• The Forex, Binary Options Forum - welcomes you to our Community!

    DigitalCashPalace Forum is dedicated to discussions about Forex, Binary Options, commodities, stocks related.

    Please take a look around, and feel free to .

Beginner Forex tips

Before they start trading or using the platform, their main focus should be typically to gain fundamental knowledge. Trading psychology, learning how to control one's emotions, and having a lot of patience are the two aspects of trading that are the most challenging for traders.
When we are having the Patience we can become Experts traders also.
Keeping cool under pressure and constantly improving myself are the things I am working on. I have improved them a lot, but I need to improve them further. Thank you for your reminder through this post.
These pointers are beneficial to new traders. I'd like to add some more to the list.

1. Keep practising. It will help you in becoming a better trader.
2. Scams are everywhere. Only your knowledge and expertise can assist you in identifying and ignoring them.
3. Trading in foreign currency exchange is not a quick way to make money. It is better to ride for a long period of time.
Imo, Keeping track of your trades and see how much money you made or lost over time so that you can learn how much risk you can take on during different stages of your trading career (and avoid taking too much risk).
Many traders who do not believe in their trading strategy buy forex signals. They do not have any credibility, and most of them are fake. It’s all about one’s self-confidence that counts towards successful forex trading and not about buying signals from some random third party company.
These are some firm points for beginners. I’d like to add that if traders don’t focus on controlling risk, they won’t be able to make regular profit returns. Learning from mistakes takes you one step closer to achieving your dreams.
These are some great tips for beginners to go through before starting out. The one I’d like to add is how easy it is for newbies to get lost in the market because of lack of knowledge and understanding of market sentiment. Also, they should not copy other traders, they should find their own style and stick with their individual plan.
actually right now its very difficult to make sure 20% return according to trading balance due to US election. but whatever it is we the traders always try to bring profit minimum 5-10%.
after having more time there is no way to predict the real faction of this market with certainly. this is really unpredictable market.
the beginners always try to brings good amount of profit without learning , as a result they fall a great trouble when trading in practical.
It’s all about a trader’s efforts; a trader cannot observe and copy what someone else is doing. A trader has to observe their trading and not what others are doing. Others do as per their own convenience; we have to do as per our own.
Thank you so much for the tips. They are really helpful for the beginners. I think that we should trade with a clear mind and continue to learn. Forex trading is not easy and will require a great deal of effort and hard work. It will take years, so psychologically prepare yourself.
newcomers should choose the broker which is more appropriate to the concept of trading that will be used , if love doing scalping should choose the broker which allows trading concept such as this.
Beginners forget risk management and follow what others say and not what they want to do. They use high leverage in order to make high profits which is not possible without proper risk management. And using proper risk management comes with learning, which takes time. They have to understand all of that.
The market is unpredictable and highly volatile. Those who don't know how serious the results of playing with them fail terribly. Without learning, trading forex is quite risky. Traders cannot copy someone else blindly. Proper understanding of the market and spending a good amount of time will only make traders successful in the long run.
Indeed I am not yet ready to invest out of my own money because I just want to invest by the bonus for post that I have been paid for my post. So I would just invest out of my own money when I am already able to develop my skills in forex well
This will be a good way start, especially doing demo trades at same time. Then at some point you can start with small capital.
after having more time there is no way to predict the real faction of this market with certainly. this is really unpredictable market.
we traders actually have to choose in regulated ECN trading broker which guarantee their clients’ funds with a wide range of trading technologies. They always make sure best trading environment for their clients by providing exclusive trading facilities.