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    Thread: How can a complete beginner earn money from forex?

    1. #1
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      Default How can a complete beginner earn money from forex?

      Most beginners who are completely new to forex always wants to know how they can earn money from the forex market. This may not be a challenging question at all to most experienced traders. Many beginners will be delighted to know from the experienced traders.



      The question is already fully explored with many answer.
      http://forum.mt5.com/showthread.php?...1#post12757456
      Last edited by PhantomTrader79; 05-13-2018 at 08:06 AM.
      POSSIBILITIES ARE INFINITE IN THE FOREX MARKET, YOU CAN ACCOMPLISH ANYTHING !


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    3. #11
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      Newbies in forex trading are usually lucky, they can earn quick profits and that is the time they got hooked and addicted in forex trading fantasy. But their wins wont last long, they can produce more blown up accounts months after month, year after year. Unless the newbie has a mentor then it's possible for newbies to earn decent profits on their first year in trading. Experience and skill in trading can produce profits, but if the newbie is lacking of it, then no profits can be gain in consistent manner.
      No Guts No Glory!


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      There is so many step for newbies who will start their career in the forex business. Any businessman or trader here know first we need to have trading knowledge, then we can continue our step to practice in the demo trading, we need to strategy, build money managements, test all we need in the demo trading till we have good trading results there. We can trade in market with real investing money if we have good trading skills, so with that we will not wasting our time and money.


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      First of all new trader must have to understand the rules of thumbs of business. As a apprentice their first job is to fully focus on planning. A good plan helps to utilize the time properly and as a result at the end of period goal will be acquired. Make a plan for two or three years and off course keep a track of your every task related to forex for future analysis. By doing hard work and strong determination to plan a new trader can earn more then his imagination from forex.


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      Since Forex is not only trading particular currency on a specific platform, but rather a large global system for exchanging currencies through various tools, a methodology for successful trading can be developed on the basis of several key principles. These principles will open the way to success on Forex, help avoid losses and maximize your skills in all types of trading.

      1. Analyze yourself and your abilities.
      Thoroughly evaluate your psychological stability and risk tolerance in accordance with your needs in the market. In other words, you need to determine your risks and opportunities. This will be your trading risk management.

      2. Write a detailed plan of your goals and carefully follow it.
      You should be a disciplined trader. Only discipline can bring success in the long-term trading.

      3. Carefully choose the broker.
      The chosen broker should completely suit your demands and your trading style. For example, if you prefer short-term trade in big volumes, pay attention to brokers who offer low commissions and do not restrict time of deal holding.

      4. Choose account type and leverage size.
      The type of account and leverage should fully meet your requirements and expectations. Do not forget about money management.

      5. Start trading with a small deposit and gradually increase it in proportion to your profits.
      If you can not increase your deposit using profits from trading, then there is no point in constantly pouring money into your account. It is just waste of money. Of course, all newcomers go through it on the initial stages. But if you have to replenish a trading account many times in a row, you should analyze the reasonability of forex trading.

      6. Focus on one currency pair.
      Increase the number of currency pairs only after you improve your trading skills. Without this condition, it is impossible to make money. Begin with learning how to trade at least one particular currency pair.

      7. You must clearly understand all your actions.
      Each your trading and analytical decision should be well-founded and rational. Do not base your decisions on emotions or impulses. You need to critically analyze each deal.

      8. Do not increase size of losing positions.
      A common mistake of novice traders is unreasonable adding to a losing position. Cost averaging or martingale are rather risky trading strategies. Beginners with small deposits should refrain from those strategies.

      9. Tame your emotions. They will not help you trade on the Forex market.
      Emotions can not only negatively affect you deals, they also destroy the entire trading system. All people are subjected to emotions, but when you open a platform, you must strictly act according to your trading strategy, regardless the current market situation and your open position.

      10. You should to keep records and analyze your successes and losses. It will help you to constantly improve your trading system.
      Without notes, you will not be able to adequately assess your trading and find mistakes. You must record all your closed deals. The trader's diary is an archive of your trading history, which will help you to correct your future strategy. This is especially important when you start trading. In the future, the record keeping can be simplified, but only after accumulation of a large positive trading experience.

      11. Automate your trading as much as possible.
      After you found consistent patterns of the currency market, which allow you to make money, it is time to use algorithms or automate this trading system. This will bring you more money than fully manual trading.

      12. Do not rely entirely on forex robots, miracle methods, and other snake oil products.
      After you have found consistent patterns on the charts, you should not rely entirely on expert advisors and robots. There is no universal scheme how to succeed in forex trading. The market is volatile and the pattern that was successfully used earlier can become unproductive the next day.

      13. Your trading plan and analysis should be simple in understanding and explaining. Then it will be much more useful.
      Do not complicate the trading process. In fact, everything is not as difficult as many newcomers think. Of course, understanding the market requires a trading experience, but this does not mean that your trading system should be extremely complex at the beginning.

