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5 HUGELY Forex Trading Tips That Every Beginner Should Follow in 2020-21

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  • Rhonnon
    replied
    When joining forex trading at this moment you need to take a different approach from all the other beginners that joined before this whole crisis began. The truth is that many beginners fail on forex and the reason why most bloggers fail is because the join forex trading with the wrong idea in mind, They think that qit will make them rich in a short while or the fact that it will make them rich at all. That is not how forex trading works and it is certainly not the way forex trading works and in the current state this year even way more complicated. Beginners have to do twice the work when they join.

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  • Kelune
    replied
    In my opinion, working with risks is the most difficult in trader's work. Because when you lose, you increase the risks in order to work out the drawdown. And when you make money, you increase the risks, because you're sure you can get a lot more. And it's always difficult to keep everything under control, because you're just a person and you have a whole range of emotions and you always want to be a leader and all this is so difficult. And I think that's what I need to work with the most in the psychology of trading, because there's always something unexpected here. So yes, I guess I speak a bit confused, but I think many traders will understand what I mean. And I hope that you are coping with it.

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  • Blazaronald
    replied
    In fact, it may seem to an experienced trader that there is nothing important or essential here.
    But I'm always so attentive to such things, because it helps me think that in order to do business successfully, it is necessary to follow certain rules. And this is important because sometimes we think we already know everything and we know exactly when and how to act. But in fact, the market can absorb us in a couple of minutes - and all we need to do is make one mistake and that's all. So yes, I read it every day. And I try to make sure that all that is present in my work, because I always want to be a real professional who makes the right decisions under any circumstances.

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  • Ytanne
    replied
    I agree that the best place to start forex is demo account. Any time is a good time to begin learning process. It is great that there is a lot of learning material on the web free of charge. In this way newbie can learn and practice in the same time

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  • Deliniel
    replied
    The best thing that a beginner can do now is not go for live trading but rather stick to demo trading. The market is not in its best position right now and for that matter is is best not to go into the market because you are joining at turbulent times. Still there are some of you that will be able to find a way and make it through but even with that you will need to have a lot of knowledge. Knowledge is everything in ofrex and applying it is also another major part. You may know but if you are not able to apply it then you are as good as done. A demo account can be used to test your skills and find out if you really know what you are doing.

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  • Arcanebringer
    replied
    I am not going to talk about strategy but about what beginners need to understand and stick to it. It s that their account belongs to them and only them and whatever decision they decide to take is all on them. They should not blame other people or the broiler for their trading mistakes.

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  • Nuathris
    replied
    What you should; follow right now as a beginner is that what matters is what you think and not what another trader thinks. This sentence may seem wrong because there are those who know better than you and will tell you the best way to go but still you need to understand that it is your own trading journey. ti is all about what you think and nothing else. As much as another trader tells you what you have to do you need to find out what is right and wrong on your own terms. You need to investigate everything you are told and from them you can then come up with your own ways. You should not follow but rather forge your own path.

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  • 5 HUGELY Forex Trading Tips That Every Beginner Should Follow in 2020-21

    When I was 16 I decided I wanted to be a millionaire. I wasn't from a wealthy family, and I witnessed how my parents, especially my dad, struggled and worked hard to make ends meet. I knew I didn't want to walk down that road, so from this point on I continually studied and sought ways to make money.

    It eventually became clear to me that I had three primary means to get rich: own a business, invest, or combine the two. I discovered that I liked the idea of using money to make more money, and soon got fixated on investing. This was how I got introduced to Forex trading.

    Unsurprisingly, I made a lot of mistakes early on. I blew out several trading accounts, with each loss leading to more pain and despair.

    However, there were also moments of victory. There were times when I would make more in hour trading than I would in a week at my job, all with a few clicks of the mouse. It was surreal. These were the feelings I clung to in my early days.

    It took me about 42 months to make my first windfall in forex trading. I was still a student at that point, trading in between classes and assignments. I remember feeling at the time that it seemed as if I’d been trading forever when in reality it had only been about three and a half years.

    Going forward, I carried on that momentum to build a trading business around my personal trading. People and companies started inviting me to give my insights at forex trading conferences around the world, and I had the honor of training traders at banks, fund management companies, and prop trading firms.

    In an effort to save others the time it took me, I’ve compiled a list of four Forex trading strategies for beginners that embody everything I’ve learned over the last 20 years about how to trade forex and make money from it.

    Step 1: Learn How To Read Charts

    The price chart is one of the crucial things a forex trader must know and understand.

    I always find it funny when new traders go looking online for forex trading tutorials on trading strategies and then proceed to lose money when they try to implement them. Why does this happen?

    The simple answer is you have to learn to read the price chart! Trying to use someone else’s trading strategy without being able to read the chart is like trying to do hurdles before you can walk.

    The reason for this is simple—no forex trading strategy works 100% of the time. If you rely solely on one trading plan to use at all times, it will eventually fail you. By learning how to read charts, specifically the forex price action and technical indicators like support, resistance, and trendlines, you will not only understand what is happening but why.

    Step 2: Control Your Risk

    Trading is all about controlling your risk. Applying inappropriate risk is one of the primary reasons most forex beginners blow out their accounts when trading.

    For example, you should never be risking 100% of your account on a single trade. That’s akin to gambling. As a general rule, most forex trading for beginner books will tell you to risk anywhere between 1-3% of your account per trade.

    But this low-risk strategy has drawbacks as well. If you have an account worth $1,000 and you risk 1% ($10) on a trade, you will have to make a lot of profitable trades to grow your account. This could lead you to overtrading, which could in turn increase your losses.

    Ultimately, you have to find the balance of risking enough to make the trade worth it, but not so much that your risk-reward ratio is too imbalanced.

    Step 3: Consider The Risk-Reward Ratio Too

    Every trade you enter should have a defined risk-reward ratio. That means knowing how much you are prepared to lose in addition to knowing how much you’re prepared to make. In other words, have specific buy and sell targets on the upside and downside before you enter a trade.

    Step 4: Test The Effectiveness Of A Strategy Before You Use It

    There is a straightforward way to ascertain the effectiveness of a forex trading strategy. This process is called backtesting. Backtesting involves reviewing the results of trades made using a particular technique over a period.

    My general rule of thumb is I will consider a strategy if I observe a net profit for three consecutive years. I do my backtesting on the MetaTrader 4 trading platform, which allows you to backtrack to the period you wish to start testing from.

    Step 5: Don't Get Emotional

    There is a concept in poker when a player gets too emotional after losing money and starts playing differently to win it back. This situation is known as tilt.

    While forex is a different ballgame entirely, the same concept applies. Understand that losing is an inherent part of trading. You should expect and prepare for it instead of getting vengeful.

    One way to keep your emotions in check is to never carry over the results of a previous trade into a new one. Treat every trade as if it’s an entirely new entity and approach it with a clean mindset. If you find yourself carrying over positive or negative reactions from your previous trades, that’s a recipe for clouded judgment.

    Another pro tip for controlling your emotions during trading: whenever you feel agitated or emotionally-charged, take a break. Stop trading until you have regained your composure.

    cheers!
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