Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

TheNegotiator

Advice for Beginners....don't Try to Make Money.

Recommended Posts

Learn basics trading on demo and then jump it to live.

 

I always do demo trade before decide on some brokers platform, as well applied my indicator within their platform. for past 2 years I already use several brokers platform ( all mt4 platform). what I concern is different brokers platform seem giving different indicator reading, for example I currently use Tickmill trading platform and attach my indicator on it, one times it's clearly shown an order confirmation signal, but when I check into other account with ikofx it's shown different reading, as entry signal not yet confirmed. any suggestion what should I do to reduce this confusion, i used different brokers platform in order to clarify market price signal. should I keep use both to compare signal strength, or move only use one of them ( which one should i keep then?)

furthermore, what cause of this reading difference, and which signal confirmation should I follow, need a validation from any expert traders here, i believe any expert already use many brokers platform, at many brokerage service.

thank's in advance.

Share this post


Link to post
Share on other sites
Learn basics trading on demo and then jump it to live.

 

This is what kind of every newbie does at the start anyways. I havent see any trader yet who didnt try the demo before jumping to the live scene.

Share this post


Link to post
Share on other sites

We always desire to save some amount of money for investing in places that can provide good returns. An intelligent investment has the reputation of being successful. Money management is a skill and is not a simple process. There are number of considerations in the process that must be paid along with open-ended risks.

 

Whether you are saving for house, child’s education or retirement, you need a plan to make your money grow. Here are 6 rules to follow:

 

1. Investors, don’t listen to financial media

 

If you really want to invest intelligently, ignore the facts you hear from financial media, since many of these facts are meant to distract you towards making expensive mistakes. Even if you hear something and it turns out to be true, don’t get tempted to follow it.

 

Before the news hits the mainstream, it has already been heard by thousands other investors out there and has lost the edge there itself.

 

Don’t let media and trends nurture your bad investing habits.

 

2. An unemotional discipline pays off

 

The ability to manage fear and risk determines the success for the investment. There is no magic formula or short-cuts in the market for successful investment.

 

Avoid impulse buying. You cannot afford to be an optimist or pessimist with the numbers involved here, you need to be a realist, who analyses and evaluates the facts and figures and then arrives at an objective view. He accounts for the possibility of things turning wrong and accepts his mistakes. Yes, it’s tough to be a realist.

 

Don’t let emotions drive your investment decisions.

 

3. Don’t follow the trends, anticipate them

 

If you have some money to invest, the first thing you need to know is that you shouldn’t follow the herd. It’s easy to lean towards the trends as we are easily influenced by public opinion. Going with the crowd would never yield good results.

 

Noise trading is a pitfall many traders fall for. They often get confused by the false signals sent out by the overall market trend and trading pattern. In today’s market going up and down, traders should do the due diligence.

 

You don’t want to be one among the crowd, but stay ahead of it.

 

4. Spend less than you earn

 

If you want to build wealth, all you need to do is spend less than what you earn. This sound obvious, but many people don’t live by this central occupant while dealing with their finances. The wider the gap between earning and spending, the more financial success you get. The formula is composed of two connected ideas:

 

Earn more: You can increase income through strategies like switching jobs, getting an appraisal or starting a small business.

Spend less: You can reduce your spending through different forms of frugality.

The only thing between your wealth and you is the willingness to act on this enduring wisdom.

 

5. Know where the money goes

 

Keeping a track of your spending is important for investment; this is the best way to stay true to your goals and budget. Use your smartphone, old-school spreadsheet or use an app like Quickbooks to keep track of your finances, so that you have a good idea where you are standing. Just write it down!

 

Check if the plan matches your spending reality. There are services that send you email alert when you have exceeded budget to keep you accountable.

 

6. Identify your risk tolerance level

 

You must have heard of the phrase, “no pain, no gain” – these words sum up the relationship between risk and reward. It’s important for you to understand that any investment involves some degree of risk; however, these risks are calculated in relation to potential payout.

