Some Small Tips about forex trading.

[Homostone]

The OP has stated some very good points to be kept in note by traders. Here are a few extra points that one might note down as well -
1. Pay attention and prioritise using risk management in trading, each and every time. Risk management is very important, especially for beginners.
2. Be consistent in trading, don’t waste your time.
3. Do not buy someone else’s strategies. Make your own strategies.

 

[Implumou]

I don’t think any skill works more than your capability to handle losses. Knowing that losses are inevitable in the forex market is different from actually losing your money. Preparing yourself for losses both mentally and financially can help you stay in the market for long and make great trades.

 

[TildaTilt]

You need to trade on your own terms and for that you would need to build experience and perception of the market. The strategies that you find online are a result of someone else’s view and you better learn well so that you can develop yours.

 

[Symphony]

More than the strategies and market volatility, I believe forex trading is about having a strong mind that can take losses and is ready for the upcoming challenges at the same time. Learning and practising are meant to help you with trading but a strong mindset is needed to stay on track and do the needful.

 

[Verves]

It's critical to remember that forex trading is a serious business and shouldn't be viewed as a game. Having a sound trading strategy and learning as much as you can about this market can help you succeed in it.

 

[Canoodle]

When it comes to trading, traders must believe only in what they know about trading. Other traders may be doing something else but you must stick to what you know and how you have planned to do it. Going beyond your risk appetite and knowledge will only land you in trouble.

 

[Teropus]

Some great points to keep in mind before starting trading. I think traders often forget that they need to follow their own plan. But many end up taking advice from those whose goals don't match theirs. Calculate a risk reward ratio and budget your plan accordingly.

 

[Muricide]

Hello there. These are some really helpful tips for beginning to trade forex.
One tip or advice I would like to give to newbies is to stick to one single strategy or trading technique. Many newbies make the mistake of changing trading styles continuously, hoping to be profitable. But this will only contribute to more difficulty in strategy forming, and will restrict the probability of making profits.

 

[Masterate]

These are great tips! Beginners need to keep these in mind. I also believe that sticking with a plan can get tedious and frustrating but it is worth it. Practice is as important as learning theory.

 

[Braggart]

There is no doubt that your suggestions are helpful. Many thanks for providing this information. I specially put weight on using strict risk management.

 

[Exclusion]

It is important to practise trading in a demo account for at least 6 months. It will brush up your skills tremendously, and give you practical experience on how the market reacts at different times. If you have already made a strategy, a demo account will allow you to find out the profitable entry and exit price range as per your strategy, and it can also help you backtest, so that you can find out any mistakes present. Never skip demo trading newbies, it’s a gem!

 

[Isometric]

Forex is all about learning; the more you learn, the more you grow and prosper. So, it is crucial that a trader learns from both success and failure. Trading is all about self-confidence too. If a trader lacks confidence in their trading ability, they’ll feel negative emotions coming up during trading. They’ll always be looking at someone else’s strategy and try to replicate someone else’s trades without having any knowledge.

 

[Xerothermic]

When it comes to trading, traders must believe only in what they know about trading. Other traders may be doing something else but you must stick to what you know and how you have planned to do it. Going beyond your risk appetite and knowledge will only land you in trouble.

Moreover, it is not important that what is working for them will also work for you. Do not follow or trust anyone when it comes to money.

 

[Monique Rich]

Never follow a herd mentality. Something that works for another trader might not work for you and what works for you may not work for some other trader. Learn to be an alone player in your game who has an army to defeat.

 

[Alexandra Preston]

I believe that you learn better when you apply the tips being shared with you. You may simply read about them and think that you will be able to easily get through it. But you will get stuck when you will have to apply them in the real market and make money. So, practice!

 

[Aficionado]

Reading about what other traders have been doing in their careers may fill you with confidence but when you want to make money, you will have to apply those strategies. You will also need to make changes to the strategies in accordance with your needs.

 

[Runcinate]

Some of the tips you can consider are:
1. find out a good currency pair
2. Study and analyze the market.
3. Get into Practice
4. Find out a profitable strategy
5. Make trades
6. keep learning

 

[Dopper]

Thank you for sharing an insight post. These are excellent suggestions for new traders to consider.

 

[Abdulmajidkhs]

I am also new to the forum and looking for some tips. Hope for the best.

You're welcome . I believed there are some important trading tips also available at WikiFx website, you can check them. Enjoy

 

[Herisson]

These are some great tips! Thank you for sharing these seven pointers. Every beginner should remember their end goal and work towards that without getting distracted. It can be difficult to make a profit, so patience is important as well as picking up new skills.