How to trade effectively in forex?

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.

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.

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.

Books. Learn more. If you have the right knowledge, you are in a better position to evaluate what’s being suggested to you.

trading is not a game. If you want to become successful in the market, you have to learn all the basics of forex perfectly.

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

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.

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!

The most important thing in the forex market is knowledge. Without proper knowledge, you can not make money from this market.

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

You can still make good money at the professional level with the broker Amarkets, which offers RAMM service and good trading conditions

Indeed, sometimes overconfidence does not allow us to notice the obvious things.

Gareylinn509 posted:
When you are knowledgeable, you are already prepared for the typical situations. And when you are overconfident, you miss even the most obvious steps.

Agreed. That line between confidence and over confidence just makes all the difference.

Only your own strategy and desire to achieve a good result can bring efficiency in trading, so try to develop and direct all your forces to achieve the goal.

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.

For trading effectively, its very important to have full knowledge about the markets and have a strong and solid strategy to trade well.

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.

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.

LeviSievwright5 posted:
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.

Agreed, both emotions and greed can pull back a trader equally. Working on these is too important in forex.