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Beginner Forex tips

To me, even if you have gone past a year in the business which means you are more likely not to be addressed as a newbie, I am still, yet to see the reason to quit your paying job. The more a newbie should always be concerned with is how to much better and make some analysis worth trusting instead of believing he has arrived and perhaps time to quit his job.
 
I also suggest newbie to catch up on news daily as that will change the market daily also. If you forgot to catch up on news and you buy a pairs that is not in demand or most traders will not trade then you're in deep trouble as it will not be profitable and it will not give you good volumes to trade in. Also trade on the right day, and avoid Friday, as I've had bad experiences on Friday but many others do also since most traders close positions on Friday so the volumes do downhill really fast, not a trend to scalp.
 
[MENTION=54947]Daisy[/MENTION], I think it is necessary to watch news on daily basis, traders should only pay attention to something that is so important that could make traders change the plan.

Everything ought to be prepared at the weekends, this is called weekend analysis. When market opens, traders only wait for good opportunity to enter.
 
For me we can make good income in here. I'm really not earning that much in here. I do believe that some how I can end up making one good income one after another. I do believe that we focus more on learning and then end up having hard time losing. So in short we all be making some good income in here to become good earner.
 
The most important tip in the list you have provided above is the one which cautions against purchasing system or indicator. This is because no system or indicator can be put to optimum use unless and otherwise the user has a thorough knowledge of the same. Even simple, common and popular indicators such as RSI, MACD, Stochastic can go a long way in shaping the career of a trader. Thus, it is absolutely unnecessary to spend money on new systems or indicators. Also, it must be remembered that simple trading strategies are very effective than complex ones. This is because, it is easy to apply them without any confusion. Furthermore, it does not take much time to make an appropriate decision. Since trading is all about presence of mind, a simple system and an easy indicator is always the preferred one. Only practice in a demo account will enable a trader to develop a dependable system.
 
A simple strategy is always preferred than a complex one since it would be easier for the trader to manage and control. In any case where is needs modification as well, the trader has a very good control of it and can take authority over it.
 
@gkintl whereas I am a user of the natural indicators, forex practice does not prevent any body from making use of a custom indicator. But what is not advisable is to purchase a system or follow another person's system of trading. It is better to do it yourself and take correction.
 
In the price movement there is one session of the market that we have to observe the opening price and the closure, which is useful to see the trend direction of price moves, so that we can take the best strategy in forex trading
 
yeah i think if you can't learn from your mistakes that we should not expect to succeed in forex. we should all learn from our mistakes so we can keep on learning.

Agree with you, learning from the live trading mistake is very useful trading tips! Actually, it’s a mental game, and there have so many common mistakes like greed, emotions, overtrading etc! Good traders spend a lot time with their trading mistakes!
 
There is nobody who can predict the real faction of this market with certainly , so for making profit consistency we the traders have to depend on our trading strategies that we select according to our trading experience , should choose the broker which is more appropriate to the concept of strategy that will be used
 
For avoiding risk I always use 1:100 leverage in spite of having up to leverage 1:2000 , actually leverage is an important financial tool which always contains risk , so it is better if we avoid using high leverage in real account.
 
yeah i think that we just have to test the information we gained from the forums and websites so that we can test it ourselves which are true and which are good to follow.

You are right, this is why I am an active member of this forum! I have learned a lot about technical and fundamental analysis from this Forex community! There have so many useful threads in there!
 
Yeah, it is good to be have an active member. You will learn a lot to become successful trader. You need to have lots of strategies to trade in with Forex.
 
I believe that the sentimental Analysis is also equally important amongst them, you could not leave any of them, they are like a three legged stool and if you take any of their leg, you are surely going to fall. So keep balance between all those three.
 
The newcomers need a proper guidance to keep survive in this volatile trading place , in order to me I think ForexPaceArmy , EarnForex and Baybypips school can be a great source for the new traders to acquire most powerful analyzing basic knowledge which is very supportive to continue a live trading in a proper way.
 
Yeah they all are full with knowledge, that you could gain to make a successful career in the Forex Market. Thus you need to have a proper amount of time to be spend on those sites if you wanna achieve success.
 
There is nobody who can learn you Forex . you have to learn by owns accord . in Forum you can learn more advanced knowledge by thread where by and large express their live trading experience.
 
Forex Trading is the best way to make some good money online, thus you need to have a good amount of the practice to make some god money online.
 
I was continued in demo as a newcomer with Pips school. That was really real combination. The experience I have acquired from pre school , always used in demo and got a maximal result. Every newcomer has to pass pre school level with demo trading. Otherwise he would fall a terrible situation when live trading.
 
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