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Some hints for newbies

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  #1  
Old 16-07-2010, 19:24
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Default Some hints for newbies

If you are looking for a good hint about forex trading here you can find some. For the years of trading I've collected a lot of information on forex. I'm a pro trader now, but I know how it is to be a newbie. While I was learning all about forex, some automatic systems helped me to understand some basic rules of this subj. So, you can use some of my experience and just try it. If it will not work for you, you can decline it anytime, but I'm assure you - it is worth! Saving your time on searching, I've collected some useful info down there in my signature.
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  #2  
Old 17-07-2010, 11:28
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Well, Its good that members here are sharing information and tricks but i believe that education is really very important and there is no short cut in forex trading.
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  #3  
Old 17-07-2010, 17:57
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I am also looking for a comprehensive book for newbie traders. Can anybody suggest?
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  #4  
Old 22-07-2010, 05:15
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Hello,

Some of the good books are:

1. Trading in the Global Currency Markets
by Cornelius Luca
2. Day Trading the Currency Market
by Kathy Lien
3. Foreign Currency Trading
by Russell Wasendorf

I hope you will find these books helpful.
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  #5  
Old 25-07-2010, 08:40
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Hi Adria,

Your second recommendation is very intersting. I have read this book and its one of my favorite for day trading.

Thanks for all.
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  #6  
Old 25-07-2010, 09:12
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Some really important tips for the Forex Newbies can be:
* Never invest money into a real Forex account until you practice on a Forex Demo account.
* Go with the trend.
* Never risk more than 2-3% of the total trading account.
* Put emotions down. Trade calm.
* Choose the time frame that is right for you.
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  #7  
Old 25-07-2010, 12:45
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Quote:
Originally Posted by adria View Post
Well, Its good that members here are sharing information and tricks but i believe that education is really very important and there is no short cut in forex trading.
I agree completely that one must get educated to understand forex. There are lots of good resources out there to help aside from this site. There is always a risk involve in Forex trading. As a forex beginner it is quite difficult to make money currency trading. Finding which forex strategies work can be hard. It is not advisable to spend money on expensive forex courses as it is possible to get all the info you need to be a successful forex trader online for free. Forex trading forums like this one are usually good resources. I would also advise getting a company that does free forex seminars / webinars. I would advise company like makemoneycurrencytrading dot co dot uk as they teach you their strategies for free.
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  #8  
Old 28-07-2010, 09:27
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absolutely, thanks for sharing that. Education is the primary requirement
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  #9  
Old 31-07-2010, 15:57
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Many novices fail to appreciate the importance of having the correct outlook toward trading in the Forex market. This is actually about making the proper preparations before beginning to trade in the Forex market. First of all, a novice trader must coordinate his personal goals and mindset so that he can connect with the market as well as with the tools used in Forex trading.
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  #10  
Old 02-08-2010, 11:56
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If you are new to forex or have only a small amount of capital available right now, mini forex trading could be the way to go for you. It allows you to trade with real money while limiting your risk to a relatively small amount. Generally the lot size of trades for a mini account is only one-tenth of the lot size for a standard account with the same broker.
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  #11  
Old 24-08-2010, 14:11
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A new forex trader should never lose their patience, generally new forex traders lose patience in the forex market and always make a mistake and make some wrong trades in forex market, and for that only they have to face big problems. There is high risk in the forex market, and this risk is not a negligible, so i advise new traders that never lose your patience during forex trading.
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  #12  
Old 08-09-2010, 13:09
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Default Demo account

All of the above suggestions are just want a newbie to forex trading should be looking to do, but it should also be stressed how vital a demo trading account can be and how important research into the trading conditions of their chosen broker should be done (For example: http://www.fxpro.com/trading-conditions gives a good explanation )before even considering moving onto investing for real.
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  #13  
Old 21-09-2010, 04:51
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Quote:
Originally Posted by shirley View Post
Some really important tips for the Forex Newbies can be:
* Never invest money into a real Forex account until you practice on a Forex Demo account.
* Go with the trend.
* Never risk more than 2-3% of the total trading account.
* Put emotions down. Trade calm.
* Choose the time frame that is right for you.
Hello Shirley,

Nice tips. Will be of great help to me. Keep up the good work.
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  #14  
Old 22-08-2011, 11:26
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Default Advice for Newbies

Newbies: here are a few musts for learning about forex: Read "Trend Trading" by Daryl Guppy. Stay up to date with the latest at Bloomberg.com. For forex training basics and strategies check out Everestforex. (You'll get a $100 free bonus to trade if you pass their simulator). Hope this helps. Good Trading and Good Learning to you all!
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  #15  
Old 07-09-2011, 11:10
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Quote:
Originally Posted by shirley View Post
Some really important tips for the Forex Newbies can be:
* Never invest money into a real Forex account until you practice on a Forex Demo account.
* Go with the trend.
* Never risk more than 2-3% of the total trading account.
* Put emotions down. Trade calm.
* Choose the time frame that is right for you.
Hello shirley, many thanks for the tips, couldn't agree more with you. I recently started using zulutrade, can you tip me with some best practices of yours? So far, I’ve chosen 4 providers on top win % performance….do you think it is the right strategy? Shall I bet on different pairs or stick to one? :confused:
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  #16  
Old 07-09-2011, 21:08
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For newbies out there I would recommend a few things. Firstly, there are so many resources out there, you just have to know how to utilize them. The forums and blogs are a great place to start!

There are also many websites which offer training and trading strategies. I have used Everestforex in the past and had a great experience with them.

Demo accounts are great for learning. You never want to start out and lose all your money right away ;)

Happy Trading!!
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  #17  
Old 08-09-2011, 16:26
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Well, certain things are important as stated by other people.

