Because loss is inevitable in trading, its become one consideration among traders to keep trading based risk management level in every plan trading, typically use strict risk management giving more chances to try again. But depending on each trader, they have their own responsibility to manage the account.
New to Forex Trading
- Thread starter zeenath
- Start date
sometimes powerful analyzing knowledge or any risk management can be fallen , because there is nothing n100% in Forex trading.
I personally believe that there is no particularly best timeframes as well as best patterns/figures and so on. Every rookie should always choose the most suitable timeframe to him and trade only on it. You can find out which is the most suitable by trading on demo. If you see that on 5M you can do something and do it successfully then you should create a personal strategy. Patterns show up every time everything you need is to learn information about patterns on your timeframe, I advice you to start with trend movement. According to thr second question, when you're a novice you should trade only one pair or two as maximum in order not to be confused.
trading so many pair at the same time could be dangerous as a new Forex trader , its appropriate to trade in demo to see the performance how currency pair works.
Hi, I’m new here as well. Found some helpful info in these comments.
forex is developing very quickly now, and you need to keep track of everything, if you want to get the maximum profit from your transactions, so you need to be aware of all the news
when we making a loss we the traders generally feeling frustrated and trade over and over with no analysis , its call over trading and for that reason we lose our whole equity.
in forex, something new appears constantly, from any little things to strategies, options for work and the broker themselves, you can't even keep track of everything
You are taking a good approach - educate yourself and then trade. A lot new traders jump into trading with no idea of what to do. Its like jumping off cliff without parachute.
Coming to your 1st question - best timeframe for trading. There is no correct answer to this. If you are day trader like me, I find it best time to be maybe 1 or 2 hours before market opens. I use this for stock trading.
You may be meaning the timeframe on chart. For this there are 2 ways – one is trend chart and one is trigger chart. Trend chart means longer-term timeframe and trigger chart means you pick out some possible entry and exit points. I use trend more than trigger.
Your next question – how often pattern will show up – It all depends on what you are tracking. Some assets are more volatile and some have less fluctuations.
Your question on how many pair to watch – since you are starting, maybe 5-7 pairs are enough.
I can also suggest copy trading. This means you copy the trades offered by experts and don’t need to do so much analysis yourself. I trade with Axiory and they offer great copy trading platform.
Coming to your 1st question - best timeframe for trading. There is no correct answer to this. If you are day trader like me, I find it best time to be maybe 1 or 2 hours before market opens. I use this for stock trading.
You may be meaning the timeframe on chart. For this there are 2 ways – one is trend chart and one is trigger chart. Trend chart means longer-term timeframe and trigger chart means you pick out some possible entry and exit points. I use trend more than trigger.
Your next question – how often pattern will show up – It all depends on what you are tracking. Some assets are more volatile and some have less fluctuations.
Your question on how many pair to watch – since you are starting, maybe 5-7 pairs are enough.
I can also suggest copy trading. This means you copy the trades offered by experts and don’t need to do so much analysis yourself. I trade with Axiory and they offer great copy trading platform.