I would say my best piece of advice would be always use a stop loss. It's important to review regularly while trading. Move it into profit as your trade goes well so you always secure a profit. You can also us it to ensure you only risk a small percentage of your account on each trade.
I am new to trading...any advice would be greatly welcomed!
- Thread starter Brit trader
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Be patient with learning. Never be in a hurry to start live trading. Do demo trading at least for 6 months. Trade on demo as if you are trading with real money. Develop your own strategy that works for you. I am wishing you all the very best.
Hey! I’m also new to this forum but not to trading so one advice from my personal experience would be not to rush. As a beginner I tried to earn more money, learn everything and that too so quickly that instead of moving forward I just wasted my time. I had no patience to wait. I never considered if I am actually understanding everything that I’m doing. I was only focussing on making money which cost me my efforts and time. Therefore, be slow, try to have in-depth knowledge and practice as much as you can.
taylorarnold
Junior member
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There are no free meals. This is also true for trading. Many traders have a mindset about earning easily and quickly which leads them to fall on their faces. Before you start your trading journey it is important that you have the right mindset and you should be prepared for learning and understanding the concept of the market with patience and dedication.
Good advice this. Mindset also is key.
Lencho
Newbie
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I've been there and am now starting to trade again, but focus will be more on the process and on getting good at the game and not on the money. My skype address is live:jfmtz11 , feel free to connect . part of the new trading process is to have a trading buddy that can help each other stick to their rules and their pre determined risk settings. Thx.
live:jfmtz11
Lencho
Newbie
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Lencho
Newbie
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I'm sorry the skype account is [email protected]
Keep trading simple.Use simple strategies that give you enough space to handle the situations.Don't go beyond your understanding .If you wish to enhance your knowledge,make use of a demo account.No need to try everything in the market with your money at stake.
Chart_Hopper
Junior member
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Hi and welcome! Don't look for shortcuts and try to set healthy habits early on in your learning.
jonahelen527
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One advice that I'd like to give any beginner is: Don't always expect profits. You will probably lose more that you are going to earn and there's nothing wrong with it. That's how you get better but make sure you are not risking too much in the learning phase. Moreover, at times when you don't make profits but cut your losses short, celebrate it too!
Susana Vecoli
Newbie
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Trade only when you are prepared financially and mentally. Taking losses is not that easy in reality. And when you have to trade even after taking losses, it can become quite stressful.
ackleselden
Junior member
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Don't shirk learning. You will not know which lesson will come up as a challenge in your trading career. You must practice reading charts, applying strategies, and preparing yourself mentally to have a great trading career.
rickhobbsonce
Junior member
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Knowledge will only determine your success as a trader. So, ensure that you cover all the forex fundamentals before taking any risk. Do not be hasty ! Trading comes with time. Understand your emotions and practise on a demo account for at least 6 months before taking an actual risk.
andrewborund597
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The real market is your true teacher. Ensure that you make the best out of your trading time and backtest strategies to improve your mistakes.
alexwinkler
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As a professional trader of 2 years and many, many more years of being an amateur trader.
Here's my little 5 pointers. Usually I summarize as 3 (Analytics, Community, Mentor)
Here's my little 5 pointers. Usually I summarize as 3 (Analytics, Community, Mentor)
- Having a strategy
- Focusing all your energy on just that one strategy
- Knowing your statistics
- That way you’ll know if you have a winning strategy fear is all in the mind and all you need to do is lean in to your strategy and let the statistics naturally grow your profits.
- If you don’t have a winning strategy just keep your losses small by reducing your position size. You can’t have a a big $ looser if you use small size. Period. But you’ll still be learning valuable lessons.
- Having a support/accountability community
- They will help keep you on track and give you feedback and shared experiences.
- Ideally having 1–3 traders you follow closely, like a mentor
- This will allow you to know what’s possible
- Being optimistic and determined
- Trading is definitely not an easy career choice, be prepared to work like crazy and get knocked down often, like almost every day
