You may have found that most of the new traders in fx market seems to have luckiness with them. Their first deals always bring them good profits. This luckiness, however, disppears after a short period of time. Some of they start to lose money, or even leave the market finally.

What is the reason for the so called "beginner's luck"? Why it is not long-lasting? How to gain real luckiness in fx market?

Generally, beginners trade more cautiously. They tend to think logically, at the same time follow trading rules carefully. As a result, they have more chances to gain profit under this physchology. The profit, however, can easily make the beginners overestimate their knowledge and skill in trading. They then start to follow their own feelings, to go against the market, and so on.

Successful trading comes from sensitivity about the market, while sensitivity comes from experience. Therefore, as a beginner, borrowing experience from the professionals could be the best start. Communicating with expert or successful traders, studying analysis from reliable resources, summarizing your trading experience are all necessary for developing your own strategy step by step.

Just as an old saying goes: those who stay until the end will be the winners.

At the end, wish all of us good luck!

i dont know where to start iam a beginner i dont any knowledge about trading

johnred,

first and foremost, there has to be the passion in you. trading is an art and just like any artist, a trader should be passionate in this field. otherwise, any amount of training and studying won't do you any good.

since this is the investment world, you have to invest too. buy trading books, allocate time to browse forex sites that offer training. read, read, read. then look for a mentor that you know who has knowledge on the game, learn from him, from his ways. open a free demo account on forex companies to have a feel of the market.

then finally, open even just a mini account for your practice. it is very much different if you are already trading real money.

good luck dude!

boss,

is the book TechnoFundamental Trading by Philip Gotthelf a good start. I got this book just today and i want to get comment amongst the veterans regarding the book itself if somebody had a chance to read and the author...

and any advice on what book to read...

Trading is not an art ... i think you are crazy. If you trade with this attitude you are probably loosing your shirt by now

Trading must be cold hard decision making, cutting losses and taking profit little at a time.

I have been in this market for 4 years ..I make a living out of it. and i can tell you. just follow the real big investors and you will be guaranteed success.

See how you go with that book which uses fundamental analysis. If you find that it is not for you, there is another approach to trading forex and that is using technical analysis. Fundamental analysis tries to predict and study the factors that affect the supply and demand for a currency, by using mostly macro economic studies. Technical analysis deals with effects of the supply and demand changes. All a trader needs for this type of approach is a chart of the commodity you are trading. It uses systems and indicators, coupled with a position-sizing approach that maximises profits, and minimises risks. A good book to start off with this sort of analysis would be the book: The Part-Time Currency Trader. I have read a lot of trading books. I found this one very easy to read and it offers an entire trading methodology that makes sense to me.

Yo Vader, i am not crazy. We probably have different definitions of the word ART. Making what you call "cold hard decision making..." is the ART i've been talking about wherein you will be basing everything from your tried-and-tested strategy (if you have established one that is). Even if you trade by hunch, there is still an ART in it, to some degree.

It is a different story if you trade without any tool at all...

Ok you got me there! You might be an artist after all!!!

:P

thank you!!! for the imput...I'll try my best to get that book as soon as possible...

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I don’t think newbies should use robots, they work from a strategy and how are you going to evaluate that plan if you don’t have one yet?? How are you going to compare??
I think that a good begging is just reading today’s news and then go from there.. what happened? What does it mean? What does it affect? Why? Risk sentiment? Youll be on your way in no time! But as someone said, if you have no passion then don’t even bother..
Regards!

I wouldn't trust in this begginers' luckiness. I know many peeople who lost their first deposits. I trust knowledge, not luck.