      14. Do not go against the markets, unless you have enough patience and financial firmness to stick to a long-term plan.
      The biggest money is earned by large traders when the price changes its direction. But you are not a large trader yet. Do not try to go against the trend, as at the beginning you will not have enough skill to determine these changes in advance, moreover, your deposit is not big enough to patiently maintain a position when everyone is making money on a trend movement.

      15. Forex trading is based on the probabilities that provide you versatile opportunities for profit.
      No one can predict the price movement in the future. You will always be less than 100% right. However, the most often situation is 50/50. Your task is to find the logical reasons where the price will go in the future.

      16. Work hard and be patient. Do not fight the markets.
      Learn to work in the direction of market movement, and then success will be assured. Learn how to determine the trend. It sounds very simple, but in fact, not all novice traders can determine the price direction. Because the trend is not always the same on different time frames.

      17. Be realistic.
      Follow your own judgments. Do not set too ambitious profit goals early on your trading carrier. To begin with, it is crucial to learn how to keep the money invested in trading. Then, as experience accumulates, you can gradually raise your trading goals.

      18. Learn the main precipices of money management that will help you effectively manage your account.
      Without the careful and efficient management of your deposit, it is likely that you will be able to manage just a few deals. You should be able to calculate the value of the lot, determine the optimal leverage that will not drain your trading account instantly if the market goes against you. It is necessary to make provision for possible risks. Your deposit should be sufficient for your trading strategy, so that the maximum loss in each particular deal does not irreparably deplete the entire deposit.

      19. Study currency pairs, their distinctive features and various technical factors that affect price fluctuations.
      There are the two main types of analysis of forex market - fundamental and technical. Traders that prefer fundamental analysis trade on the economic news. Specialists of technical analysis use only indicators, expert advisors and graphic patterns to determine currency dynamics. It is better to use an integrated approach. Perhaps, this approach will not be so deep in every kind of analysis, but on the whole, it will give a more objective picture of the situation with a certain currency pair.

      20. Never give up!
      According to statistics, 95% of traders lose their deposit. It is crucial to always remember this fact. Moreover, there is no successful traders who have not lose at least several trading deposits during the whole period of their work. The foreign exchange market will challenge any trader who wants to make big money. The difference is that successful traders are very persistent.
      Be optimistic! You must focus not on the causes of your defeats, but on opportunities for earning as well as opportunities to become a financially independent person. Everyone may suffer setbacks, but they should encourage you to learn your lessons and make your strategy better. If you have been wrong in the past, you always have the opportunity to learn from mistakes. It will not only strengthen your skills but also bring money if you correctly analyze your loss.

      21. Remember: your mistakes are your potential victories!


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    8. #15
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      most of beginners hurry to make profits without taking their time in the learning and also they always trade with greed and high risk and this is why most of beginners lose their money in their trading so if they need to make profits they have to :
      - taking their time at the demo account to get the experience and the knowledge from the practicing on it
      - they have to trade with low risk and money management to avoid the greed and the trading with high risk
      - if they started their trading with plan to make example 10 % monthly at the beginning this will help them too much to trade with low risk and money management and they will success in making profits without any big loss


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      Thread closed as the contest has ended..


    10. #17
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      Forex can be profitable. But, it requires countless hours of work and practice. Usually, it takes about a year before a trader is consistently profitable. It is vital to practice on a demo account in addition to learning the basics of forex. I would recommend holding a demo account for about a month or more. I would also trade with money you can afford to lose if you are starting out in forex. You should also devise a trading plan. In addition, stop losses should be used. This is especially true when you are away from your desk or plan to swing trade. You should develop patience and don't let emotions get in the way of your trading.


    11. #18
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      There are two ways to profit from Forex, either to rely on yourself or to rely on others
      The novice still loses the knowledge and experience that makes him capable of trading himself so if he insistence of profit he must follow someone else
      But he has to choose this person carefully so that he first observes his previous performance to make sure he is a successful person who is capable of trading and managing the account well
      There is also Forex copy service provided by Insta which is very good
      can be viewed on the company's website


    12. #19
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      A complete beginner cannot just earn from the forex market without some experience, however traders that are just entering have this wrong mentality which pushes them into trading with some greedy intentions that their account will become double after they have traded for just one day, as much as we can find this statement as funny and ridiculous, this is how some people think before trading, little wonder the results that newbies really getting is terrible.

      A forex trader must be willing to learn before he can commit himself into trading, the demo account comes to mind at this point of my discussion, those that see this as inconsequential are much, newbies don't want anything to do with the demo account, just go straight ahead with the live trading and think something magical will lead to their success.


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    14. #20
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      The question is already fully explored with many answer.

      Please make sure you read the answers above this post and DO NOT POST ANY ANSWER if your answer contain the same or similar answer with any of the above answers. If you do then it will be deleted.


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