Newcomers should have sufficient knowledge of Forex and the most important factor required is patience.
Feb 25 2021 at 10:26
TradeHut posted: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.
Newcomers should have sufficient knowledge of Forex and the most important factor required is patience.
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: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.
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?
Joz8 posted:Yes it totally depends upon the trader i traded almost 5 months on a demo account before going to a live account.Sarjohn posted:Any specific time for which one should demo trade? I think it varies from trader to trader, isn't it?
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.
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:Yes. Most of the new traders want to make money quickly from this market.
Every trader should try to stay far away from any greed or emotion if they are planning to trade well.
Apr 01 2021 at 13:26
baytonhinity posted:Yes. Greed is the most dangerous thing in the forex market.
Every trader should try to stay far away from any greed or emotion if they are planning to trade well.
But a little bit of greed is OK otherwise we would not all be looking to get rich through Forex!
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.
Dec 29 2021 at 14:35
As a newbie, you should concentrate on developing a trading strategy and making good investments.
Number one biggest mistake new trade commits is they treat forex trading as a money machine. Open trade and make profit. They think it is the easiest job in the world. But in reality you need profound understanding of the market. My advice to new trader is gain necessary knowledge and skills.
We can only warn traders about how emotions can be harmful in trading. They would actually come to know only when they have made significant losses. Only with these losses comes the actual wisdom. So, I suggest new traders to start small in order to avoid big losses while initial trading.
Dec 30 2021 at 11:06
beginners always try to skip the learning approach and as a result there is almost 90% traders become loser.
The worst thing anyone can do in trading is think they know it all. Be humble, always stay open to learning and keep progressing.
If you can't spot the liquidity then you are the liquidity.
Dec 31 2021 at 13:06
Most of the newcomers in forex trading start with a huge amount of cash without any understanding of the trading pattern or assistance and end up with defeats, so newcomers must take up assistance from promising brokers, as they will offer training in the forex market through their educational materials and video clips.
