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Thread: Tips for New Traders

  1. #21
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    dynamo - First and lasp post every thread AXITrader aff
    Quote Originally Posted by Aus67 View Post
    Start with a demo account...longer time frames (daily, or 4hour) for the first few months...IMO
    Yes, Demo accounts are very useful to train our trading skills, both good strategy and good money management without risking our money, while the real account in addition to train our trading skills both good strategy and good money management are also trained in psychology or emotions when trading, even if it means risking our own money but we get a psychological training that we need to be successful in trading.

  2. Under 1st Post -dynamo
  3. #22
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    also start with very small live account to get a feel what its like to trade with real money,thats where all the emotions will rush in which you cant experience in demo accounts

  4. #23
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    I am also new in Forex and in this forum too. I have Demo account with my broker. I think Demo trading is better for you to learn more. You can test your strategy if you have and can test whether it is working good. If it works then you can switch to real trading.

  5. #24
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    I would add that demo is the cheapest teacher.

  6. #25
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    Muito obrigado.

  7. #26
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    best advice I can give is to break it down to three phases. 1/ Find an edge that suits your mentality, the time frame you trade best on and a method you like and believe in ( this usually means creating a trading method that is personal to you from scratch, or using parts of other peoples that you like and works). 2/ Backtest to get a general overview of how your chosen method works, then forward test on a simulator and demo account for 400-500 trades, the more the better. Keep a trade journal of your results, the more detailed the better. Tweak your method and begin again until you get the results you are happy with that works through all market cycles, you have now got a proven statistical edge that works for you bar by bar on a simulator (not just by looking at charts in hindsight) that you know inside out and really believe in. 3/ Learn to trade your proven statistical edge with real money, start small and concentrate on following your method, only increase trade size when your trading matches the results from your previous simulated trades over a similar 400-500 trades, study everything you can lay your hands on about trading psychology because this third part is by far the hardest. This will take 4-6 years of hard work for all three phases, but should cost you very little in money lost, there are no short cuts, I have tried most things during my 16yrs of trading, you have to knuckle down and go through the process to ever become consistantly profitable, and few people will tell you this, they would much rather sell you something!!

  8. #27
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    My main tips for the new Forex traders is to learn the technical technique and the fundamental analysis. Because, I see maximum new Forex traders are not interested to learn the Forex business. As a result they lost their capital in every time. By the way, after leaning the market principle you have to select a regulated trading broker as like GCI Financial. It has been award as ‘Best Forex Broker’ several times.

  9. #28
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    My main advice is please invest your time before invest your money. 2nd point is, you should choose a regulated trading broker for your trading partner. Because, maximum scam brokers steal traders trading capital. by the way, I have managed my regulated trading broker after doing long time analysis about broker regulation and activities. Then, I have chosen ‘GCI’ trading broker as my trading partner for their 12 years well reputation.

  10. #29
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    To be able to make money consistently they have to know how to manage risk. The risk they run when trading is that they will lose the capital they have invested in the trade. If you trade without regard for the risk you are taking on or without any money management system in place, you might as well be in a casino and gambling your money away. Through developing a money management strategy you will not only be able to manage your risk but your loss on losing trades will also be less and therefore you will be more profitable.

    There are several forex tips about the tools which are available to help you manage risk effectively. It is vitally important that you gain a good grounding in both technical analysis and fundamental analysis. The Armada Markets trading platforms are packed with all the necessary technical analysis tools that you might need. Furthermore you can gain the necessary knowledge of the tools through our video tutorial.

  11. #30
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    box - einstein 250x250
    I would like to suggest you that you should try a demo account first and then learn from doing that. Have a good experience of this demo account can really help you. It helps you when you take real risk with real money.

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