06-29-2020 10:32 PM
The first thing all new traders must know is that, nobody is an island of know i.e all experienced traders were also once a novice, and nobody bring it from birth, we all learn to get better. There are many things new traders must put in place before starting trade.
1. First thing a trader should know about the market is to know how the forex market operates.
2. He should also knows what influence the market to know when to trade and when not to open trade.
3. The new trader should also find a way to create his own trading strategy.
4. They must also find a way to practice and spend time on demo account.
5. They should also find an experienced trader to put them through the market, either by using the experienced trader Strategy, or helping him to create his own strategy.
6. Lastly, they should put it in mind that the market involves alot of risk and it's very hard to make profit.
06-30-2020 03:28 AM
Let this thought be in you that this trade is called Foreign Exchange which involves Buying and Selling of the values of currencies as they are fused in pairs in the market. This is not forex gambling. Because of that, learning and seeking education until it is found and letting it reach the optimum stage is a must.
Know that there is no end to learning. Being in this trade, you are to keep learning each day and that continues until you have perfect experience of the market. That will cost you years of everyday learning, not through Demo trading but Live trading.
No matter the skills and strategies employed, yet you will still lose money! Therefore, be daring and strong to face all difficulties without fear because mistakes are to be made. However, it is your duty to convert the mistakes to stepping stones to arrive at financial success eventually.
Forex has come to stay so do not be of the mind that it can cease to exist someday. It is far from that because this has started for decades and the outlook is stable. There is no cause to develop unnecessary fear for future of the trade.
Lastly, intelligence matters a lot. You are to be very analytical in all aspects. You are no longer expected to think and reason like many other people do anymore. Know that that platform placed before you is called "Metatrader 4". 'Meta' in the sense that it is not an ordinary platform but an extraordinary one which means you are to think extraordinarily to be able to conquer the detailed market of forex.
06-30-2020 12:33 PM
There are a lot of things which are very important to get the experience for beginners. Without all the all this thing beginners cannot stay in the forex market and they cannot do this kind of hard and complicated job. Because beginner have no experience to do this kind of job. They should get the learning and experience from the demo account then use it in the real account.
Some important factor which are necessary for the beginners to get learning from any kind of sources are given as source of success and source of good evening in the form mt5. These factor or lead them key to success so they are given as:_
They should have experience about trading in the market they should have knowledge experience and skill and practice about doing job in the forum mt5 and they should have knowledge about analyzers about market and chart analysis and they should have a successful trader and it can also done by the having knowledge and experience from the demo account and having the experience to stop the loss and money management and risk management and the forex market.
07-01-2020 09:38 PM
Forex trading can truly be difficult for a beginner but some tips can be helpful that will readily make him take advantage of the market and become successful. The focus of this article is to enumerate and explain the tips. The tips apply not only to forex trading but also to stocks, options, and the commodity market regardless of the style of the trading of your choice (intraday, swing or position)
Forex trading is a very profitable business and this stirs up the orientation of many wanting to become rich in a matter of days. To achieve this requires hard work, patience, and practice. As a beginner or even an experienced trader, these tips will go a long way to help in achieving success.
a. Choose the right broker- This is a good starting point and there is a need to choose a broker that is reliable, authorized (licensed), and trustworthy. It is therefore necessary to take enough time to conduct an online and offline review on brokers before making the choice
b. Have a full understanding of how the market operates. There should an acquisition of the knowledge of technical analysis, fundamental analysis and market psychology
c.Create a personal strategy with the acquired knowledge. The strategy should be practiced for a period until mastery is gained over the use of it.
d.The business should be started gradually with little investment. Forex trading is characterized by high leverage and one should invest whatever he or she can afford to lose
e. Learn to control your greed and emotions- Ability to control one's emotions and greed is a great challenge. When they are not checked it leads to over-trading and abuse of leverage which will always lead to failure in the business.
f.Objective Analysis/Planning- There should always be a trading plan in place before trading which must be followed based on a very objective analysis. It is good to have a very thorough understanding of the risks involved and put it into consideration in the analysis. There should always be a strategic plan in place before taking a trade and a backup plan in case things don't work out as projected.
g.Effective use of trading journal- A trader should have a trading journal. Trading journal should the details of trading activities, analysis, and the outcome of trading regularly. The records should be used for review and evaluation of performance
h.Education- getting yourself educated on the business should be a habit. It is necessary to continue to learn more and more.
i. Learning to take breaks- Forex trading can be very demanding and could be very strenuous. It is very important to always go on break to get your mind more focused and calmer.
j. Believe in yourself- This is necessary because it will aid your psychological stability which is necessary in handling the volatile market. It is of high importance to believe that you will succeed against all odds
07-03-2020 12:08 AM
Hello Mates❤! Stars of MT5 Forum, Expert Forex Traders, Hope you all will ne fine! Happy to see these wonderful posts, in which everyone share Experience! As we all know that Beginners! Didn't know everything in the start, So he shoudl beware from lOss, He/She should Join Demo Account! As a Trainer by getting some training and Experience one can do best trading, and can Earn alot by just simply following the steps to Success! THANKS fOtr this Helpful post💙
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07-04-2020 03:16 PM
My pips hand is weak
There many thing that is very important to know for a trader. Take the time to study currency pairs and what affects them before risking your own capital.Creating a trading plan is a critical component of successful trading. It should include your profit goals, risk tolerance level, methodology and evaluation criteria.Make sure your broker's trading platform is suitable for the analysis you want to do.Many traders get confused by conflicting information that occurs when looking at charts in different time frames.The first thing a newbie trader should understand is that the market is not controlled by anyone and it is what traders do in the market as well as other fundamentals that determines how the market works.