1) Take care of your emotions. It could ruin you somehow, often.

2) Always use demo account first to try out things. Even real soldiers aren't using real bullet at first.

3) Read a lot from as many forums as you can find. It really is important.

4) Listen to advice from the experienced ones.
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  #18  
Old 23-09-2011, 07:24
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Default Re: Some hints for newbies

Quote:
Originally Posted by adria View Post
Well, Its good that members here are sharing information and tricks but i believe that education is really very important and there is no short cut in forex trading.
Well I also totally agree with you for forex initial at least basic training is very necessary otherwise it will be risky to get into it.
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  #19  
Old 23-09-2011, 18:37
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Default Re: Some hints for newbies

A newbie should understand that Forex should increase their capital (generally at a slow pace), not get him rich in a few months.

And nobody gains 10% every month. If it was possible, he could have all the money in the world in less than 30 years. Forex is a profitable market that fools lots of people.
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  #20  
Old 26-09-2011, 07:54
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Default Re: Some hints for newbies

Hey guys, thanks for all the nicely shared info. I agree newbies need to read forums, see others' traders strategies, read info; of course nothing can compare to having an experience but we need to start from somewhere. Meanwhile, I am also using the option of Zulutrade called alchemy - where you can choose to follow some other follower performance – see they ROI analyzed, % wins and losses, worst/best trades, see the broker they are working with and be able to copy the settings of Signal Providers they follow, cool :D
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  #21  
Old 26-09-2011, 11:09
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Default Re: Some hints for newbies

Quote:
Originally Posted by adria View Post
Hello,

Some of the good books are:

1. Trading in the Global Currency Markets
by Cornelius Luca
2. Day Trading the Currency Market
by Kathy Lien
3. Foreign Currency Trading
by Russell Wasendorf

I hope you will find these books helpful.


Also can include : Currency trading For Dummies By Mark Galant & Brian Dolan.
It proved quite useful for a complete newbie like me. :D
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  #22  
Old 29-09-2011, 07:27
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Default Re: Some hints for newbies

Hello all, ok i read through evry post & guys hv to say some amazing solutions u guys have provided for newbies like me! thanks all!! wish to reach to your level some day as well!!! :D
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  #23  
Old 03-10-2011, 07:16
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Default Re: Some hints for newbies

Mehraj, thanks for the kind words. If you keep reading all the info we gave you plus the insights on the platform we use then I am more than positive you will succeed. The key is to know your automated platform the best way possible and utilize every function it has, it is there for a specific reason ;)
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  #24  
Old 04-10-2011, 12:22
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Default Re: Some hints for newbies

Some points to consider: If you want to be a successful trader with Zulutrade, or with any other platform, you need to know forex trading and be successful at it without using the platform. Zulutrade is just a tool and not a money making machine. As any good tool it is as good as the knowledge to use it.Therefore, read forums, read other people strategies, evaluate risk objectively and consider seriously where your comfort zone lies and try to not cross it – because this is the crashing point where you will loose money. :D
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  #25  
Old 05-10-2011, 11:13
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Default Re: Some hints for newbies

So true. Also I think a very good option to consider is spreading the risk.Choose as many providers as you like(not hundreds of course, up to ten) - the number is up to you. Also consider providers trading different pairs. Choose one trade and one lot per provider only. With 5'000 EUR starting capital your max. lots should be 10. Once you have made profits, increase the number of max. Start with demo to straighten your strategy and position. In the live version one can set mini and micro lots as contrasting. :D
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  #26  
Old 11-10-2011, 02:23
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Default Re: Some hints for newbies

Haven't read all the thread, probably Livermore (his 'Reminiscences of a Stock Operator') was already recommended ro read - IMO this is 'must-read'
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  #27  
Old 17-10-2011, 09:11
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Default Re: Some hints for newbies

Quote:
Originally Posted by Jona View Post
Haven't read all the thread, probably Livermore (his 'Reminiscences of a Stock Operator') was already recommended ro read - IMO this is 'must-read'
You got me confused there Jona. Who is Livemore?
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  #28  
Old 18-10-2011, 10:51
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Default Re: Some hints for newbies

Quote:
Originally Posted by creig22244 View Post
Some points to consider: If you want to be a successful trader with Zulutrade, or with any other platform, you need to know forex trading and be successful at it without using the platform. Zulutrade is just a tool and not a money making machine. As any good tool it is as good as the knowledge to use it.Therefore, read forums, read other people strategies, evaluate risk objectively and consider seriously where your comfort zone lies and try to not cross it – because this is the crashing point where you will loose money. :D
Is systems like Zulutrade, can help me autotrading forex? I know mui little in this area...
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  #29  
Old 08-11-2011, 05:30
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Default Re: Some hints for newbies

Quote:
Originally Posted by sunny1234 View Post
Also can include : Currency trading For Dummies By Mark Galant & Brian Dolan.
It proved quite useful for a complete newbie like me. :D
Great, I will definitely look for this book. Is it available in Amazon? Thanks.
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  #30  
Old 26-11-2011, 11:17
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Default Re: Some hints for newbies

Quote:
Originally Posted by adria View Post
absolutely, thanks for sharing that. Education is the primary requirement

education and mental preparation
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  #31  
Old 05-12-2011, 16:00
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Default Re: Some hints for newbies

it's very true that we should be both equipped with forex techniques and mentally prepared to experience the risks.
Trader want some return on every investment.
Those who earn the money at last are not "lucky" guys, but those who keep a steady growth.
according to me Learn from the others, and then develop your own trading strategy. It will be help a lot to make your own strategy
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