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  1. #1

    Default 5 tips for new forex traders



    Forex trading is full of opportunities but also riddled with pitfalls. The thrill brings in new traders constantly but most likely they are there for the easy money that was promised in an ad somewhere. Unfortunately, these riches are available only for a lucky few who get it right on the first trade. For all the rest of us being careful, having a solid trading plan, good trading conditions by the broker and low fees are a must to stay profitable. So here are 5 tips that could help you push your trading career to the right direction.

    1. Start with a demo account. When you first go out to the world of forex you will have the risk free opportunity to trade on a demo account. This will give almost identical conditions for trading a real portfolio with all the ups and downs of the market. Just be sure that you treat the money on a demo as you would on a real account. This will give you a realistic feeling what could happen to your hard earned cash. Caution though when using the demo to judge the performance of trading systems which have a large number of trades, this is one place where the real results can later be lower as slippage comes to play.

    2. Choose a broker that gives you low trading costs. A big part of any forex strategy staying profitable is the cost you pay on every trade. This is especially true to very active trading styles making 5 or more trades a day. These days the low end of commissions can be as little as $2 per $100,000 traded.

    3. Donít be lured in by huge bonuses of 100% and more by brokers. A good broker might give you a nice boost to start with a 25-50% bonus and you have to appreciate it as brokers give away their profits even if their trading costs are already the lowest in competition. But donít run for 100%+ bonus offer as attractive as they may sound, these are mostly cold calculations by low moral brokers to lure you into making large deposits after which you will be riddled with fine print in conditions, withdrawal restrictions and high commissions. You have to understand that these brokers will want to make their money back from you as fast as possible.

    4. Look for ECN/STP brokers. A broker using either of the technologies is more likely to be on your side. Why? Because they donít keep your trades in house. A STP or straight through processor will send your trades to the open market place and has nothing to win from your losses than a sole B-book broker which trades against you and wins everything you loose and also loses everything you win. You can see the conflict of interest here as they have the upper hand here.

    5. Donít always go for the highest leverage accounts. While some brokers will offer you 1:1000 leverage on your money this also increases the risk both for you and your broker. Leverage like that means that it is solely backed by the broker you trade with as no prime brokers give leverage like that to the end user serving forex broker. This means it is not doing STP (read point number 4) and just wants you to lose as fast as possible for their gain. A leverage of 1:200 or less is beyond most peopleís needs and is something you should go for. For comparison US regulated brokers arenít allowed to give more than 1:50 leverage.

    Written by TradeWiseFX Team -

    Source - http://www.tradewisefx.com/5-tips-fo...forex-traders/

  2. #2

    Default Re: 5 tips for new forex traders

    Excellent tip mate, I completely agree with each of these points and I strongly suggest newbies to read and remember these points. I get very similar guides and tips with OctaFX broker since they have nice setup which not only example their own system, but it also help us learning more about trading in general and remember they are one of the highly rated companies in the world which makes them so good to work with especially if anyone is starting here.

  3. #3

    Default Re: 5 tips for new forex traders

    tips that are needed by newbie is the need to be disciplined and patient. in forex trading is discipline and patience is important for us to be able to enter and exit the market well. do not rush into making a decision

  4. #4

    Default Re: 5 tips for new forex traders

    Although it’s pretty important these 5 tips, but I believe selection of broker is just another issue, but certainly not the primary issue. I believe our main focus needs to be education and experience, if we have that then we can work out with any broker, but without these things, it’s fairly tough to manage even with the best and with saying this, I am with the best and that’s OctaFX, it’s a brilliant broker with been regulated plus an award winning ECN company too.

  5. #5

    Default Re: 5 tips for new forex traders

    choosing the right broker is also required by the newbie because then it will allow us to trade with the maximum. Forex is a business that has a high risk, with the risk of it, so to be successful we need to trade comfortably in the right broker. for that, we can test the first broker that we will use for trading

  6. #6

    Default Re: 5 tips for new forex traders

    My tip will be just to focus on trading properly instead of gambling and going with gut instincts since they work very rarely. I always focus on trading when I am sure of the things, it’s seriously crazy to believe we could get positive results without having education, so our prime focus must be there only and for me it’s not so tough with OctaFX broker through their epic educational guide which is seriously useful and helps in trading nicely.

  7. #7

    Default Re: 5 tips for new forex traders

    yes, in forex trading we need to be focused so that we will be able to trade with the maximum. Moreover, the market is moving in the volatile so we need to focus on finding the right time to enter and exit the market well. And should continue to improve the skills of a good trading to be successful in forex

  8. #8

    Default Re: 5 tips for new forex traders

    In my view Forex is far bigger business then just few tips; we need to focus on getting complete knowledge and experience and only then we will be able to perform well and gain rewards consistently. I find it too easy with help of OctaFX broker especially to do with their epic conditions that includes low spreads from 0.2 pips to high leverage up to 1.500 while there is also incredible smooth trading platform which too makes the work fairly easy.

  9. #9

    Default Re: 5 tips for new forex traders

    To become a successful trader is the knowledge and strong analytical indispensable. Analysis of trading is not 100% accurate, but with the experience and frequent analysis, traders will automatically create a solid trading system. To be able to analyze and understand how to use it, TICKMILL provides webinar and video tutorials are freely viewed by traders

  10. #10

    Default Re: 5 tips for new forex traders

    Your ads here $43/month

    Tips most good for a beginner is to try to trade with a demo account first maximum in because a lot of advantages that we can get by trading on a demo account. we will be able to practice the skills so well that it would benefit us

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