Give one advice to newbie traders!

Discussion in 'For novice traders' started by NewbieTrader, Oct 7, 2017.

  1. NewbieTrader

    NewbieTrader Member

    When I started trading, one of the thing I was struggling to get is that simple, non-commercial advice from real experienced traders. So I hope this thread can help you, newbies!
    If you have been trading for more than a year, consecutively, please leave one simple advice below for newbie traders.
    Thank you!
     
    Thuto Tuki Baori likes this.
  2. Francmorio

    Francmorio Member

    one main advice, if you need to succeed, only trade two things

    1: Breakouts
    2: Reversals

    any other thing is illusion.
     
  3. Thuto Tuki Baori

    Thuto Tuki Baori New Member

    yeah that's what I have noticed as a novice trader that trading breakouts and reversals are profitable. By the way last week was my one year anniversary:) as a retail trader and I have noticed that price has some form of respecting support and resistance levels. I can attest that watching those levels closely and setting up your trading strategy well in place can make your Christmas arrive sooner than you think..
     
    Last edited: Oct 17, 2017
  4. Thuto Tuki Baori

    Thuto Tuki Baori New Member

    BEWARE OF FAKE/FALSE BREAK OUT!! Okay let me share my simple trading strategy that I have simply titled "The 3 dancing wave." What happens is that in the second wave of resistance/support level I have noticed that traders usually have got mixed reactions of what exactly price will react at that level (will price respect the first phase of resistance/support or break it out?) Psychologically normally most of them are nervous, which is why in most cases a FALSE breakout likely happens. But in the 3rd wave whenever I see price breaking out the level or reversing, i confidently open an order with SL slightly below the the lower low (resistance) or slightly above the higher high (support).
    I stand to be helped and corrected on this strategy.
     
  5. Thuto Tuki Baori

    Thuto Tuki Baori New Member

    Here is my 3 dancing wave generating profit in real-time trading.
     

    Attached Files:

  6. NewbieTrader

    NewbieTrader Member

    Happy trading anniversary! :D
    that's a good advice. most newbie traders won't notice.
    who wants Christmas to arrive sooner? Raise your hands up!
     
  7. Francmorio

    Francmorio Member

    I'm very sure. very few people took their times to look at the screen short you just attached, but this is a very good setup for whoever wants a good strategy. If traders could concentrate more on set ups like this, 90% of trader would be successful
     
  8. NewbieTrader

    NewbieTrader Member

    I did! I took a look! :D
    Well, to generate such set up skill is quite challenging for some people. especially newbies who just want to get going and get money!
     
  9. andengireng

    andengireng Member

    The beginner trader should increase the knowledge first before starting to trade. People who start trading are usually over-zealous, direct go to market, because they think that trading is easy. Without the right knowledge it is like going to war without weapons. As a result, the age of his account only short or shoter :).
     
  10. Roman Rias

    Roman Rias Member

    My advice will be to always work with discipline and making sure that we have proper strategy in place. If our strategy is good and if we apply it correctly as well then we will be able to gain plenty. So, it is just about right strategy to gain maximum.
     
  11. I will give advice that we need to be very sensible with how we approach things and NEVER try to be greedy. If we are honest and sensible with how we go about working then we will be able to gain a lot. But, if we are not discipline then we will not get too much.
     
  12. Tengkorakfx

    Tengkorakfx Member


    I can say that I agree with this, but newbie traders should also learn about elliot wave, where they can learn about impulse and retracement price movement. Also try to learn support and resistance and spot the price bounces from one level to another...
     
  13. Francmorio

    Francmorio Member

    Don't you think elliot waves are too complicated for newbies, see, I think the best thing is for traders to start with the basics, then stick to the basics.
     
  14. andengireng

    andengireng Member

    For newbies, I think the best strategy is breakout, breakout is simple but so many pro traders use it until today. If the price break support area you should sell , if the price breaks the resistance area, you should buy as simple as that, all you need is practice.
     
  15. broforex

    broforex Member

    If you are a beginner, you will learn the basics of this business. You will find out some important things that will support your ability to transact. Broadly speaking, there are at least three things that you need before starting trading: hardware, software and knowledge.
     
  16. Tengkorakfx

    Tengkorakfx Member

    Consider to put Money Management on the first priority since we have no idea on where the price is going in the future. We may have some good setups but can't guarantee that those will work 100%, so better not to gamble all your balance in one shot.
     
  17. NewbieTrader

    NewbieTrader Member

    Try more than one demo account to practice trading. This will make you understand more the way of trading instead of just the only one you tried. It also helps you choose a broker ;)
     
  18. Tengkorakfx

    Tengkorakfx Member

    I can say that one demo account is good for one trading strategy. Better not to mix them up with other strategies since it will confuse us to evaluate...
     

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