Best strategy for a new person.

Discussion in 'Forex' started by tedmos38, Feb 25, 2021.

  1. tedmos38

    tedmos38

    Any reliable trading style that you would suggest to a new trader?
     
  2. fan27

    fan27

    Anytime you get some extra money, buy SPY and QQQ. It is boring but mostly reliable.
     
    Arnie, 777, TimtheEnchanter and 6 others like this.
  3. LuckyMac

    LuckyMac

    I would suggest a simple strategy that can be easily followed. You need to know foundations first and demo a few to get you familiar. There are tonnes of great threads in the trading section and technical topics. Youtube is solid too
     
  4. maxinger

    maxinger

    Your question is very broad, very vague.

    anyway, trade major currencies.

    Trade continuation and reversal signals.

    Buy low. Then sell high.

    Buy high. Then sell low.

    most important of all :

    don't try to get trading ideas from the Newbie traders.
    There are millions of them who will willingly give you trading ideas.

    Hope that helps your one-liner question.
     
    Last edited: Feb 25, 2021
    tedmos38 likes this.
  5. speedo

    speedo

    There are no shortcuts if you have ambitions on being a trader. You have to commit to the thorough study of price development and behavior. Based on that understanding have the ability to back and forward test any potential strategy(s) and have an understanding of the probabilistic/mathematical nature of trading and the willingness to look in the mirror to perceive any strengths or weaknesses as they are and to resolve to "fix" any weaknesses.

    That said, trend pullbacks are the best place to start for a developing trader but even that is beyond the scope of the beginner without the aforementioned work on price understanding and market cycle and structure. Setups occur in specific contexts which must be recognized and understood. Most fail because they come into the arena unprepared technically and/or behaviorally.

    Bottom line, either commit to the effort and time to master any demanding profession or step back.
     
  6. maler

    maler

    The best strategy for a new person is to find an experienced trader with a long record of success and learn from him. Easier said than done.
     
  7. I suggest learning with pennies. Take the smallest amount of money you are allowed to trade, and see if you can double it. Try maybe 20 dollars and see if you can make 50 cents after fees. Experience is the greatest teacher, not from some wanna be mentor who can steer you the wrong way.
     
    dorcaslugo and Chicagoorangina like this.
  8. speedo

    speedo

    True, while there are exceptions, most successful traders would not be willing to commit the considerable time and effort to mentor someone other than a close friend or family member. There are no shortage of fee based "educators and gurus" which may provide some to no value but how is a beginner to know the difference in quality of instruction or whether that what is being taught is even suitable to the student.
     
    777 and stevensanchez like this.
  9. maler

    maler

    The key is the track record. Most internet gurus cannot provide one. With the floor trading gone, your best bet is an entry job on a bank or hedge fund trading desk. The competition for these jobs is off the charts. Or if you personally know a successful private trader willing to show you the ropes you hit the jackpot. Otherwise it will be tough but not impossible.
     
    777 likes this.
  10. notagain

    notagain

    Defend against or profit from unexpected volatility.
    Trendlines and channels based on three points, projecting to the 4th touch point target.
    Buy and hold long QQQ, the tech giants are protected by every Fed agency.
     
    #10     Feb 25, 2021