Answer: Indoor palms, like all palms, eventually lose their older leaves. These are the ones lowest down on the trunk. If the newer growth is yellowing, it can indicate water stress or a need for fertilizer. When you water, thoroughly wet the potting soil, then wait until the top inch or two dries out before watering again. It's hard to put a growing plant on a watering schedule. Once a week may be too little or two much. Instead, stick your finger down into the soil; if it's moist you won't have to water - if it's dry 2" below the soil surface, it's time to water.
Best wishes with your palm!
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