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How to trade effectively in forex?

Nov 09 2020 at 09:47
59 Posts
I am not planning to become a hard core trader. I just want to quit my 9-6 job and make enough money to run my expenses.

Are there any strategies that should be a staple to avoid losses to some extent as I know the forex market is too volatile?
Nov 09 2020 at 10:19
37 Posts
Is it only forex you want to do? Telling you, you might need a larger fraction of your initial time to get yourself acquainted with the basics and common tactics if you have just started. Definitely not a game of a couple of days, even take months for some.

I myself had to run in for 4 months before I saw a single trade where the profit equaled my loss, otherwise, there were no to little margins. I eventually learnt how to not blow my account, but still have lots to adapt.
Nov 09 2020 at 12:27
28 Posts
now, this is the motivation that you shouldn’t be giving to the starters. At least, you can be sensible enough to share your learnings.
Nov 09 2020 at 12:51
232 Posts
Forex is the best way to make money. but to make money you need to know all the basics of forex. So, gather all the basics of forex first, than invest in the forex market to earn money.
Nov 10 2020 at 01:30
298 Posts
Every trader should stay away from trading in volatile situations. And even if you get the opportunity of a good trade, you need to manage the trade and trade.
Nov 10 2020 at 04:38
37 Posts
I am nowhere demotivating anyone, just sharing some truth. Invest your time not money when you step into real time trading. I totally believe in strategising well so your trades are less towards the losing point.

I shared my experience of initial 4 months, isn’t that enough to count as mention of my learning?
Nov 10 2020 at 07:10
38 Posts
C’mon folks, let’s be on the topic here.

The most important thing acc to me is the selection of trading timeframes. Creating demo trading account is another thing to prepare yourself in virtual environment as you are not risking your real money - can count it as a step. Best is to start with a small investment so you know more about the market in case you lose. In that case, get in touch with brokerage firms that provide NBP. At least your losses won’t exceed your investment. Experienced this first hand when I saved myself from owing my money to the broker itself.
Nov 10 2020 at 07:17
31 Posts
One thing that I would tell you is that though forex offers great opportunities of money making, yet profitability takes time and hence you need to be really patient and focus on learning more as a beginner.
Nov 10 2020 at 12:02
28 Posts
Books. Learn more. If you have the right knowledge, you are in a better position to evaluate what’s being suggested to you.
Nov 11 2020 at 05:29
38 Posts
Bladiminmunro posted:
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?
No, the demo accounts are cost free. I assume all brokers provide it without any charges.
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.
Nov 11 2020 at 09:44
37 Posts
Books. Learn more. If you have the right knowledge, you are in a better position to evaluate what’s being suggested to you.
Nov 11 2020 at 20:59
341 Posts
trading is not a game. If you want to become successful in the market, you have to learn all the basics of forex perfectly.
Nov 12 2020 at 04:16
37 Posts
another thing - don’t step back if you want to be consistent with even the slightest profit margins.
Nov 12 2020 at 06:12
38 Posts
Can create an EA base and invest an hour or two monitoring it. Deploy it on Metatrader 4 or 5. Ensure it’s in sync with the real time news or it would skip starting/stopping the trades at right times. Won’t be the case if you are in front of your screen and keeping a tab on the updates.
Darren Flynn (4xSolutionsza)
Nov 12 2020 at 09:01
5 Posts
Start by subscribing to the youtube channel,

The information provided here is very detailed.

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:

Be your own best investment.
Nov 12 2020 at 10:13
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.
Nov 12 2020 at 15:55
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!
Nov 14 2020 at 11:27
318 Posts
The most important thing in the forex market is knowledge. Without proper knowledge, you can not make money from this market.
Nov 16 2020 at 03:50
37 Posts
I am not sure if Axitrader supports mt5.
Nov 16 2020 at 11:50
10 Posts
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
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