Sarjohn posted:
For a newcomer it is important to gather all knowledge about Forex first and then practice trade on demo accounts before going for a live account.
Any specific time for which one should demo trade? I think it varies from trader to trader, isn't it?
You are right, this is all individual, but roughly they offer, I recommend trading for about 2 - 3 months on a demo account.
Having a proper risk management plan is something every trader should work on. No matter if they are new or advanced.
Newcomers should have sufficient knowledge of Forex and the most important factor required is patience.
Feb 25 2021 at 10:26
TradeHut posted:
Newcomers should have sufficient knowledge of Forex and the most important factor required is patience.
Absolutely right. Few traders fail to realize that success takes time and often fall prey to their own impatience. It could either be a rough environment, market volatility, or charts could be hard to read, the wise decision would be to back off and forget about it.
New traders should make proper plan before starting the trading.
Yeah and even entering and exiting the trade at the right moment is something that requires a lot of patience. Waiting for the right trade opportunities is something that traders find difficult. This is the reason why practicing demo account trading is suggested. There are reliable brokers out there like xm and fxview with good platforms. See if these suit you and invest some time instead of wasting your money.
Feb 26 2021 at 04:47
Explain something to me here. Sitting in the chair and watching the market move while I wait “patiently”, how will it reap me any profits when I’ll be missing out on trading opportunities?
PercymcDonnell54 posted:
Explain something to me here. Sitting in the chair and watching the market move while I wait “patiently”, how will it reap me any profits when I’ll be missing out on trading opportunities?
See now that’s the idea, you needn’t rush into bad currency trades. If they don’t come up in that particular session, there’s always next. It’ll be worth the wait and patience.
Joz8 posted:Sarjohn posted:
For a newcomer it is important to gather all knowledge about Forex first and then practice trade on demo accounts before going for a live account.
Any specific time for which one should demo trade? I think it varies from trader to trader, isn't it?
Yes it totally depends upon the trader i traded almost 5 months on a demo account before going to a live account.
Mar 10 2021 at 06:27
Risk management is the key to a successful forex strategy and everyone should pay good attention to it.
Mar 10 2021 at 11:06
Every trader should try to stay far away from any greed or emotion if they are planning to trade well.
I completely agree with mine, the sooner we learn to control our emotions and stop being greedy, the faster we can learn to trade correctly.
baytonhinity posted:
Every trader should try to stay far away from any greed or emotion if they are planning to trade well.
Yes. Most of the new traders want to make money quickly from this market.
Apr 01 2021 at 13:26
baytonhinity posted:
Every trader should try to stay far away from any greed or emotion if they are planning to trade well.
Yes. Greed is the most dangerous thing in the forex market.
But a little bit of greed is OK otherwise we would not all be looking to get rich through Forex!
heidisandoval posted:
Risk management is the key to a successful forex strategy and everyone should pay good attention to it.
Yes. I agree with you.
Our total risk should not be above 2%. Now it could be 2% in a single position or all the open positions. Some traders take 2% risk per trade then open 5 trade which becomes 10% risk. We should not do this type of mistakes.
Jul 10 2021 at 01:53
Greed, fear, and all kind of emotions are the habits of new traders.
Nov 11 2021 at 06:53
LyudmilLukanov posted:
Greed, fear, and all kind of emotions are the habits of new traders.
Greed and fear can put you in great danger.
