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Author Topic: One piece of advice that you can give to a Newbie Trader  (Read 24488 times)

Offline Eliza Abrams

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #30 on: March 09, 2018, 03:39:09 PM »
Thank you for all these recommendations! Have you read them all?

Offline Paul.Trafford

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #31 on: March 13, 2018, 09:50:04 AM »
The advice is simple , get ready to lose some money before you learn how to win some. Cheers

One should be prepared for losses, indeed. But one should also avoid defeatist attitude. It's a fine line to walk.
I wouldn't say defeatist attitude, but it is better to be a realist rather, than being super optimistic, because at the end of the day money will be lost and money will be won, but if you are prepared to lose and win you will feel better than if you were prepared to win and lose

Offline Trunk

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #32 on: March 13, 2018, 07:39:58 PM »
Yeah one wise market proverb says always hope for better but get ready for worst

Offline Eliza Abrams

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #33 on: March 15, 2018, 02:52:00 PM »
Yeah one wise market proverb says always hope for better but get ready for worst

I apply this proverb to all aspects of life, not just trading. Some people think I am a terrible pessimist, but I just like to be pleasantly surprised when something good happens.

Offline Paul.Trafford

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #34 on: March 19, 2018, 03:52:58 PM »
Yeah one wise market proverb says always hope for better but get ready for worst

I apply this proverb to all aspects of life, not just trading. Some people think I am a terrible pessimist, but I just like to be pleasantly surprised when something good happens.
Great, so you agree with me then!

Offline Eliza Abrams

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #35 on: March 22, 2018, 03:42:02 PM »
Yeah one wise market proverb says always hope for better but get ready for worst

I apply this proverb to all aspects of life, not just trading. Some people think I am a terrible pessimist, but I just like to be pleasantly surprised when something good happens.
Great, so you agree with me then!

In that particular regard? Of course I do. It's common sense, I think.

Offline norman

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #36 on: June 28, 2018, 07:25:03 AM »
Know well about the forex market is the best advice for the newbies. Because without knowing about the forex market you can't earn the profit and there are maximum chances to lose the money. They can also do some research about the market and make a demo account where they learn about the rules of trading.

Offline Trunk

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #37 on: June 28, 2018, 04:03:31 PM »
Best advice for newbie - spend on demo as much time as possible and never rush to trade live, before you get solid confirmations that your trading system can cope with difficulties related to live account.

Offline iMusingKiMi

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #38 on: June 28, 2018, 09:08:13 PM »
3 pieces of advice: money management, money management,money management. It can never be overstated

This is the best advise. Money management keep someone discipline which most people lack of.

Offline norman

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #39 on: July 22, 2018, 04:33:43 PM »
Many of the beginners stop trading when they suffer from loss. Do not quit because this isn't the solution of your loss. You must have to make some smaller investments and also you have to make some smaller pips. Don't try to recover it in a short time wait for the correct time. Thanks

Offline wallstreet.forex.robot

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #40 on: July 22, 2018, 09:25:34 PM »
One from me - do not trade manually  :)
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Offline norman

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #41 on: August 25, 2018, 07:41:34 AM »
The only piece of advice which I wants to give to the newbies is that you should have to learn well about the market. If you wants to be a successful trader than you should have some knowledge and experience about the market. Without knowledge you can't do anything.

Offline sugiatno

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #42 on: August 25, 2018, 07:58:27 AM »
One from me - do not trade manually  :)

From me, dont trading with ea.dont trust backtest. I personally back test lucky grid ea and fx-orbital for 10 years with impressive result. They both destroy my account. Learn to trade,no shortcut in forex trading.shortcut like ea will cost you much deposit and ea price

Offline wallstreet.forex.robot

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #43 on: August 25, 2018, 08:46:25 AM »
So, you have tested some crazy grid EAs and you are drawing general conclusions? I can tell you for sure - take some average quality EA which looks decent on a backtest and give it to 100 people with reasonable risk settings. This will be group "A". Group "B" will be 100 inexperienced manual traders, which are told to follow some good looking /on paper/ manual strategy. Let them trade. From group "B" 95% will destroy their accounts in just a few months mostly due to the nature of the human psychology. From group "A" even after two years of trading you will have people even on profit and most of the accounts will be still alive. There are two major reasons, which are explaining this - the first one is the human psychology - it is just unreliable. The second reason is that you can not effectively backtest a manual strategy, but you can perfectly see the past performance of an EA. With a manual strategy you are always in the dark and even if you have a good strategy your human psychology will fail you. How I know this? First, I've tested almost every trading idea under the Sun and 90% are pure waste of time - this is the arsenal of the average manual trader. Second, I've looked the statistics records about the success rate of the traders in an average forex broker - 90% of the accounts are lost within 6 months. Those using purely EAs has much higher success rate. And yes - even with the craziest grid EA you have greater statistical chances then the average manual trader if you are using some reasonable risk.
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Online diyforexskills

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Re: One piece of advice that you can give to a Newbie Trader
« Reply #44 on: August 26, 2018, 01:37:22 AM »
Understand how the forex market operates.

An interesting take on this is provided in this series of five short articles where the author describes the interplay between the liquidity providers and the herd and how that, in his opinion, helps us to understand how to trade in this market. (I am referencing this for the articles about the forex market, not in any way to promote the systems that the author offers.)

http://www.perfecttrendsystem.com/exploiting-smart-money/trading-edges-which-will-work-forever

 

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