Advice for Beginners....don't Try to Make Money.

[CrazyCzarina 17]

Learning Forex trading іѕ аbоut learning how currencies аrе exchanged аnd іt requires аn іn-depth knowledge оf economic developments іn thе international markets аѕ wеll аѕ domestic markets.

[zdo 20]

Learning Forex trading іѕ аbоut learning how currencies аrе exchanged аnd іt requires аn іn-depth knowledge оf economic developments іn thе international markets аѕ wеll аѕ domestic markets.

 

Czarina, I disagree. FX trading does not require an "іn-depth knowledge оf economic developments іn thе international markets аѕ wеll аѕ domestic markets". One can do just fine with a host of different technical methods. One can do just fine with directional correlations and travel correlations. ... all without considering economic developments themselves or narratives about them.

[CrazyCzarina 17]

It is a wrong assumption that all traders make money on the Forex market. Of the thousands of traders that enter the market each year, only 10% remain successful at the end of a year.

[JohnyIve 0]

On 13.05.2011 at 1:56 AM, Tradewinds said:

I have a suggestion. When someone first registers at Traders Laboratory, automatically send them some tips, or links for beginners. They may not be a beginner, but it won't hurt.

Yep, it's really good idea

[zdo 20]

JohnyIve,

Please design and write us "some tips, or links for beginners".

Thanks

[Nevonslovell 0]

On 5/13/2011 at 7:49 PM, phantom said:

Don't try to make money? Are you out of your mind??? Of course you should go after profits right from the start. Just remember to look for trades that have a decent probability for a high reward to risk ratio (such as 5 or 6 side-by-side bars on a 120 minute chart in just about anything breaking out into a steady move on a 15 minute chart: trade any 15 minute bar that shows price rejection, such as a rattail candlestick; risk half the rattail range and lock in profits as the move breaks from your entry zone...)

How dare you advise people to settle for mediocrity when one needs to build successes in this business to stand a modicum of a chance at success???

 

Luv,

Phantom

So truu tho 

[JohnyIve 0]

On 05.04.2018 at 5:57 PM, zdo said:

JohnyIve,

Please design and write us "some tips, or links for beginners".

Thanks

I guess the best way is to create automatic dispatch of letters with links to useful information and sections of this forum where traders can quickly learn. Maybe link to "Tips for beginners" and this one 

 

[hunting.jeff87 0]

The main thing to consider to a beginner is to choose the best broker. The best broker would have the following:

• Easy-to-use trading platform
• Beginner (user) - friendly trading platform
• Free online trading courses and tutorials

You gotta choose a versatile brokerage platform that is designed to include all the functions of a trading platform. Also, a broker with a platform that guarantees the safety of their clients’ funds and gives each individual the chance to maximize their trading potential.

 

[Jason Solomon 5]

I try to have positive P/L but that's not always how things turn out. However, I don't feel the pressure to always have it that way. When you have a major goal in your life you can't get there right away and that's where most beginners lose their fate. Minor goals are more profitable and they make us progress further and faster. So my advice would be not to give up and just like with everything, one step at a time ;).

[divyanshisharma 2]

First learn, learn and learn then start paper trading establish your confidence and then invest little and see whats your results are.

[zdo 20]

Advice for beginners

omg       First "invest" trade a little with real money and see whats your results are, then learn, learn and learn what trading methods are appropriate to you, then when you know what you need to work on then start paper trading / structured practice sessions 

... and btw, you're likely better off never seeking 'confidence'.  Most traders do not need to "establish your confidence".  ie For most traders, confidence leads to mistakes in risk.   Generally speaking, any 'confidence' applied before having traded for ~ 5 years is wasted and costly...

If you do need 'confidence' and don't have any , then use what courage you have ...

Edited September 20, 2018 by zdo
add 5 year sentence

[divyanshisharma 2]

First learn and then try to make money

[CrazyCzarina 17]

Yeah, and you should never stop learning. If you wish to survive in the Forex Market, the only way to do it is by learning all the time.

[aimhi 10]

I bet he was referring to acquire all the basic necessary skills needed to start earning money from the forex trading.

[CrazyCzarina 17]

Forex trading can be complex and may not be suitable for everyone. Whether Forex is right for you will depend on your financial situation, your goals and how much investment experience you already have as a beginner. Overall, beginners must proceed with caution, especially since most forex traders lose money.

[aimhi 10]

Yes everyone have a different personality with a different mind set we should figure this out before staring trading.

[CrazyCzarina 17]

In my opinion, if they really want to learn and be profitable in the long run, they should practice on a demo account for at least 5 to 6 months. Once you get consistent profits on your demo account, that's when you should think about going live.

[aimhi 10]

Exactly anyone should focus on learning first money came in for sure if they learn the required trading skills.