Building a collection advices for newbies in Forex Trading

Hi all,

Currently, I've juststarted to learn to invest in Forex field for 2 weeks. This is a good way toearn money if we well understand about trading, tools, and strategies in Forex. As a newbie, I follow people instruction and create a demo at www.fxdialogue.com because it is said that this is the best way to learn Forex is open a demo account. I agree. A demoaccount helps me understand Forex better. Alike any other newbies, I still havenot much experiences. Therefore, I create this thread to put advices andexperiences in. Obviously sometime advices cannot be correct for 100 situation,but it helps us gain experiences. I really appreciate your advices, and experiences. Post them in, so we can make this thread become collection advicesfor beginners.

 

I start first, and ifthere is something wrong, please notice

 

1. As I said above:  "Never start Tradingwithout FIRST using a DEMO Account" .A Demo Account allowsyou to become familiar with trading procedures, such as placing Market, Stopand Limit orders without any risk. All dollar losses or gains in a Demo Accountare imaginary but the

 

2. Start with basictrading knowledge. There are some people invest without knowing what they aredoing. It's the worst thing human have ever made. We don’t need to have MAdegree, 'cause even MA will lose sometimes, but we've better knew deeply aboutwhat we will do.

 

3. No one cares aboutyour money as you do. Take 100% responsibility and never wait for brokers totake your responsibility. 

 

 

Views: 23

Comment by Ho Vinh on January 5, 2011 at 1:35pm

4. Don't trade over your head. If your last name isn't Kass or Cramer, stop trading like them. Just concentrate on playing the game well, and stop thinking about making money


 5. Don't seek the Holy Grail. There is no secret trading formula, other than good position choice and solid risk management. So why are you looking for it?


6. Don't forget your discipline. Anyone can learn the basics of the trading game. Sadly, most of us will fail because of a lack of self-control, not a lack of knowledg


 7. Don't chase the crowd. Tune out the groupthink and dance to the beat of your own drummer. Get out of the chat rooms and off the stock boards. This is serious business.

Comment by Ho Vinh on January 6, 2011 at 10:51am

[B]5 Ways To IdentifyFake Forex Broker Reviews[/B]

I found this goodarticle..and maybe it will benefit all of us... (this post not belong to me, Idon't know whether put source here is correct or not. If correct, notice me, Iwill modify my post)

 

Many traders or futuretraders shop for a broker to work with and find endless reviews on the web, andnot all are genuine. Here are 5 ways ways to separate the good from the bad.

 

There are lots ofsites that specialize in forex broker reviews and lots of talk about brokers invarious forums. While a lot of information is comes from real experience ofpeople that have used a brokers’ services, some may have a hidden agenda ofpromoting the broker. Promoting a broker is OK, as long as it’s done in atransparent way. Let’s see the 5 ways to identify fake reviews:

 

1. [B]Look at thesite[/B]: if this officially a forex news site / education site, but the firstthing that you see is a big list of forex broker reviews, then you can take thereviews with a grain of salt – the site’s sole purpose is to make money on affiliatesand not necessarily have up to date news. So are the reviews genuine?

 

2. [B]Check thelink[/B]: If you see something like landingID=3 or affiliate=fxsite at the endof the link that leads from the review page to the broker’s site – this isdefinitely an affiliate link – the reviewer gets paid for referring clients tothe broker. Getting paid for referrals is legitimate, but hiding the fact thatthe reviewer is paid for the service isn’t proper. For site owners, thesolution is to write a disclosure about the affiliation. This way, the readerscan judge for themselves if this genuine or not, having the knowledge about theaffiliation deal.

 

3. [B]Option tocomment[/B]: If the site has an option to add your own comment on the review,actually your own mini-review on the broker, that’s a good sign of openness.But this may be tricky as well. Try commenting and see if your comment reallyappears on the site, or if it’s held for moderation forever. Sometimes commentsare automatically posted, but are later deleted when they aren’t convenient.Such sites’ openness, but it’s fake.

 

4. [B]Check the forummember[/B]: if a forum member posts a reply with a recommendation about a forexbroker, even without an affiliate link, he could be associated with the broker.If he’s officially representing the broker, that’s like a full disclosure – youcan judge him for yourself. But if he’s not? Well, check out what else he wroteon the forum. If he’s a regular participant, it could be genuine, but if hismain agenda is promoting the same broker, don’t take his word. I must say theForex Factory is doing a good job at getting such promoters out of the forums.

 

5. [B]Search the webfor negative commentary[/B]: A common check if to search for the name of thebroker with the word “sucks” – this will easily bring you to negative reviews,and you can see how bad they are. Getting results for this search doesn’t meanthe broker is necessarily bad, but this is how you’ll get some negative wordsas well.

Comment by Ho Vinh on January 11, 2011 at 2:05pm

32 RULES EVERYTRADER SHOULD FOLLOW

1. Never risk morethan 2 - 5% of your current (not initial) trading capital.

 

2. Always useprotective stops in each and every trade you execute.

 

3. Never average aloss as this can lead to disastrous outcomes.

 

4. Preferably youshould always trade in the direction of the daily trend, holding a positionagainst the daily trend should be done with caution.

 

5. Never enter or exita trade without a good reason, you should have a well outlined trading plan andcross each signal out as it unfolds.

 

6. Never get in or outof the market just because you have run out of patience.

 

7. You should alwayssee the market from a neutral perspective, be willing to sell as you arewilling to buy. Don’t force your opinions on the market.

 

8. Don’t just sellbecause you feel the price of a commodity is too high or buy because the priceof a commodity is too low.

 

9. Never cancel ormove your stop from its initial position, the only exception is when trailingprofits being captured.

 

10. Specialise in onecurrency pair at first, and when you get really good at it you can expand yourportfolio.

(to be continued...)

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