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

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.

 

But since Forex is the one market where noobs get slaughtered, often by their own brokers, the goals are pretty irrelevant.

 

Leaving aside the fact that there are far easier markets to trade than forex.and that the best advice would be to avoid it at all costs, have you considered painting as an alternative career?

 

If so, the equivalent advice given, in the style of crazy kharzi would be to:

 

1-Make sure you aim to buy some canvas and a set of paint brushes (The only colour paint you will need is forex colour - no other colours exist).

 

2- Don't attempt to paint with any competance or sense of purpose. Just aim for something a child would paint.

 

3-Check your neighbours fridge door for clues if you don't have kids yourself

 

 

It is quite a talent to attempt to advise others without actually offering one single scrap of useful advice..ever.

 

If your 'advice' was a car, it would be in a scrap yard being converted into a highly compressed metal box.

Share this post


Link to post
Share on other sites
Learning Forex trading іѕ аbоut learning how currencies аrе exchanged аnd іt requires аn іn-depth knowledge оf economic developments іn thе international markets аѕ wеll аѕ domestic markets.

 

Czarina, I disagree. FX trading does not require an "іn-depth knowledge оf economic developments іn thе international markets аѕ wеll аѕ domestic markets". One can do just fine with a host of different technical methods. One can do just fine with directional correlations and travel correlations. ... all without considering economic developments themselves or narratives about them.

Share this post


Link to post
Share on other sites
Czarina, I disagree. FX trading does not require an "іn-depth knowledge оf economic developments іn thе international markets аѕ wеll аѕ domestic markets". One can do just fine with a host of different technical methods. One can do just fine with directional correlations and travel correlations. ... all without considering economic developments themselves or narratives about them.

 

Czarina couldn't do fine even if he/she could travel back to the future Czarina is A.I. without the the I

Share this post


Link to post
Share on other sites
Learning Forex trading іѕ аbоut learning how currencies аrе exchanged аnd іt requires аn іn-depth knowledge оf economic developments іn thе international markets аѕ wеll аѕ domestic markets.

 

Looks like your screwed then

 

As traders, we don’t need to aim to be “professional” right out of the gate,

 

You're not a trader. You're a duck.

Share this post


Link to post
Share on other sites
On 13.05.2011 at 1:56 AM, Tradewinds said:

I have a suggestion. When someone first registers at Traders Laboratory, automatically send them some tips, or links for beginners. They may not be a beginner, but it won't hurt.

Yep, it's really good idea

Share this post


Link to post
Share on other sites
On 5/13/2011 at 7:49 PM, phantom said:

Don't try to make money? Are you out of your mind??? Of course you should go after profits right from the start. Just remember to look for trades that have a decent probability for a high reward to risk ratio (such as 5 or 6 side-by-side bars on a 120 minute chart in just about anything breaking out into a steady move on a 15 minute chart: trade any 15 minute bar that shows price rejection, such as a rattail candlestick; risk half the rattail range and lock in profits as the move breaks from your entry zone...)

How dare you advise people to settle for mediocrity when one needs to build successes in this business to stand a modicum of a chance at success???

 

Luv,

Phantom

So truu tho 

Share this post


Link to post
Share on other sites
On 05.04.2018 at 5:57 PM, zdo said:

JohnyIve,

Please design and write us "some tips, or links for beginners".

Thanks

I guess the best way is to create automatic dispatch of letters with links to useful information and sections of this forum where traders can quickly learn. Maybe link to "Tips for beginners" and this one 

 

Share this post


Link to post
Share on other sites

The main thing to consider to a beginner is to choose the best broker. The best broker would have the following:

  • Easy-to-use trading platform
  • Beginner (user) - friendly trading platform
  • Free online trading courses and tutorials

You gotta choose a versatile brokerage platform that is designed to include all the functions of a trading platform. Also, a broker with a platform that guarantees the safety of their clients’ funds and gives each individual the chance to maximize their trading potential.

