Some Small Tips about forex trading.

somrat4030

Well-known member
Forex is a portmanteau of foreign currency and exchange. Foreign exchange is the process of changing one currency into another for a variety of reasons, usually for commerce, trading, or tourism. According to a 2019 triennial report from the Bank for International Settlements (a global bank for national central banks), the daily trading volume for forex reached $6.6 trillion in April 2019.
If you want to start forex trading, then first you need to acquire knowledge about forex trading. Inside forex without knowledge you will not gain in success. Here are some tips, how you can start forex trading:
1. Select a currency pair
2. Analyze the market
3. Read the quote
4. Pick your position
5. Analysis of all trading strategies.
6. Avoid greed.
7. Practice more and more with the demo account.
 
If still beginner, in the first learning stage, they need to reading and learning basic education forex, I suggest learning from babypips school or pipsology, it is good material learning source, and then use demo account, choose a broker and open demo account, the then second step is started in real account if already confident in a demo account, practice in demo account better at least six months because so many traders fail less than six months, first time start in real account better use the micro account, it is used mini contract size and can start with $1 only as of the minimum deposit.
 
@rufousdramatic, Beginners should give priority to learning first. They should learn through theoretical lessons and read about successful traders. It helps them to become aware of their mistakes, keeping themselves from making the same mistake twice. They must be patient, stay focused on learning, and not engage in any trading activity without proper knowledge.
 
Some of the best tips are:
  • Have enough knowledge about the market, take online courses.
  • Make a strategy and stick to it.
  • You need to learn about money management and risk management practices to minimize the risks.
  • Practice on demo accounts and be consistent in it.
  • Maintain a trading journal.
  • Be patient and don’t develop a greed to make quick profits.
  • Keep your emotions aside and never give up.
Hope it helps!
 
I agree with all the points you have mentioned apart from the last one because demo trading is suitable only to a certain extent. If you trade more on the demo account, you start setting unrealistic expectations that hurt when you go live. Instead of prolonging your demo trading, it’s better to open a micro account where you will get to judge the live market conditions better.
 
Surely some great tips to keep in mind! When you are sure that you can take risks in the live market, use a small amount when you start because no matter how long you would have studied and practiced, live trading conditions can be surprising for you.
 
A beginner’s goal should be learning and not making money because if making money gets on your head, you won’t be able to focus on what is right and what’s not. Educate yourself and don’t rush things because it takes time to become a profitable trader. Collect as much information as you can and apply it to your demo account before applying it to your live account.
 
By analysing the market properly, you will be able to understand what is going on and determine what your next move should be. This will help you open profitable trading positions and you will also be able to exit the market at the right time.
 
By analysing the market properly, you will be able to understand what is going on and determine what your next move should be. This will help you open profitable trading positions and you will also be able to exit the market at the right time.
Thanks a lot for your suggestion.
 
That’s great but I think you missed out on the very foundation of the process of starting forex trading, i.e, right education. Start your trading process with gathering as much knowledge as you can. A period of theoretical knowledge before practical knowledge is what makes a trader market ready.
 
The first and most crucial step is to learn. I agree that learning is a never ending process but you should be clear about the most basic concepts before you actually start making your trading decisions.
 
Experience will be giving valuable lessons for us, but before dive into the market, traders also need to be educated, there is so many source to learn forex, the most popular site like as babypips school of pipsology is a good source to learn forex from sitting duck to advanced class.
 
These small tips are worth paying attention to. There are more tips that will drive you far in the race of trading like patience and being calm.
 
When you are trading forex, I believe that small things matter more than the bigger ones. You will be able to miss the bigger details while you are in the market. But you won't be able to notice the smaller ones that easily and those can keep deteriorating your trades. Follow every minute step of your trading plan and you will be good.
 
I will like to mention the following tips for forex trading,
  • Do not enter the live market without in-depth knowledge and enough practice on your demo account.
  • Always control your greed and avoid overtrading.
  • Take your time and do not run behind profits.
  • Always back-test your strategies before implementing them on a live trade.
  • Make a solid plan according to your trading goals.
  • Always be prepared to digest a loss in trading.
  • Use a stop-loss order in every trade.
 
It is important to keep in mind that forex trading is a serious business and should not be treated as a game. In order to be successful in this market, it is important to learn as much as possible about it and to have a solid trading plan.
 
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