 

You need to know your risk tolerance limit, strength and weakness, since the act of investing is an emotional one for many beginners. Don’t just think of the upside, but also consider the prospect of losing all the money.

 

For whatever reason investors lose their tolerance, they begin to take decisions tainted by emotions that are almost never good decisions.

Share this post


Link to post
Share on other sites

It's ture. For newbies, the first thing we need to conside is learn how it work and try to avoid lost as much as possible. Make money should not be the first thing we care, we have enough time to do in the future.

Share this post


Link to post
Share on other sites
:haha: I hear you say. But really. I think that this is perhaps the single biggest factor in the high failure rate of new traders. Perhaps it would be better put that you should not expect to make money.

 

Let me put it in a different way. A beginner will come into trading and have had very little experience of anything similar. The market will however look familiar somehow and tease them into thinking small successes are down to skill. After all, humans like certainty and are quite happy to congratulate themselves when they think they are good at something.

 

Would you expect to pick up a guitar and then a month or two later be playing at a rock concert? Would you expect to pick up a paintbrush and shortly after have an exhibition on display at the Louvre? Probably not. The difference is though that poor trading costs you your money. Coming into trading, you will be pitted against seasoned professionals, massive hedge funds, banks and computer systems to name but a few.

 

Losses early on affect more than just your bank balance. They affect your emotions and your ability to learn and develop confidence in your understanding of markets and methods you use to trade. If you don't understand how to 'take a loss' this can be catastrophic.

 

Do yourself a favour, when you start trading, trade to trade well, not to make money!

 

HUH? >.<' Profitable since day 2. Running scared in front of death bots, institutional traders with tanks and quicksand brokerage dark pools. Having the time of my life. :P

Share this post


Link to post
Share on other sites

i am also a beginner here and i am considering your advice that in the beginning when we dont have any experience we should not try to make money but give it time to gain some knowledge and some experience!!!

Share this post


Link to post
Share on other sites
:haha: I hear you say. But really. I think that this is perhaps the single biggest factor in the high failure rate of new traders. Perhaps it would be better put that you should not expect to make money.

 

Let me put it in a different way. A beginner will come into trading and have had very little experience of anything similar. The market will however look familiar somehow and tease them into thinking small successes are down to skill. After all, humans like certainty and are quite happy to congratulate themselves when they think they are good at something.

 

Would you expect to pick up a guitar and then a month or two later be playing at a rock concert? Would you expect to pick up a paintbrush and shortly after have an exhibition on display at the Louvre? Probably not. The difference is though that poor trading costs you your money. Coming into trading, you will be pitted against seasoned professionals, massive hedge funds, banks and computer systems to name but a few.

 

Losses early on affect more than just your bank balance. They affect your emotions and your ability to learn and develop confidence in your understanding of markets and methods you use to trade. If you don't understand how to 'take a loss' this can be catastrophic.

 

Do yourself a favour, when you start trading, trade to trade well, not to make money!

 

got your point mate.

A friend of mine tell this to me

do your homework with demo account with $1000 deposit and trade with fixed SL TP , so you can measure your statistic., and do not ever change your TP or SL level. Let market decide

after the 1000th trade, finally you will have data is your system good or bad

 

well i think all brokers provide demo account, myself using armada markets ( now tickmill)demo account for a year when i study under a "guru"

Share this post


Link to post
Share on other sites

I agree to the Negotiators point of view..that one should not focus on money at first but learn to make good trades. Perhaps try the demo account for learning first. Slowly as you get the statistics right, one can start with the real account with small amounts.

Share this post


Link to post
Share on other sites

" ... Perhaps try the demo account for learning first..." Tradingtips_4

 

Guess what percentage of the ‘ industry to produce losing traders’ agrees with that.

Guess what percentage of the ‘voice of trading’ aka sycophants for the ‘ industry to produce traders at the cusp of winning and losing’ agrees with that.

