it’s my way of saying thanks to every contributor on FF and in the big pond for sharing their experiences and knowledge

these tips are not in any particular order, they are just random thoughts

What I Have Learnt so Far

Hi Everyone,As a newbie, learning Forex is one of the most entertaining experiences a trader can undertake. In all seriousness, the market is so volatile that even a trader with 10+ years’ experience still doesn't really have a clue as to where the market is heading. An experienced trader can guestimate where the market is heading, but is NEVER certain.I've been trading Forex for around 8 months and would like to share some of my experiences as a newbie. I hope this thread can inspire other newbies to share their experiences so that we can learn off each other.As we are the smallest fish in this Forex pond, sticking together should increase our chances of survival over going it alone.If you’re wondering why I have opened this thread, well,Therefore, the following are a few tips and learning experiences that I would like to share with other newbie Forex traders. However, before reading any further, please note that

Treat Forex trading like a business… Be disciplined about your trades, never rush your trades, and always try to build the best possible case for all your entries and exits. If you have to spend money to learn, then you’re a sucker! For example, buying into Signal services, EA’s, etc… The only ones making money are the ones you are handing your hard earned cash over to. There is sooooo much free information out there, take the time to find it. On a side note, I’m ok with learning from books so long as they are of a general nature and not another “System”. Damn I hate the word System, it sounds so regimented. I say this because as a Forex trader, you should be flexible in your approach as the market evolves around you. Learn the basics of Money Management: When I look back at all the losses I've had, the biggest were because I opened positions blindly without any consideration about SL's Don’t be greedy: The Market is as viscous as a Great White Shark and can be as forgiving as the Pope. When the market gives you a few pips, take them and RUN!!! There are hundreds and hundreds of trading opportunities that a Forex trader can take every day… Looking back again at all the big losses I’ve experienced, a number have been because I was 40+ pips ahead, thought the market was going to continue in my favour, then went in the opposite direction within a blink of an eye. Stick to one trading platform and learn are much as you can from it. I tried a heap of them, and by the time I picked the one I wanted to use, I had wasted a heap of time in the process. What I am trying to say here is that when you are evaluating a platform; stick with it for at least 1 month before moving on. Don’t trade when there is news ahead : Some may disagree with me here, but as a newbie, trying to predict the direct the market will take after significant news has been released is just plain stupid. Also, if you do decide to trade the news, and get it wrong, don’t try and cover your losses by opening positions in the other directions. 9 times out of 10 you will be in the red more than you would have been if you just accepted the loss. Learn the basics of Price Action . If you don’t know what Price Action is, Google it! Learn how to draw support and resistance lines. There is a tonne of cash to be made by simply knowing basic support and resistance lines, and trading off them. The pond is full of sharks, so try and avoid any sort of fee for service programs. Again, if you’re reading this, then you've got enough brains to understand that you can work it out yourself. Don’t be discouraged by losses. NOT EVERY ONE WIN’S ALL THE TIME… Anyone who promotes themselves as having success rates of 80%+ is a SHARK. In fact, if you won 80%+ of the time, you should be living la vida loca. There are many dodgy retail Forex brokers out there, so only use those that are reputable. Now, I use the word reputable very carefully as all brokers are dodgy to an extent, but some are better than others. If you want to find a reputable broker, there are plenty of reviews here on FF and Baby Pips. Don’t let your emotions get in your way. I still battle with my emotions even after 8 months in the game. Don’t try and copy the trading patterns of other traders here on FF (Trades screen). You won’t learn anything that way. When trading, make sure you are in an environment that allows you to concentrate. I have two children, and find it very frustrating when I'm trying to analyse support and resistance levels while my kids are running around screaming. Try to start your trading career with as much $$$ in the bank as possible. I started with $750, and have found that it can be difficult to open large positions. However, with good money management, you will survive. Don’t get caught up on which indicator is the best. All indicators are fancy mechanisms of displaying information that Price Action is telling you. Now I’m not suggesting that newbies should avoid indicators, but rather use indicators as a tool in your arsenal in the fight against the market makers. Don’t trade on bank holiday. This game requires liquidity and bank are a major source or liquidity. YouTube… There is a tonne of information on YouTube and a heap of Forex traders who are happy to share their ideas. I regularly watch Jason Stapleton’s channel and the Daily FX channel. Watching YouTube is a great way to see how traders, and those that are more experienced than us, apply their trade. However, be warned that there are heaps of Sharks on YouTube, so watch wisely. Create a trade explorer and use it to analyse your progress. I refer to my trade explorer all the time, and have learnt heaps by simply reviewing what I did wrong and what I did right. Don’t trade Forex on your Mobile phone. It’s not a great way to analyse the market to make informed decisions. Stick to 4 – 5 currency pairs and don’t try trade every single pair on your platform. Don’t trade Monday mornings. The spreads will kill you and only speculators are in the game at this time, of which can distort the market. Withdraw your profits as they arise. Now, I'm not saying to withdraw everything, but a good business owner should always realise their profits. If you profited $1000, withdraw $250. There is NO HOLY GRAIL............ . Stop trying to find it. Spend your time honing in on your skills as a trader. Only HFT are remotely close to the Holy Grail.