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    Thread: What is the most vital knowledge a newcomer in Forex should know?

    1. #11 Collapse Post
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      In the beginning, I must warn you that what happens in the education period will determine your fate in this market, and therefore you must pay attention to the education period well and give it enough time and effort.
      I see that a lot of mistakes in the Forex market are due to the period of education, where I see a lot of beginners begin immediately in search of a trading strategy and try it without understanding the market
      But here are some correct steps for education
      First, you must study the basic concepts of Forex in order to have an overview of the market and what is required of you and how to do it
      Secondly, you will know that you need to study the type of analysis to be able to trade, and therefore I advise you to start the technical analysis first and by studying technical analysis and studying the indicators you can then start looking for trading strategy
      Third, after choosing a trading strategy, you must study capital management
      Ultimately you will have the ability to build a trading plan from a trading strategy as well as a capital management plan
      This is the right way to trade


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      Thank you for your kind reply, I am not after the huge amount of income actually since I don't know how this one work yet but I just want to know how this one works so I could write something about it, because I'm just an amateur and dont have any knowledge with Forex.


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      A newcomer in the foreign exchange business should not be in a hurry to end because that is one of the mistakes that will learn them in serious trouble. Any commands to understand the essence of money management and self-control because being in possession of Pot makes you a better person in this market. Anyone that wants to become a successful trader in the foreign exchange business must always understand that practice is essential that is why we have determined come to stop newcomers are always wanting to end a lot of money from those markets but they don't know that there is a price to pay for the sources that is why we are experiencing a lot of losses even today.


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      Quote Originally Posted by Poshentity     
      You are highly welcomed to the platform and I hope you will have a very great time here. The platform is filled with a lot of various sections where you can learn a lot of things about forex trading. You can ask your questions and get them answered by the set of Professional traders that are in the platform to the best of their knowledge.
      As a newcomer into the forex market, one thing I do advice is to have a right mindset of the forex Market. Do not see the market as get rich quick scheme as this will lead to greed and rushing of trades and learning process wheich will later result to errors. It is good a trader know thst the forex Market can bring in alot of Profits but on a gradual basis until the trader becomes fully a professional in the trading. Ehen this is done. The next thing to focus more on is to acquire the best forex knowledge that can make a trader successful and continue to update your knowledge gradually until you become Professional in the trading
      Ensure you have trading plans. And you can set targets. You should use proper money management techniques to trade and protect your trading Capital from getting lost and to avoid frustration.
      Thank you for welcoming me and for sharing your insights about on what to learn and prioritize first. Good day


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      The most important thing to Understand by every newcomer in the foreign exchange market is to know that trading it's a business that requires a lot of hard work. If you are not hardworking and you still want to become profitable trader in the foreign exchange market it means that you are somebody that is wasting his time. Hard work is what has made a very few people to earn money in the foreign exchange market by a large majority of orders keep losing. If you understand that the statistics of people that are losing money in different markets are more than those are again it didn't fall tells us what is actually happening in this business. At work is very important because it can make you more money from this business consistently.


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      Who are new in forex business all do not have good trading knowledge and good trading ability. Most of the them come in real trade without practice lot and most of the trader loser in forex. so every new comer should follow some instruction to be a good trader. Today I am mention it. At first a new comer should learn trading and practice in demo for couple of month. When he can make his trading experience and good trading knowledge then he should join in live account. A new comer should follow proper money management and a good trading system which gives him good profit in forex. beside this patience, hard work, planning are also important in forex business to get the good result here.


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    9. #17 Collapse Post
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      A newbie should learn step by step about Forex trading. At first they should understand the Forex trading that how it works. Then need to follow trading steps and start trading in demo account. Trading in demo account is the first steps of trading for newbies. By more and more trading in demo account a trader can understand how to trade very well and how to make money from trading. Newbie should take suggestion from experience trader that when to start a trade and when to finish. By completing demo trading for three to six month, a trader can enter real trading with lower amount of capital and trade with small pip size. In this way a new trader can get success in Forex trading platform.


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      Quote Originally Posted by Damkidah     
      There is a wide amount of information which any new trader should pay attention to in the forex market which every single one of these things being unique in their own way and capable of helping the trader create a better success in the course of trading. I would like to point out the aspect of not getting carried away in the course of trading. It is for a fact that a large number of traders enter into the market because of the profit making possibility of the trading business. It would be nice for every newbie trader to face the reality and understand that success in the forex market is not just stumbled upon and they are required to complete a bulk amount of work in other to finally qualify to make consistent profit. They should understand that losing is part of the trading business and it is very much possible that while in the course of trading they could lose all of their hard earned capital.

      I truly agree with you on that order to make profit, "you win some you lose some" life is always about how you gamble.


    12. #19 Collapse Post
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      Default What is the most vital knowledge a newcomer in Forex should know?

      Hi guys, one of the most vital things a new comer in forex should know is to use the lowest of the money management rules i.e risk only 1% of your account per trade. This will go a long way to save the new comer and give him room to experiment in the market, make mistakes and learn from them with having to lose his account so easily. Since he is risking only 1% of his account per trade, he will have to lose 100 times for his account to be blown up. This way he has a long rope to learn and begin to recover his losses gradually. He will need a lot of dscipline to maintain the 1% rule though. With discipline and a willing heart to learn, the new comer will do well


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    14. #20 Collapse Post
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      Quote Originally Posted by Adeshola     
      First of all, you are very welcome to this platform. This is a forum where you are going to enjoy and have a lot of benefits. Here on mt5 forum, you are going to be learning things you need to know about Forex trading, and at the same time, you are going to be earning as you do so.

      Meanwhile, the basic knowledge a new trader needs is how to use Technical Analysis, risk and money management, etc. This is the hardest part of Forex trading, the learning aspect. In short, a trader should give learning a very serious priority. And this can be achieved in different ways. Although it might be frustrating at times, but consistency is the factor that makes all efforts to eventually end in success. And more importantly, new traders should go through a lot of practice on demo trading account. Demo trading enhances the trading skill of a trader and give them the idea of what Forex trading entails.
      Thank you for this great feedback, this is quite informative. I think I have to checked the demo trading, thank you fellow.

      ---------- Post added at 01:25 PM ---------- Previous post was at 10:00 AM ----------

      Quote Originally Posted by KhadizaBD     
      A newbie should learn step by step about Forex trading. At first they should understand the Forex trading that how it works. Then need to follow trading steps and start trading in demo account. Trading in demo account is the first steps of trading for newbies. By more and more trading in demo account a trader can understand how to trade very well and how to make money from trading. Newbie should take suggestion from experience trader that when to start a trade and when to finish. By completing demo trading for three to six month, a trader can enter real trading with lower amount of capital and trade with small pip size. In this way a new trader can get success in Forex trading platform.
      Yes, thank you for your short but thorough explaination. Yes I think its good to know first how does Forex work . It could be vital to know the correct sequence of steps on how will you start trading. Maybe after learning this I could proceed with learning demo account. I hope that one day there will be a posted thread on what a newbie should do so she or he wont go lost along the way. Thank you for your hints.


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