Advice For Forex Beginners

[serano]

I blew account after account about 7 years ago when I started to trade Forex Markets and here are the reasons why:
1) I didn't want to hear about trading on demo account - I just learned about forex and I thought I was ready at the time and started to trade on a live account.
2) I had no trading plan
3) Did not keep a journal
4) I had no rules - No discipline
5) Overtrade - did not set a time to trade during the day
6) I tried to revenge trade to win back money that I lost and keep losing more.
7) Did not know how to handle my emotions - Fear of losing will make me close a tread too early.
8) Didn't have a mentor
9) I blamed the broker for losses - There are some reliable brokers out there.

If you want to become a successful trader, then you need to take care of the steps above before trading with real money. Prove to yourself that you can be profitable on a demo account and treat your demo account like a real account.

 

[AayushiShah]

Tips for Forex Trading Beginners

• Know the Markets. We cannot overstate the importance of educating ourselves on the forex market.
• Make a Plan and Stick to It.
• Practice.
• Forecast the “Weather Conditions” of the Market.
• Know Your Limits.
• Know Where to Stop Along the Way.
• Check Your Emotions at the Door.
• Keep It Slow and Steady.