood for continuation of trading. The next thing you need to do is working out your own trading system based on positive mathematical expectation. It is said: "If you can't predict, how the market is going to move, your prediction is completely wrong". The trading system should be accurate and consistent. Always use stop-loss and take-profit in order not to lose big money and to exit the market with profit. Notice, that it's useless to put stop-loss smaller than 50 pips, because it will be eaten by the trend's movement very soon and you'll be quite disappointed (you see, I use higher stop-loss in my Forex signals).You are also to use all you analyst's skills to find out, when this or that tendency gonna begin. But never open a position in passed wave with the hope of earning some pips. You'd better analyze the market and find out the beginning of a new wave. And don't forget to follow the rules of your trading system, which is very important. Good luck!"
And there you read some advice by one of the traders passing testing period at our service at the moment:
"Firstly, find out, what currency pair "suits" you. Don't try to trade with big amount of pairs - 2 or 3 is enough. Otherwise you'll be lost among different news, parameters and so on. Secondly, don't lose your temper in case of loss. Sometimes you need to close a position with a loss in order not to lose the whole deposit. Thirdly, never take important decisions in a hurry! Fluctuation of the market will always take place, but being hurried can really damage your capital. Also don't forget to take a rest. If you had a loss, it's better to relax for a while and improve your trading system than start trading in a bad mood. And never retreat from your strategy rules. Try not to use more than 5% of your deposit for trading. Remember, that trading with big part of your deposit can easily lead to complete loss of your funds (such mistake is very often done by beginners.). So, keep trading and good luck!"
If you have some common advice for newbies too, you are welcome to post it there. That will be quite convenient and useful for all forum-users.:clap:
"Of course, one of the main things is learning to do money management, which will help you to avoid losing your deposit and keep you in a good mood for continuation of trading. The next thing you need to do is working out your own trading system based on positive mathematical expectation. It is said: "If you can't predict, how the market is going to move, your prediction is completely wrong". The trading system should be accurate and consistent. Always use stop-loss and take-profit in order not to lose big money and to exit the market with profit. Notice, that it's useless to put stop-loss smaller than 50 pips, because it will be eaten by the trend's movement very soon and you'll be quite disappointed (you see, I use higher stop-loss in my Forex signals).You are also to use all you analyst's skills to find out, when this or that tendency gonna begin. But never open a position in passed wave with the hope of earning some pips. You'd better analyze the market and find out the beginning of a new wave. And don't forget to follow the rules of your trading system, which is very important. Good luck!"
And there you read some advice by one of the traders passing testing period at our service at the moment:
"Firstly, find out, what currency pair "suits" you. Don't try to trade with big amount of pairs - 2 or 3 is enough. Otherwise you'll be lost among different news, parameters and so on. Secondly, don't lose your temper in case of loss. Sometimes you need to close a position with a loss in order not to lose the whole deposit. Thirdly, never take important decisions in a hurry! Fluctuation of the market will always take place, but being hurried can really damage your capital. Also don't forget to take a rest. If you had a loss, it's better to relax for a while and improve your trading system than start trading in a bad mood. And never retreat from your strategy rules. Try not to use more than 5% of your deposit for trading. Remember, that trading with big part of your deposit can easily lead to complete loss of your funds (such mistake is very often done by beginners.). So, keep trading and good luck!"
If you have some common advice for newbies too, you are welcome to post it there. That will be quite convenient and useful for all forum-users.:clap: