Recommendations to Novices on How to Go About Forex Trading Properly

plink

Newbie
7 2
Right off the bat, you need to research current marketing trends and your past win-lose-draw history when it comes to Forex trading. This will enable you to understand which trading strategies will fail or succeed for you in the long run.

You should avoid marketing strategies that are likely to fail by using your past experience, market analysis, and knowledge of marketing trends in order to weed out the good from the bad seeds of marketing strategies. You should be neither careless nor ignorant. The reason for this is that the high-risk, high-reward world of the foreign exchange market is an unforgiving one that rewards calculated risk-takers and punishes those who do not look before they leap.

You cannot afford to take too many risks, because that will eat up your finances in a day or less. On the other hand, you cannot take too little of a risk because that will limit your earning potential and it goes against the whole point of investing in the currency exchange market in the first place. Even though the whole market appears to be a gamble because of how volatile it is, that does not mean that you should be reckless when taking risks. Never put yourself in a position where you are at a disadvantage, especially when you are faced with all those huge risks and potential losses.

Beginners should focus on a single currency pair before expanding into other currency pairs. In other words, you should begin trading with your native currency first before advancing onto currency exchange trading with other currency pairs.

After all, before you can run, you need to learn how to walk first. Besides, such actions will enable you to gain the fundamental skills needed to expand your business. In other words, focusing on a single currency pair prior to expansion is your training ground to becoming a respected Forex trader in your own right. On that note, you should invest small amounts of money first and then use the profits that you have gained from your original investments to make more money so that risks and losses will not kill your entire investment in one fell swoop. Use small sums and then use a fraction of those earnings from those small sums until you have built bigger, more formidable assets.

Do not make too many deposits of your own money into the Forex market, because it is an unforgiving money pit for everyone, experienced and inexperienced traders alike. Your choice of broker can also determine whether or not your investment will last. This is crucial for novices because it mitigates risk of incurring losses.
 

Capricor

Newbie
2 0
For yourself, but the main thing is to understand that there are no unimportant things when you trade in the forex market.
 

Viancenc

Newbie
5 0
The duration of the broker's work in the market. It is preferable to opt for those brokerage service providers who have been working for 5 years or more.
 

Kolet

Newbie
5 0
As for me, the most important thing is not to rush and to sort out everything and find the best options for yourself.
 

wmram

Member
51 18
Trading properly on MT 4 platform is not going to be possible; there are too many limits with the platform. So forget about trading properly until you have the money and the skill to trade with an effective platform . Just try and put together a workable approach to make some money. How ? Practice; open a small live account and start trading. It's important for you to practice participating in price movement. Don't think about losing money. Think about finding that time when you're willing to make a bet that price will go here before it goes there. Sounds crude and simplistic but that really is the essence what your trying to do in my opinion.
 
C

cantagril

0 0
Trading properly on MT 4 platform is not going to be possible; there are too many limits with the platform. So forget about trading properly until you have the money and the skill to trade with an effective platform .
So, in your opinion it is not possible to "trade properly" on MT4? I'm interested as to your reasons for saying this and particularly your definition of "proper trading"
 

CavaliereVerde

Experienced member
1,525 1,953
IMO mt4 is perfectly fine to trade.
Performance is reduced by spreads , commission and swaps due to brokers.
Every kind of strategy can be adapted to run on mt4.
I you have a ruleset that works on Multicharts or Ninjatrader, it will work the same on Metatrader.
 

wmram

Member
51 18
Find fair value
Buy wholesale
Sell retail
Access to volume on centralized exchange
Access to amount of contracts bid and offered in real time
Ability to work with low spreads (as a US citizen it's a little difficult to get low spreads)
Access to centralized volume, real time movement of contracts onto bid offer ladder should help to create a narrative and time entry . Low spreads will help for those times when you've misread or mistimed entry.
 

NVP

Legendary member
37,750 2,096
Right off the bat, you need to research current marketing trends and your past win-lose-draw history when it comes to Forex trading. This will enable you to understand which trading strategies will fail or succeed for you in the long run.

You should avoid marketing strategies that are likely to fail by using your past experience, market analysis, and knowledge of marketing trends in order to weed out the good from the bad seeds of marketing strategies. You should be neither careless nor ignorant. The reason for this is that the high-risk, high-reward world of the foreign exchange market is an unforgiving one that rewards calculated risk-takers and punishes those who do not look before they leap.

You cannot afford to take too many risks, because that will eat up your finances in a day or less. On the other hand, you cannot take too little of a risk because that will limit your earning potential and it goes against the whole point of investing in the currency exchange market in the first place. Even though the whole market appears to be a gamble because of how volatile it is, that does not mean that you should be reckless when taking risks. Never put yourself in a position where you are at a disadvantage, especially when you are faced with all those huge risks and potential losses.

Beginners should focus on a single currency pair before expanding into other currency pairs. In other words, you should begin trading with your native currency first before advancing onto currency exchange trading with other currency pairs.

After all, before you can run, you need to learn how to walk first. Besides, such actions will enable you to gain the fundamental skills needed to expand your business. In other words, focusing on a single currency pair prior to expansion is your training ground to becoming a respected Forex trader in your own right. On that note, you should invest small amounts of money first and then use the profits that you have gained from your original investments to make more money so that risks and losses will not kill your entire investment in one fell swoop. Use small sums and then use a fraction of those earnings from those small sums until you have built bigger, more formidable assets.

Do not make too many deposits of your own money into the Forex market, because it is an unforgiving money pit for everyone, experienced and inexperienced traders alike. Your choice of broker can also determine whether or not your investment will last. This is crucial for novices because it mitigates risk of incurring losses.
What particular currency Pair would you suggest to start with ?
 

Henow1969

Well-known member
270 28
As for me, the most important thing is to learn forex properly and do not rush to make a lot of money quickly. First give some time to learn and then do some demo trading for practice before investing your valuable money.
 

Fabin

Junior member
17 4
Treat it like a degree. It will take years to learn but apply yourself and it could set you up for life.
I agree. Forex is like any other profession that requires you to obtain skills through practice and effort overtime. Its not a game of luck or destiny.
 
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maby8

Junior member
48 7
Forex may seem complicated when you are strating out. But do not be overwhelmed as it gets easier over time if you spend time reading, researching etc. I suggest using a demo account first as it helps get a feel of what trading is. Then once you arefeeling ready to embark on live actual trading grab hold of your emotions as they could negatively impact your decisions. You need to be realistic and careful, and use proper risk management. Decide on what you feel you can risk and use a stop loss. A 2% risk per trade is a good way to start for example. And, lastly keep a journal.
 
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tradingout

Junior member
46 6
Forex may seem complicated when you are strating out. But do not be overwhelmed as it gets easier over time if you spend time reading, researching etc. I suggest using a demo account first as it helps get a feel of what trading is. Then once you arefeeling ready to embark on live actual trading grab hold of your emotions as they could negatively impact your decisions. You need to be realistic and careful, and use proper risk management. Decide on what you feel you can risk and use a stop loss. A 2% risk per trade is a good way to start for example. And, lastly keep a journal.
Just like you said, "you need to be realistic". I strongly agree on this. There is nothing wrong with wanting to get rich quick, but the fact is, "quick" in real life rarely means a year. It takes time to become a pro trader.
 
 
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