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How to trade effectively in forex?
Member Since Jul 20, 2020
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Member Since Oct 12, 2020
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Nov 11, 2020 at 05:29
Member Since Oct 12, 2020
38 posts
Bladiminmunro posted:No, the demo accounts are cost free. I assume all brokers provide it without any charges.
many thanks, appreciate the info @4th response profile. Can you please tell me if I have to pay for demo account? And with which broker?
I am actually using two accounts - one with vantage fx and other with fxview. That one incident of me losing the entire amount happened when I had the lost trade in one of my sessions a couple of months ago. That time I was day trading with fxview and lost a whopping 4500 USD. That was too close to blow up my account and owing money, but fortunately didn’t go beyond the balance I was holding in my deposits. Moreover NBP is now mandated by EU Financial authorities.
Member Since Jul 20, 2020
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Nov 12, 2020 at 09:01
Member Since Sep 27, 2018
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Start by subscribing to the youtube channel,
The information provided here is very detailed.
https://www.youtube.com/channel/UCiTFIPLu6dg1JiCBzTk1U_A/playlists?view_as=subscriber
There is no indicator, or robot that will make you consistently or sustainably profit over many years. The only way to be a true investor in Forex is to teach yourself with the right material. All those marketing, their 10 houses, Ferraris, Lambo's, Holiday in paradise. Are selling you something unrealistic as a new trader.
You can also join our Telegram group for more advice:
https://t.me/chat_4xsolutions
The information provided here is very detailed.
https://www.youtube.com/channel/UCiTFIPLu6dg1JiCBzTk1U_A/playlists?view_as=subscriber
There is no indicator, or robot that will make you consistently or sustainably profit over many years. The only way to be a true investor in Forex is to teach yourself with the right material. All those marketing, their 10 houses, Ferraris, Lambo's, Holiday in paradise. Are selling you something unrealistic as a new trader.
You can also join our Telegram group for more advice:
https://t.me/chat_4xsolutions
Be your own best investment.
Member Since Oct 13, 2020
34 posts
Nov 12, 2020 at 10:13
Member Since Oct 13, 2020
34 posts
Backtesting is crucial. Whenever you create a new strategy or using an automated one, test it once on the currency pair you want to trade. I have been doing it for USDCAD with Axitrader. I suggest to use less volatile pairs at first and then step to exotic pairs. I didn’t trade with AUDUSD as I wasn’t much convinced with the historical data I downloaded. You can do it on either of the platforms - mt4 or mt5.
Member Since Aug 17, 2020
123 posts
Nov 12, 2020 at 15:55
Member Since Aug 17, 2020
123 posts
I also think that no newbie should quit their job and try trading full-time rightaway. There is a lot to learn and practice before you can get consistently profitable, and it also takes capital to be able to start to make a living. As a long-term plan, though, trading instead of working a job you don't love sounds great, good luck with it!
Member Since Jul 19, 2020
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Member Since May 24, 2019
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Nov 16, 2020 at 11:50
Member Since May 24, 2019
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As has been said above to be effective at trading (or anything) you need knowledge. Without that you are just gambling. I am trying to learn (and take my time about it), rather than just jump in and loss all my money on high risk trades
Nov 17, 2020 at 07:53
Member Since Oct 30, 2020
24 posts
AniLorak posted:Agreed, demo trading somewhere, does make every trader think that he has become 100% efficient, not knowing that live trading is so much different.
i like to depend on Forex , because its really a royal business than others. generally we the take Forex as money making place and this greed comes from making profit from demo account.
Member Since Oct 15, 2020
59 posts
Dec 03, 2020 at 11:11
Member Since Mar 23, 2020
63 posts
Gareylinn509 posted:Agreed. That line between confidence and over confidence just makes all the difference.
When you are knowledgeable, you are already prepared for the typical situations. And when you are overconfident, you miss even the most obvious steps.
Member Since Oct 15, 2020
59 posts
Dec 04, 2020 at 06:59
Member Since Oct 15, 2020
59 posts
Beagelv posted:I have what you can call a trading plan, I have my stop loss level in it, the strategy I intend to use and the max I want to go on limb with leverage.
Only your own strategy and desire to achieve a good result can bring efficiency in trading, so try to develop and direct all your forces to achieve the goal.
Member Since Jul 19, 2020
318 posts

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