Tradingtips_4

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Hi i would like to throw some light on the Forex tips: 1. Know yourself. Define your risk tolerance 2. Plan your goals 3. Choose your broker carefully 4. Pick your account type, and leverage ratio in accordance with your needs and expectations. 5. Begin with small sums, increase the size of your account through organic gains, not by greater deposits. 6. Focus on a single currency pair, expand as you better your skills. 7. Take notes. Study your success and failure. 8.Study the markets, fundamentals, and technical factors leading the price action. 9. Don’t give up. KRegds

I think having patience and constant art of learning is the key. Watch, observe, learn, try and relearn. These are the mantras for the newbies. Gud Luck

I agree to the Negotiators point of view..that one should not focus on money at first but learn to make good trades. Perhaps try the demo account for learning first. Slowly as you get the statistics right, one can start with the real account with small amounts.

Hello everyone I would like to throw some light on the topic of this forum i.e considerations for a Wannabe trader below: --First and foremost, just read the market and follow the news. Pay attention to how the market reacts to something and how brokers make calls on some stocks. What their criteria is. -- Secondly, just start with small amount of money on something which you think is worth making call on (on the basis of your study) -- Dont forget to keep a track of the market trends. Monitor the stocks sector wise and keep an eye on fundamentals of the stock you are investing in. -- Gather more on losses i.e if you are sure that the company is having solid fundamentals, sell on gains. --- Be patient and always keep a time frame. Follow the resistance and support levels.

I think one of the common mistakes is selling off your trades when prices fall in order to stop making losses. One should study the market first and try to average their position when prices fall so as to make profits in future.