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MaemaeMemZs

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  1. Well, this is going to be a long post, LOL. I won't go into detail about how I arrived where I am, but I will gladly provide some information that will hopefully be useful. Yes, it's something you hear all the time. Put in the time in front of the computer, pay your dues, and you'll be rewarded with the knowledge of profitable trading. It may appear to be a load of nonsense to some, but there is some truth to it as well. You must devote sufficient screen time in order to observe market movement. This is a good place to start. Many people are perplexed when they first open a chart and see the massive amount of bars or candles on their chart, trying to figure out where to begin. As a result, there is no substitute for chart time. But how about gnawing on something to sharpen your teeth? What's the best place to start? And how do you know if the information you're consuming is even valuable??? Anyone can find a wealth of information through books, e-books, websites, forums (no offense, FH), and even word of mouth. It's a difficult task to separate the valuable from the worthless. And I believe that not having someone to guide or recommend places to start is one of the reasons why it takes so long to get to a point of profitability. Some things you just have to figure out on your own. When I first started trading, I read a lot of information about trading psychology and dismissed it. I want to emphasize to anyone reading this that trading psychology is extremely important. You must have a strong sense of self-awareness. You need to know how you react in stressful situations, how you react when things are going well, and how you react when you are bored or overactive. If you don't know how you handle situations like these, you'll find out once you put some of your hard-earned money on the line. What follows is a path that I believe may be useful in shortening one's learning curve, but it is by no means a complete step-by-step guide to becoming a profitable trader. 1. First and foremost, you must educate yourself about the market you intend to trade. Learn the fundamentals. Learn about the major players in the Spot Forex market. What is it that drives the markets, and given that they can be traded at any time, it would be useful to know what central banks are trading which currencies at what times. 2. Know what a Personal Improvement Plan (PIP) is. Look it up if you don't know what PIP stands for (Percentage in Point). Will it help you become a successful trader? Probably not, but you'll understand what it is and how it relates to price. Which is probably more than the majority of newcomers to this site (no offense meant). 3. Recognize the term "leverage." I'm not going to go into detail about it right now, but you should be aware of it. You must recognize how it can be a two-edged sword. All of the above can be learned within FF, and you can also go to Baby Pips School, which is completely free and a great place to start. 4. Create a practice account with a broker. A broker that uses the MT4 platform is the one I would recommend. The reason for this is that the platform is extremely user-friendly. The goal is to be able to put price on a screen and see how it moves, as well as to understand and learn how to use some of the fundamental tools (trend lines, fibs, MAs, and so on). I don't mind if you never open an account with that broker; the point is to get a feel for the market and learn how to use some tools, as I mentioned. You can do this on most platforms, but MT4 is one of the easiest to learn. Now that you have a basic understanding of the markets, some terminology, and have played around with a platform, it's time to get your feet wet. 5. After that, you must learn about market fluctuations. You must learn how to recognize areas of support and resistance, as well as how to spot a trend. The fundamentals are straightforward, but determining whether the trend is continuing, stalling, reversing, or entering a range is more difficult. I'm not suggesting you become a price forecaster, but you should have rules in place to determine when a trend has ended or begun. Predicting where prices will turn around is a difficult game to play. Trading the Ross Hook, a book by Joe Ross, would be my recommendation in this case. It's an excellent read with some very useful data that can be seen in any graph. It isn't the only source for this, but it is unquestionably one of the best. 6. Once you've mastered the fundamentals, you can start experimenting with a trading strategy that suits your personality and schedule. The ideal method is one that can be traded on all time frames and includes a detailed trading plan that includes entry criteria, initial stop placement, profit taking criteria, and how to manage your trades so that they continue to move in the right direction. The best system in the world can fail if it is not properly managed. Reread that sentence. "The best system in the world can fail without proper money management," and the opposite is also true: "Excellent money management can make a system that is only correct 30% of the time profitable." 7. Now things start to get dicey. You've gained a wealth of new information and are ready to take on the world, but how do you know if a method is worth the paper it's written on? This, my friend, is where the con artists come in, eager to part you with your money in the pursuit of the holy grail. As many traders as there are ways to trade the markets, there are many ways to trade them. Consider this forum as an example. On this forum, there are a number of worthwhile systems. James16, The System II (yes, with irony), and Cornflower Hourly System are a few that stand out. Is it true that these are the only ones? NO, but there are a few that are quite good. Don't get too hung up on using a system with a lot of indicators. I'm not saying you shouldn't use indicators at all, but they should be used sparingly. Remember that indicators are designed to aid in trade confirmation, not to determine whether or not a trade is worthwhile. Do not rely on them as a crutch; price is king now and has always been. If you keep that in mind, you should be on the right track. 8. Last but not least, stick to a single system. Put it through its paces and give it a fair shot. Keep in mind that no system can guarantee 100 percent winning trades. If you stick to one system, you'll be able to spot the small differences that occur when price does certain things. As you become more familiar with the system, your confidence will grow, and you'll be able to put your trading feet on the ground. If you turn tail and run at the first sign of adversity (losing a few trades in a row) and head off to find the next best system, you'll find yourself system hopping all the time, looking for that one system that will give you the results you want. And as soon as it goes through a losing streak, you're back on your feet. Take your time and keep going; your account will follow suit as your confidence grows. One final point. Another book I read had a significant impact on me. I wouldn't recommend getting it right away, but it's a must-have for those of you who are having trouble with your trading or are still trying to figure out how to make your method profitable. Joe Ross's book "Trading is a Business" is a good place to start. It's a quick read that will really help you sort out some internal psychological issues that are keeping you from making progress. I am not a representative of the man, but he writes some excellent material. If you have any other questions, please post them here or send me a private message. I'd be happy to assist in any way I can. Best wishes!
  2. I also think that it is fine to start trading forex right away. The only thing a newbie should bear in mind is the fact that they need to learn before hoping for outstanding trading results. In most of the cases people are hypnotizd by some pretty picture on the Internet which tells that some teenager earned some huge amount of money and bought mazeratti just because of trading. If a trader believes in such a bs then he will hardly achieve anything decent in forex. It doesn't matter whether to start learning forex trading or trading on the stock market. I wouldn't say that trading stocks is easier than forex. These financial instruments have different pecularities and characteristic features.
  3. Transparent fees, detailed account statements, direct phone to the dealing department...
  4. Good day, there. I used the metatrader5 platform and the sunpor limeted group broker to trade through a buddy I met online. As a consequence of the transaction, I purchased at 1.41058 and sold at 1.40612 in the GBPUSD.a transaction I made between 16:02 and 16:08 on June 16th. During this time, however, the GBPUSD parity on the chart did not go below 1.40612. It was said in my interactions with the broker that there was no problem and that I had made up reasons to lose. Furthermore, they did not answer to my repeated queries and acted in a threatening and unpleasant manner. They even threatened to track me down and demand additional money from the mafia. I have all of their paperwork. Is there anyone with experience or advice on this topic?
  5. that's some sound advise If you don't want to put your money at danger, you must be extremely cautious while selecting a broker.
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