 

Noobs - it’s best to start real... then when you really know what you need to work on set up deliberative practice on sim...

 

Guess what percentage of noobs will listen and take that advice.

 

 

 

 

"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." ~ George Soros

Share this post


Link to post
Share on other sites
got your point mate.

A friend of mine tell this to me

do your homework with demo account with $1000 deposit and trade with fixed SL TP , so you can measure your statistic., and do not ever change your TP or SL level. Let market decide

after the 1000th trade, finally you will have data is your system good or bad

 

well i think all brokers provide demo account, myself using armada markets ( now tickmill)demo account for a year when i study under a "guru"

 

I would like to trade with demo account before trading with real money. thank you for advice

Share this post


Link to post
Share on other sites

Do yourself a favour, when you start trading, trade to trade well, not to make money!

 

I think maybe some of the investment banks maybe took your advice judging by last week's earnings reports. Some of their desks had only made around 8% before costs.

Share this post


Link to post
Share on other sites
I think maybe some of the investment banks maybe took your advice judging by last week's earnings reports. Some of their desks had only made around 8% before costs.

 

Do you trade by yourself or you prefer to invest?

Share this post


Link to post
Share on other sites
Yeah, too many trading opportunities in the future, the top objective of forex trading should be learning basic knowledge and how it works.

 

i like to check new strategies by using demo account

Share this post


Link to post
Share on other sites

Learning never ends, traders should focus on building appropriate strategy for investing their money while keeping the associated risks in mind. I still trade demo account in my free time to test any strategy and it helps me a lot while trading with the tested strategy on live account.

