for ensuring the successful trading life with certainly first of all it is more important to acquire exact trading skill by learning. On the other hand , despite of good trading knowledge that’s not possible at all to lead a comfortable trading life with certainly without having a reliable support from a credible trading platform, because the broker can affects the result of our trading with certainly.
Thank you all for help! I have to say that it is really hard to figure out which broker to choose. There are so many of them and most of the reviews bring out only positive sides rather than negative aspects. Does anyone have experience with eToro? I read different reviews about them and for example https://foxytrades.com/etoro-review/ says it is great for beginners up to medium level traders. Is it true or is there any better one that I should choose? Regarding eToro there was also said that it is not the cheapest :/
If you can make sure good trading knowledge by learning, keep great patience with survive real money and risk mangling plan powerful trading strategies real trading analysis I think to enter the Forex will be successful with certainly. otherwise you can be loser.
There are many free resources available in the internet to learn forex trading. Someone should give sufficient time in studying the mt4 functionalities and properly understand the terminologies like spread, slippage etc before even thinking of trading live.
Of course, after that developing a trading system and backtesting it , demo trading etc is required before going for live trading.
In the present world from any other profession Forex trading is most comfortable and suitable to earn money in a proper way, but you have make sure some mandatory rules for that . but practically mostly traders are loser from here due to lack of exact trading knowledge which is the key to success in this volatile trading place. Besides good trading knowledge it is also important to ensure proper trading plan , money management , risk management and obviously a reliable support from a credible trading broker.
as a part of learning Managing the money is really important for lead a healthy trading life, as a part of money management I always like to trade with small leverage in spite of having high leverage , but when I can predict the real faction of this market with certainly then I use high leverage , it always helps me to avoid loss when trading practically.
What you can do is start with low leverage,1:100 use a stop loss of 10-15 pips ,expect to get knocked out ,one thing you have to let winners run to there Max,as your account starts to grow increase leverage .
Learning is the foremost ways to keep survive in this volatile trading place in a proper way. But sorry to say maximum traders who are particularly newcomers try to make money from here without learning. As a result they become loser when trading practically. It would be great if we choose the broker which always ensures best trading environment for learning this trading place by providing exclusive educational facilities.
Actually only due to lack of trading knowledge is not the foremost reason for failing , according to me most of them are loser because of emotions and they try to take revenge when fall a loss. Nothing without it there is no reason behind major losses.
Jimmblack posted: I started trading with $100. Then deposited $300 more.
Do you make money before deposited $300?
We should learn the power of compounding and deposited minimum amount ($100?) to start. If lost, we deposit again with $100. If our strategy works, let the $100 growth. At 10% per month return, $100 will be $300 in the 1st year. 2nd year it will grow to $900. 3rd year, it become $2700 ...... 4th, 5th, 6th ..... there is no limit .....
Mohammadi posted: The newcomers should take micro account but maximum traders take demo trading and after passing sometimes they lost interest . so it is more important to take decision when as a newcomer.
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.