How to trade effectively in forex?
Mitglied seit Jul 20, 2020
232 Posts
Nov 09, 2020 at 12:51
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.
Mitglied seit Jul 20, 2020
298 Posts
Nov 10, 2020 at 01:30
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.
Mitglied seit Sep 18, 2020
31 Posts
Nov 10, 2020 at 07:17
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.
Mitglied seit Sep 30, 2020
28 Posts
Nov 10, 2020 at 12:02
Books. Learn more. If you have the right knowledge, you are in a better position to evaluate what’s being suggested to you.
Mitglied seit Jul 20, 2020
341 Posts
Nov 11, 2020 at 20:59
trading is not a game. If you want to become successful in the market, you have to learn all the basics of forex perfectly.
Mitglied seit Sep 27, 2018
5 Posts
Nov 12, 2020 at 09:01
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.
Mitglied seit Oct 13, 2020
34 Posts
Nov 12, 2020 at 10:13
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.
Mitglied seit Aug 17, 2020
123 Posts
Nov 12, 2020 at 15:55
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!
Mitglied seit Jul 19, 2020
318 Posts
Nov 14, 2020 at 11:27
The most important thing in the forex market is knowledge. Without proper knowledge, you can not make money from this market.
Mitglied seit May 24, 2019
10 Posts
Nov 16, 2020 at 11:50
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
Dec 03, 2020 at 11:11
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.
Mitglied seit Jul 19, 2020
318 Posts
Dec 06, 2020 at 09:32
Trading is the forex market is not so easy. If you have proper knowledge and basic skills, you can make profit from this market. So, gather knowledge and skills as much as you can.
Mitglied seit Jul 20, 2020
298 Posts
Dec 07, 2020 at 20:03
Yes, you are right, emotion and greed are the same. It is not possible to make a profit in trading if there is emotion. Similarly, greed completes similar activities.
Mitglied seit Feb 07, 2020
2 Posts
Dec 08, 2020 at 09:55
I, too, are on a similar path like all newcomers to trading. But I've already spent a lot of time to figure out what's what. Everything is both simple and complex at the same time. I realized that I need to study a lot and if I want to earn decent money, I need to become an experienced trader.
Dec 10, 2020 at 06:11
LeviSievwright5 posted:Agreed, both emotions and greed can pull back a trader equally. Working on these is too important in forex.
Yes, you are right, emotion and greed are the same. It is not possible to make a profit in trading if there is emotion. Similarly, greed completes similar activities.
Mitglied seit Nov 16, 2020
29 Posts
Dec 10, 2020 at 10:09
Just stay determined and keep learning each day and you will get there. Work on your risk management, strategy, money management, skills and techniques for trading better.
