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Thread: Six Forex Trading Tips for Newbies

  1. #21
    Quote Originally Posted by ;
    quote We all know this type of true reality, but we can't prevent the mindset to bring in profit rapidly when trading . It's true.
    That mindset is made and fed, as I mentioned, largely by unethical advertising from brokers that guarantee people to become rich fast, and newbies, being ignorant, consider it.

  2. #22
    Quote Originally Posted by ;
    That attitude is created and fed, as I mentioned, largely by unethical advertising from brokers that guarantee people to become rich fast, and newbies, being dumb, believe it.
    I disagree that it's the brokers. I think it's people that sell things (systems, novels, whatever) that guarantee make X pips per day or anything. Brokers are typically pretty darn careful with not making claims since most of these are in the united states or Europe where that type of stuff is frowned upon and brokers are under a lot of examination.

    Also, lets face it, forex in general is popular with people seeking get rich quick with little effort. (it's no actual work to sit down and stare in a chart) This leads some to believe a lot of nonsense simply because the want to believe it's possible.

  3. #23
    Quote Originally Posted by ;
    quote I disagree that it's the brokers. I think that it's individuals that sell things (systems, books, whatever) that promise make X pips per day or whatever. Brokers are typically fairly damn careful with not making claims since most of these are in the united states or Europe in which that type of stuff is frowned upon and brokers are under a lot of scrutiny. Also, lets face it, Foreign Exchange generally is popular with individuals seeking get rich quick with very little work. (it's no actual work to sit and stare at a chart) This leads some to think a lot of crap because...
    I think it's often equally. You make a great point about the egy sellers, but there are also a good deal of bucketshops who make the most of individuals. Obviously, not all brokers are like this. There are loads of reputable businesses who don't do this, but unfortunately an ignorant newbie does not necessarily understand how to differentiate between the two. I didn't understand when I was a newbie, and I got burned.

  4. #24
    Quote Originally Posted by ;
    quote There's no profession in the world which may make you rich overnight. Thus, keeping this mindset is just a component of immaturity. Be patience , be profitable.
    Forex trading can't make us profitable within very short time , but by means of this market place we could earn more profit rapidly than other businesses in the event that you're able to guarantee some inevitable parts of trading.

  5. #25
    Yes it is. And from all essential parts long term wisdom and experience is more costly. And we the traders have to acquire this by passing quite a while.

  6. #26
    Knowledge and experience appears similar but there's a huge different between two , you can acquire good knowledge within short time but to be experience in Forex trading is not a simple task , minimal you have to pass 6-8 years within this market place to acquire real trading experience that always supportive to forecast the market at any situation.

  7. #27
    Great post Braveheart!

    I agree with all of your points. Even though you're being really honest, there is no way to relay to newbies the challenge that's before them. If you don't have a buddy to show how, its like learning a new language. . .so fruing initially.

    In addition to this trend is your friend saying, I'd love to bring up this one: There are old traders. You will find bold traders. But there are no old bold traders.

    I feel that the major reason new traders lose so much, is because they are taught(by their broker) that its required to over leverage.

    Another suggestion besides trading with demos is if you begin trading a stay account begin small. Use a broker which allows particular unit pricing or at least micro lots. You may always put in more money later if you are successful. After its gone but you can't get it back.

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