 

Share this post


Link to post
Share on other sites

I try to have positive P/L but that's not always how things turn out. However, I don't feel the pressure to always have it that way. When you have a major goal in your life you can't get there right away and that's where most beginners lose their fate. Minor goals are more profitable and they make us progress further and faster. So my advice would be not to give up and just like with everything, one step at a time ;).

Share this post


Link to post
Share on other sites

Advice for beginners

omg       First "invest" trade a little with real money and see whats your results are, then learn, learn and learn what trading methods are appropriate to you, then when you know what you need to work on then start paper trading / structured practice sessions 

... and btw, you're likely better off never seeking 'confidence'.  Most traders do not need to "establish your confidence".  ie For most traders, confidence leads to mistakes in risk.   Generally speaking, any 'confidence' applied before having traded for ~ 5 years is wasted and costly...

If you do need 'confidence' and don't have any , then use what courage you have ...

Edited by zdo
add 5 year sentence

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

    • I use binance, Tickmill and Hotforex(trade their CFD products). Anybody else trading crypto as Cfds?
    • How do I use mobile app to request withdrawal of my funds to crypto wallet? Can you help me?
    • Agree with you. Keep yourself away from these things
    • Date : 16th July 2019. MACRO EVENTS & NEWS OF 16th July 2019.FX News Today Treasury yields steadied during the Asian session, with bonds erasing overnight gains and the 10-year yield now up 0.3 bp at 2.092%. JGB yields also backed up from lows and are down -0.1 bp at -0.129%, after returning from holiday, while yields declined in Australia and New Zealand after the minutes of the last RBA meeting showed the bank remains ready to adjust policy if needed. Stock markets meanwhile struggled in very light volumes as markets hold back ahead of key US data and earnings reports this week. On trade talks US Treasury Secretary Mnuchin said he and Trade-Representative Lighthizer may travel to Beijing if talks by phone this week are productive. The WTI future is trading below $60 per barrel and U.S. futures are posting marginal gains. In Europe, the GER30 future is currently slightly higher as are US futures, which UK100 futures are in the red, amid ongoing Brexit jitters as Boris Johnson, poised to succeed as PM next week, puts no-deal options firmly back on the table. Last week’s round of Brexit negotiators was reportedly one of the most difficult encounters of the last 3 years. Meanwhile JP Morgan, Bank of America, Goldman Sachs and Taiwan Semiconductor are among the companies reporting results this weeks. Charts of the Day Technician’s Corner EURUSD has been held between its 20-day Moving Average of 1.1295 and its 50-day Moving Average at 1.1242 since Friday. A 25 basis point Fed rate cut at the end of the month has been priced into EURUSD, and focus now may shift to the ECB, where further stimulus could be in the cards at its next meeting on July 25, keeping EURUSD capped for the time being. USDJPY broke earlier today its 20-day Moving Average at 107.95, after printing 8-session high from 107.80 during the overnight Asian session. The mixed risk backdrop has limited the pairing’s gains since last week, as Wall Street trades on either side of flat, and Treasury yields remain pressured. The July 5 low of 107.76 remains a floor for the asset, while next Resistance stands at 108.20 and 108.50 Main Macro Events Today Average Earnings (GBP, GMT 08:30) – Average Earnings excluding bonus for May expected to slightly increase at 3.2% from 3.1% last month. ZEW Economic Sentiment (EUR, GMT 09:00) – Economic Sentiment for July is expected to be released at -19.0 compared to -21.1 last month. Retail Sales and Core (USD, GMT 12:30) – 0.2% June retail sales gains are expected for both with and without autos, following 0.5% May gains for both measures. Unit vehicle sales ticked down to a 17.3 mln pace in June from an upwardly-revised 17.4 mln clip in May, and gasoline prices should provide a drag on retail activity given an estimated -3.5% figure for the CPI for gasoline. Real consumer spending is expected to grow at a 3.9% rate in Q2, following the 0.9% Q1 clip. Support and Resistance levels Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
×
×
  • Create New...

Important Information

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