Forex market place is a part of ocean where there is anyone who can survive in a proper way without most powerful analyzing trade knowledge; if you are a newcomer please go to pips School which is very supportive for the newcomers to acquire all fundamental knowledge. And trade a demo account at any broker, learning and practicing is a great combination and this can will help you must be if you try it.
Yes, you are right, trading is a very difficult business. It is very difficult to make a profit in this business. Without proper discipline and education, it is not possible to get good rewards from trading. You can't trade without patience. So it is not possible to trade without gathering knowledge.
@ElliotCooke exactly. I completely agree with you. Forex is difficult becoz it takes a long time to be skilled. Getting skilled is the difficult part. Once we know what we are doing, it becomes easier.
Yes, you are absolutely right, but the bottom line is that forex is nevertheless a pretty big risk and you can very quickly lose everything you earned ... think about it. For me it is much more profitable and profitable to come up with some kind of business plan, open a company and start making money on it .. Nevertheless, there are also difficulties here. For me, one of the main difficulties has always been creating a bank account for my company. This requires certain knowledge in the field of finance, as well as experience.
There is nothing like tough or easy business. it just based on how you play with it. If your only motive is to earn profits then off course its a tough business because you cannot be in profit always. If your focus is on learning the key concepts testing your strategies and gaining experience then its slightly easier.
There are many advantages in trading forex. With merely internet connection and PC you can do the trading from your bed. From the Monday morning opening in Australia to the night close in New York, the forex market never rests. In forex trading, a little deposit you can start trading. Leverage gives the trader the capacity to trade with small amount.
This market is too much volatile and there is nobody who can predict the real faction of this market with certainly , that’s why for keeping survive in here we the traders have to depend on our trading strategies that we select according to our trading experience. First of all we traders have to ensure real money managing plan if we get maximal result by our trading strategies.
To do forex trading, first you have to give time for learning. It's a professional work that requires specific knowledge and skills. Once you have necessary skilled, you can do it just by spending one or two hours per day. But for learning you have to put your efforts and dedication. One more thing learning doesn't happen in one or two months. You have to spend good amount of time depending on your level of understanding and other factors.
Confidence is needed but over confidence is will harmful, sometime because over confidence then leading trader being greedy in trades, and dare to take high risk in trading witch actually the market very dynamic and not always after trader open trades then will directly get profit.
dennisstanley posted: It is not as easy as it seems and it does take some practice and learning. No one can be a forex trader in a day right.
An experienced trader has gone through many losses and then only he was successful in making profits. That’s why he is considered as experienced.
You are very much correct. We all learn from our failures and in trading, you lose, you learn and then you earn.
Infact, what I do is, I keep a track of all my trading strategies while trading through fxview and FXTM. So in situations of losses, with the help of my journal on myfxbook, I try to figure out why my strategy didn't work and then I do the changes accordingly. These things help in a better learning of the trading market, increasing the chances of profits.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.