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  • #16
    Why don’t you ask your friend first to start on a Demo account.Those accounts are best practice tool for beginners where he can get at least some feeling of how forex market is functioning. If he refuse, try to find broker who offers no-deposit bonus and challenge your friend to make at least 5%.

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    • #17
      I have a good social circle of traders and new members join me on regular basis. I always advise the new traders to build there own skills for trading. Never get into complexity of the market and try to stay as simple as they can. It is really a great business if you get well aware of it. Thanks

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      • #18
        Totally agree. Newbie trader should start we demo account and practice it with small amount of money. Because this is unpredicable market. Without know to control risk and emotion. He/She may lost their money quickly.

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        • #19
          I also agree with forum members that best advise you can give to your friend is to start on demo account and then to decide whether to proceed with real money or not. This way he will be able to get impression how easy is to lose money on this market when you are ignorant and over self confident

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          • #20
            Trading is not an easy job and you have to keep this thing in your mind from the first day. All teh beginners are advised to learn well before entering into this cruel market. You do not have to show any weakness to the market, it will not care about it. Stay safe!

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            • #21
              Its good you are concerned about your friend, though discouraging him is not the best option if he has set his mind to it. The best you can do is to advise him that forex is a risky business, just like binary options trading, so he must learn proper risk management strategies and put them into practise. He should never trade without a stop loss

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              • #22
                In order to help your friend, advise him as follows: Forex trading is very risky, so he should be prepared for both losses and profits. He should build a winning strategy and practise extensively on how to use it effectively on demo first before going live. Money management and trading discipline are key for successful trading

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                • #23
                  Ravagerry, good that you have mentioned how risky Forex market is. I think that it is very important for every new trader to fully understand this fact. Also, they should learn techniques how to control these risks and safeguard their capital

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