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Useful tips for Forex Traders Who Have No Previous Trading Experience
- As you begin your forex trading career, it is necessary to know that the less information you have about the venture, the more chances you will lose some money through poor trades. Having some background and some demo trading experience will help you identify the right conditions for placing good trades. Here are some very crucial tips you may want to consider while you embark in trading the forex markets.
How to make money trading forex with no previous experience
Start with less deposit amounts first
- One mistake many people make is placing all or too much of their investment into the forex market without any mentorship or demo trading experience. Many have also seen a bonus on deposits advertisement and rushed to invest and trade without getting familiar with how the market works. What keeps throwing the spanner into the works more is when the first ever trade is successful and that encourages newbies to take larger risks with their money on the next trade with the hopes of a repeat. Over confidence while still unfamiliar with the market is common but always one of the reasons why people loose big earlier on in their career.
- As you start trading, use small amounts and small lot sizes to place your trades and see how they go. You are better off placing small trades and altering the profit targets slowly. This prevents you from losing too much of your account on one trade just in case the market makes a sharp move against your position. As you gain experience, you may place larger amounts on a single trade.
Only use the reliable brokers
- You may have a good idea about when to place a trade or how to set your money-management parameters but if you are using a dubious broker, you will lose. Always check up on the background of your broker and read some reviews before you invest your hard-earned money in them. Check some of their offers and all the tools available to make it easier to trade. What are some services that are specially made to help newbie traders? A service like Rofx.net is highly recommended because with it, you can actually ensure there is lossless trading if you subscribe for the packages that let the service handle the trading while you only need to wait for profits. Get a broker with a simple trading interface and advanced tools like AI trading assistance.
Keep a scorecard of your trades
- Without keeping a scorecard of your trades, there is a high chance that you will be ‘trading blind’ on your next trades. Have an organized plan for checking how well or bad your previous trades went and try find out what your strengths are and where you need some improvement. Was your money management good? If you know how hard it is to make money day trading forex with no previous experience, keeping a weekly journal should not be a difficult thing to do.
Stay realistic – There will be good times and bad times
- It is not always a bed of roses while trading with no experience in forex. Some days will bring high profits while there are days there will be a lot going wrong. To succeed, you should be ready to accept any of these outcomes and have a plan on how to react. Have you considered looking up a service that provides a guaranteed 10% monthly profit with very little of your own trading going on? This can be a nice way to start if you are still very unsure of your trading skills.