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riverrM

Advice to Begin Trading?

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Hi everybody, I am in little confusion with Tradorax, in actually I want to start trading so I was looking for the good trading websites which can assist me in testing strategies, creating expert advisors or indicators. So, I have found Tradorax easier for me but after doing some research there were some bad reviews and good reviews about Tradorax. It makes me little worried about starting with them but positive reviews are attracting me too.

 

So, Please guys suggest me some good advise and also tell me if you have any personal experience with Tradorax.

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You may need to read some stuffs to get acquainted to some market terms and meaning, to also understand stocks that interest you and understand what makes them tick. i could advice you to check out this site. investopedia. They have got lots and lots of terms every trader needs to know. Good luck buddy.

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Learning never ends in trading, forex traders have the opportunity to learn with every new day and those who learn from their experiences become successful.

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To start operations in the forex market: Practice at least 6 months on a demo account. Start with little capital for a while, one is allowed to lose. and finally boot with good capital risking force necessary to make a fortune.

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Don't do same mistake most new traders do. They basically jump into trading without proper understanding of what they are going into. I would advice you to take a whole lot of time to study and understand Forex. it took me 2 years of learning and paper trading. And it still takes me a long time to carefully analysis a trade before buying. So you need Time.

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read books and follow market news. Unless you have a passion for the market, you may never know how to trade, because it needs time to learn and even much more time to trade. For now, study and do demo trades.

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To the OP...

 

You've received a good deal of "cheer leading" here... keep in mind that misery loves company...

 

Who can say where you will be in a few months, but unless something has changed since the sun came up today, most people fail within the first year of live trading. That in itself is not a big deal. Failure... don't worry about it.

 

Keep this in mind: anyone that you take advice from today, will not be there to hold your hand tomorrow or the next day. Paying up for advice at your stage is a fool's game. Get some time trading live (where you have some skin in the game)... dude, it's only money, and you will discover some things about yourself that simulated trading can't provide. Nothing wrong with trading sim, but it's not real.

 

If your intent is to just do this for sport, then by all means... get on with your bad self. If you want to do this for a living, you are going to have to learn to change and adapt to market conditions. I don't think there are any amount of advisors that can help you with that... that shit comes from within.

 

Best of good fortune...

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Get some time trading live (where you have some skin in the game)... dude, it's only money, and you will discover some things about yourself that simulated trading can't provide. Nothing wrong with trading sim, but it's not real.

 

I kind of agree with your point, demo can't replace real experience. However, I was suggesting sim for OP to get the basics of trading. I believe you'll agree that what you're talking about is kind of a next level of trading which fits to a person who already understands the basics.

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I kind of agree with your point, demo can't replace real experience. However, I was suggesting sim for OP to get the basics of trading. I believe you'll agree that what you're talking about is kind of a next level of trading which fits to a person who already understands the basics.

 

Like all things in trading it's system specific, but there are also differences in personality and temperament. If you are trading in the lesser time frames where decisions must be made quickly and you are taking multiple trades during the day, then simulation can be extremely helpful as a development tool because of the feedback loop inherent to that style of trading. For someone trading in the greater time frames that feedback loop is not there and simulation is not helpful at all.

 

Regardless, simulation can be harmful to one's development if they hang out there too long. If you train for months on end in simulation and then go live, most people will find that they have a whole set of new issues to deal with. To my mind, it's best to get that stuff out in the open sooner rather than later. That way you can work out these issues in tandem with your own system development. Your knowledge base that you are building will be more complete, and your thought process will be more mature (possibly in less time as well).

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jpenny, re:

Regardless, simulation can be harmful to one's development if they hang out there too long. If you train for months on end in simulation and then go live, most people will find that they have a whole set of new issues to deal with. To my mind, it's best to get that stuff out in the open sooner rather than later. That way you can work out these issues in tandem with your own system development. Your knowledge base that you are building will be more complete, and your thought process will be more mature (possibly in less time as well).

That is stating it very well ... much milder than I would put it of course :)

For instance instead of "it's best to get that stuff out in the open sooner rather than later."

I would have said "in my experience with a significant sample of traders, it's CRUCIAL to get that stuff out in the open sooner rather than later."

I think golden C 'voices of trading' conclude sim out the gate will save some noobs from the inevitable ... futile waste of time ... golden C 'voices of trading' never realize their trail map actually ends at "banned profits"

 

mits, re "I am currently trying to locate my favourite nutcracker."

kinesthetic amnesia has set in... check at the bottom of your right leg... just below the ankle... it probably has a sock and shoe around it. ;)

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Simple advice is that, never stop learning. Even if you are in good profit. Always search for good tutorial for forex. There are so many websites providing video tutorial and brokers providing demo accounts for learning forex.

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Demo accounts can be helpful in learning forex easily, it helps in testing any broker's processes as well. I have noticed that many brokers are contributing reasonable efforts in conducting weekly or monthly webinars to educate their traders, the good thing is that mostly these stuff are free of any cost.

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It's been said all too many times: demo trading is fine for getting into this stuff, but you really can't expect it to be a comprehensive and sufficient learning tool, since using it you avoid one of most important challenges - psychological.

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re: "Demo accounts can be in learning forex easily, it helps in testing any broker's processes as well."

87% of participants end up as lo(o)sers . They accomplish it in many different ways. When you see a noob placing inordinate attention on the 'interface' instead of his trade(s) it is always a very safe bet he will end up in the 87% looser bunch. Encouraging noobs to mess around in sim is bad advice.

At the beginning, noobs would be better off skipping the hours of interface training on how to place orders and the different types of orders, etc etc ... esp. since the important initial stuff can be learned in 5 minutes instead of ('free') hours and later any specialized orders they may use can be learned on the fly...

 

re: " I have noticed that many brokers are contributing reasonable efforts in conducting weekly or monthly webinars to educate their traders, the good thing is that mostly these stuff are free of any cost."

I won't take the time to discuss all the perils of these "freebies". For snicks, here is one aspect -

Please show us even one of these webinars that do not ( subliminally or openly ) attempt to train noobs on how to 'filter' whether to take a trade or not ... by advising them to establish 'rules'.... (rules that will be incomplete and inadequate in real situations btw ... and ... rules that 95% of them won't realize for months that they didn't and will never have capacity to follow consistently, btw.)

 

 

It's been said all too many times...

actually the ratio of posts hyping sim to posts critical of sim runs about 100 to 1 across all forums, etc.

:helloooo: ... if you're really anti -sim, you've got some catching up to do

i never seen a golden C who was against simn ;)

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