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Forex Trading Tips

Discussion in 'Forex Discussions' started by Arif, Dec 5, 2012.

  1. Arif

    Arif New Member

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

    Allow at least 2 months for demo trading. Consider this: 90% of beginners fail to succeed in the real money market due to lack of knowledge, practice and discipline. Those remaining 10% of successful traders had been sharpening and shaping their skills on demo accounts for years before entering the real market.
     
    nisha likes this.
  2. hugo30

    hugo30 New Member

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    Yes, I think you are right.
    Trading on demo accounts gives you practice to do some basics things. And without that you can simply waste your time and money in the beginning.
     
  3. Arif

    Arif New Member

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    Indeed, by the way do you have live trading account ?
     
  4. hugo30

    hugo30 New Member

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    yep I do trade live now, but with kinda small amount of money.
     
  5. Arif

    Arif New Member

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    ahhh its good to to start with small account !!!!!

    Best of luck :)
     
  6. hugo30

    hugo30 New Member

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    Thanks! happy trading to you too!
     
  7. Jhon Kumar

    Jhon Kumar New Member

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    Yes, you are right. i am also tell this that when you understand completely about trading then you start the investment so there is less chances of risk.
     
  8. Arif

    Arif New Member

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    Thanks man and Happy new year, Best of luck for 2013 :)
     
  9. autotrader1

    autotrader1 New Member

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    With 2 months practice of demo is the minimum. Its preferably to trade demo accounts for up 2 6 months or even 1 year so familiar with various market conditions and changes to gain some basic knowledge and feeling of the market. For demo account is good to trade more when news/report release to learn how to react to volatile markets. But when newbies proceed to live trading its best to avoid reports release until you are quite experience and confidence in your trading.
     
  10. Arif

    Arif New Member

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    I don't think so that two month is enough, I have 1 year experience in live trading but I`m still practicing in demo to avoid risk..
     
  11. Mirkinbar

    Mirkinbar New Member

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    The best forex advice, especially for a newbie is never to invest more than you can afford to lose.
     
  12. Arif

    Arif New Member

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    Indeed (y) Profit and loss is sooth of business.
     
  13. autotrader1

    autotrader1 New Member

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    Trading demo account the long the better, at least 2 months. But preferably 6~12 months. When trading with demo accounts, try out the different trading strategies that suits your trading style. Do not use too complicated trading strategy. Complicated trading strategy does not neccessary yield high profits.
     
  14. lobax

    lobax New Member

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    True, the longer you practice, the better trader you are. Keep on practicing until you are able to minimize the lost. Don't get excited when you are able to minimize once. Keep on practice with it until you are seeing yourself in 2 months practice that you are really able in doing it.
     
  15. autotrader1

    autotrader1 New Member

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    When trading demo accounts, its best to trade under all market conditions. Try to trade more when report/news are release as this time the market is very volatile. When trading live, its advisable for newbies to stay out of the market when reports are release.
     
  16. avamorcle

    avamorcle New Member

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    Yes, you are right. Beginners should use demo account for at least 6 months. After gaining knowledge and experience, they should use real account. Investing with demo account is beneficial as traders invest money without an risk.
     
  17. mak123

    mak123 New Member

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    I also agree with you that we should trade with big capital only after having relevant practice and confidence in forex till then must invest small amount.
     
  18. mak123

    mak123 New Member

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    I am completely agree with you that we should first practice more and then only trade with real money.so many trader loose their money due to overconfidence also.
     
  19. vic84

    vic84 New Member

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    i think if you are afraid to invest big money in forex its better to invest in PAMM accounts....
     
  20. mehulsoni

    mehulsoni New Member

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    Before entering the Forex Market,
    1) You must understand your goals for what you are in Forex Market.
    2) Understand your financial ability.
    3) Plan the way to reach your goal and stick to that plan.
    4) Choose the right broker
    5) Choose the right account type
    6) Have a good market analysis
    7) Do not over trade
    8) Do not greed for leverages offered by your broker.
    9) Try to Use your profit as an investment, do not invest extra capital.
    10) Always keep a positive frame of mind.
    11) After trading, have an analysis on your performance.
    12) Always keep records of your trading.
     
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