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    Thread: Thread for Newbies "How to Start Trading?"

    1. #1
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      Default Tips for New Forex Traders

      Tips for New Forex Traders
      _________________________


      Forex has always been a magnet for investors and traders, who are looking for an exciting business venture to invest in, giving them the thrill, adventure and excitement, along with an idea of a quick and easy way to make profits.

      But, for those who are relatively new to the Forex trading world, it is extremely important to know exactly what you are getting into. When it comes to the matter of investing a huge amount of your hard earned money into something, first time investors should always make sure what they ought to expect out of it. What should and should not be done. What steps should be taken to play safe and what to do that keeps them at away from the frauds and scams.

      First of all what needs to be learnt is, what is Forex and how does it work? What need’s to be known next are a few important trading tips, which will facilitate you during your transactions.

      Foreign Exchange or Forex or FX is one of the biggest money market in the world, and is a platform where currency is sold and bought freely between buyers and sellers. Forex, unlike any other financial markets, has no physical location or central exchange.

      With over $1.5 trillion USD being traded daily, the foreign exchange market has now become a market which is open to trading by an average investor as much as it is open to a high investor.

      Launched over three decades back, in the early seventies, Market Forex introduced free exchange rates worldwide, according to which, the price of the currencies was determined on the basis of demand and supply only.

      A number of reasons are responsible for making Forex a distinctive financial market. To begin with, no external regulatory authority is allowed to set or fix currency prices or rates in this market, making Forex is market which cannot be controlled in any way. Also, it is one of those few money markets that necessitate very little trading education, training and experience.

      In order to know the Forex market well, the new traders should know how to start trading Forex. The few important things to be kept in mind when beginning to trade Forex are as follows:

      What needs to be done firstly is, to open a Forex account. This can be done by filling up an application form, providing the required essential credentials, like personal details, financial particulars, and other details such as whether or not, a broker will be allowed to mediate with any trade if it appears to get too precarious and dicey.

      Once your account has been created and recognized, you can begin to flow cash in to it and start trading Forex.

      New Forex traders are always advised to create two accounts while trading, one of them being a real account, while the other being a demo one. A real account will facilitate the trader to actually trade in the market, with real money.

      The demo account helps the new investor learn more about the trading business. This way the new trader can practice his moves of trading in the market, without the fear of losing all his money in case he/ she goofs up or ends up making the wrong deal.

      Also, before you start trading in the market, you should have a closer look at all the top five foreign currencies and their current rates to make sure, you are aware of the current rates and are not missing anything.
      The top five Forex currencies are: Pound/USD, Swiss franc/USD, Euro/Yen, USD/Yen and Euro/USD.

      Always keep a check on the market. With the time intervals on hourly, daily and weekly schedules with all the currencies that are in any way related to your trade.

      Being a successful trader requires to come up with individual and unique trading strategies. There is no “Golden Mantra” or “Trade Secret”, which will work for the traders.

      Every investor needs to come up with their own, personal and distinctive trading approach when it comes to the market. There are different ways by which, the traders approach the market. Sometimes they may bank solely on industrial and technical analysis.

      Some may like better to go in for a more elementary and basic approach for trading, while others may make use of the past records of the market, combined with both technical as well as fundamental techniques for trading.
      All these strategies help the traders in studying the patterns of currency price trends and movements, making it easier for them to foresee the course of the potential developments in the Forex market.

      Currency prices in Forex market mostly move in trends. They have a pattern, through which, certain movements can be studied. Some of these movements which have been studied over several years mostly help in discovering that pattern in the market trend. These trends are what should be recognized and valued properly, to facilitate the creation of an excellent trading strategy.

      Any factors, financial or political, having some control over the value or the price of a currency, have already been measured by the market to be included as an important factor in creating a price trend.

      When trading for the first time, it is always advisable to invest by the trends. Trading with a trend can facilitate you by advancing your chances with profit. Many new investors are enthusiastic to start trading as soon as they can, eventually ending up trading in any direction.
      Trading by a trend or following a pattern and studying the market can increase your odds of being favored by the market, making your trading prospects high.

      Best regards, Ahmed Sabry
      Official representative
      InstaForex Group

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      Default Re: Tips for New Forex Traders

      Never invest money into a real Forex account until you practice on a Forex Demo account!

      Go with the trend!

      Gamblers go to casino. All unproved, spontaneous actions in Forex trading — are a part of pure gambling.
      The Good USA Forex Broker List


      The Good USA Forex Broker List

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      Default Re: Tips for New Forex Traders

      Quote Originally Posted by forextrading View Post
      Never invest money into a real Forex account until you practice on a Forex Demo account!

      Go with the trend!

      Gamblers go to casino. All unproved, spontaneous actions in Forex trading — are a part of pure gambling.
      Sure, every beginner must practice trading firstly on demo account,
      After that he can trade live and gain lots of money on real account.
      Don`t forget fibo lines
      Good luck to every trader!

      Best regards, Ahmed Sabry
      Official representative
      InstaForex Group

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    8. #4
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      Default Re: Tips for New Forex Traders

      Trade pairs, not currencies - Like any relationship, you have to know both sides. Success or failure in forex trading depends upon being right about both currencies and how they impact one another, not just one.

      Knowledge is Power - When starting out trading forex online, it is essential that you understand the basics of this market if you want to make the most of your investments.
      The main forex influencer is global news and events. For example, say an ECB statement is released on European interest rates which typically will cause a flurry of activity. Most newcomers react violently to news like this and close their positions and subsequently miss out on some of the best trading opportunities by waiting until the market calms down. The potential in the forex market is in the volatility, not in its tranquility.
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    9. #5
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      Default Re: Tips for New Forex Traders

      i have a confession as new trader
      i have to add on a bit from the post above (just my opinion ^^)

      when finish practice in demo account, we absolutely have to
      continue our practice on real account with micro amount maybe $200-$300

      when if everything okay with the small-real-account then only we start invest more money and start trade forex

      i would like to share this to a newbie like me because i found that
      practicing on a demo account is totally different with real account.

      me myself, i have self-emotion conflict upon earlier stage on starting real account after done practicing my demo.

      just an opinion to share guys, cheers

      sorry my english is bad

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      Default Re: Tips for New Forex Traders

      practicing on a demo account is totally different with real account.
      You alright, because you can trade only with mini lots, such as 0.01 .

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      Default Re: Tips for New Forex Traders

      i dont mean about the lot nick
      i mean the feeling upon real trade

      maybe when practice the demo, i never care about losing

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      Wink Re: Tips for New Forex Traders

      I can add one or two here here..Best way to trade for a Noob is to trade while the trades are going side ways and do scalping..The pips may be less but so are the risks..Also avoid trading before any announcement is made as usually the trending is very volatile..especially after President Obama gives us a good rattling session lol.

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      Default Re: Tips for New Forex Traders

      My tips is to
      Practice DEMO trading for atleast 3months and see whether you are able to get constant profit.
      Usage of 3% or less of balance as trade volume is recomended.
      Always stay with Trends as its our friend

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      Default Re: Tips for New Forex Traders

      yes practice mode is very good and usefull, i was in demo accounts only 1 week and then i started with real account, because one person from a broker called me every day to open account with them and deposit, and he told me : i will explain you how to make it , and after i deposited he do not answer to phone , so .... i coouldn`t get mine money back and i started trading but i lost money. so is important to learn with demo accounts.

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