Share this post


Link to post
Share on other sites

As traders, we don’t need to aim to be “professional” right out of the gate, in fact, having such unrealistic expectations is often what causes beginning traders to over-trade and over-leverage their accounts. Your goal as a Forex trader should initially be to turn a profit each month.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Nice way to start! Don't get used to it haha. Netted 2.28R. However, I made a mistake with my position size calculation and accidentally only entered at 91.4% of the size I intended, so based on the actual risk rather than the intended risk, this trade was about a 2.5R winner.
    • Potential EUR/JPY short
    • 27 IS NOT 10 27 More Hilarious Spelling Mistakes That People On Twitter Can’t Stop Making By Michael Koh, February 8th 2014   31.4k             I just can’t believe that these men and women do not use spell check on their phones. I mean, doesn’t it come pre-enabled? They must be pretty confident in their spelling abilities! Here’s more spelling mistakes on Twitter for your enjoyment. Read the original 27 post here. 1. “apidimi” This word is seriously the epitome of all that is wrong with not spell checking. 2. “…winey” Wait, when they’re saying “winey” voices, do they mean drunk voices? 3. “…go to collage” You can’t go to collage, you make ’em. 4. “…barley…” Barley is a great source of fiber, I think. Right? 5. “Aifel Tower” 6. “corn roads” I’m just shaking my head right now. 7. “I’m a genious” 8. “sillowet “ 9. “human bean” *bangs head on desk* 10. “fake an organism” 11. “mysery “ 12. “lewbuttons” 13. “klamidia” 14. “flaming young” 15. “seizure salad” 16. “quarterroys” 17. “alluminati” 18. “…dairy air” 19. “…aliterate” 20. “sellulite” 21. “masterbait” Goddamn, people, TMI. T.M.I. 22. “subliminol” 23. “dognuts” 24. “…raping presents…” 25. “ginger rale” 26. “kukies” 27. “alphet” They mean outfit. There, I saved you the trouble of trying to figure it out. image – Twitter   Funny Humor Informative List LMAO Spelling Mistakes The Digital Age The Internet Twitter    
    • I will see your agreed and raise you another agreed.  
    • This took the article right out of my idea. There's always someone quicker than you though. Dont forget to like and subscribe I know you cant get your replies in quick enough these days but keep trying. Scraping the hull: Ridding your organization of barnacles Award-winning author Gary Conner is president of Lean Enterprise Training. 5-6 minutes   Editor's Note: A version of this article previously appeared in the March 2004Lean Into It newsletter. What do barnacles and lean manufacturing have in common? Let me explain. Barnacles are a form of sea life that everyone's heard of but probably knows little about. Many different types exist, but let's talk about the type of barnacles that attach themselves to ships. These crustaceans are roughly the size of a quarter, and they attach themselves to a host (ship) for life. The adhesive properties of the cement that they excrete are amazing. This small animal glues itself to a host with a compound so strong that it could hold the weight of a compact car (2,500 pounds). Estimated costs associated with speed loss (caused by increased drag) and increased fuel consumption resulting from these marine mollusks' growth on ship hulls are an astronomical $1.4 billion per year. "Fouling," as it is referred to, can contribute to an increase in fuel consumption of up to 7 percent after only one month and 44 percent after six months (Swedish International Development Authority, 1986). For ships, the traditional remedy has been a regular visit to the dry dock. There, barnacles and other organisms are scraped or sandblasted off the hull, which is then covered with a coat of antifouling paint designed to discourage their return. As long as 2,000 years ago, hulls were sheathed with lead and smeared with concoctions of oil laced with sulfur and arsenic. In 1625 a lethal recipe combining arsenic, copper, and gunpowder was considered worthy of an English patent as an antifouling compound. The danger for shipping companies is that the barnacles are hidden below the water line. Out of sight, out of mind. The only indication that fouling has occurred is the vessel's reduced performance. Barnacles-Non-value-added Activities Parallel Could our companies be fouled—slowed down or consuming resources unnecessarily— by barnaclelike behaviors? How do we "scrape the hulls" of our organization to ensure smooth, unrestricted, and cost-efficient advancement? Barnacles can be likened to the non-value-added activities we perform every day. During a kaizen event at a client company in Nevada, we performed a value-added, non-value added (VA-NVA) observation of a sawing process. The operator was a large man (325-plus pounds). He was working in 95-degree-F heat and wearing a shop coat over his coveralls. This poor man was sweating profusely, to the degree that I was worried about his health. The initial observation showed that he was able to spend only 19 percent of his day in a value-adding mode. Eighty-one percent of his day was spent on either necessary non-value-added tasks (things like paperwork and stacking parts), or, worse yet, unnecessary non-value-added tasks (activities like looking for a supervisor or a pallet). After the kaizen team rearranged his work area, developed a new work standard, and set his operation up to run at takt time, this worker produced three times as many parts. He now spent well over 60 percent of his time in pure value-added activities (still room for improvement). At the time of our kaizen presentation, he was unaware that he was producing 200 percent more material through his two saws. Before we told him about the documented improvement, we asked him if the new layout and new work steps were easier or harder. He expressed a great deal of satisfaction with the new process, describing it as "so much easier than before." He was producing three times as much, with less effort. Kind of like pushing a ship through water with less effort because the barnacles had been scraped off. Nondiscriminating Suckers Organizational barnacles can grow anywhere. Engineering, order entry, purchasing, finance, and, of course, the production departments may need to be put into "dry-dock" and examined for non-value-added activities. A fabrication team VA-NVA examination found that 25 percent of its time was spent in non-value added activities. For this $14M company, this meant $3.5 million worth of potential sales opportunity was being left on the table each year. Interestingly, after a ship has had barnacles removed, the entire hull must be treated to inhibit barnacle regrowth. So it is with organizations; sustainment is by far the hardest part of improvement. Changing the behaviors of the individuals who comprise the organization is necessary to avoid reverting back to non-value-added activities. Continuous Improvement Kaizen must become a way of life, and one trip to the dry dock will not create a barnacle free ocean or organization. Continuous improvementis not just a program title, it is a verb, and verbs demand action. I'm sure that scraping barnacles off a ship isn't easy work, but the rewards of improved performance and reduced costs must be worth it, because every viable shipping company in the world does it. So, where will you start scraping?
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.