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Posts by
MuffinZest
When a trader is a newbie
in
General
Sep 29, 2022 at 09:54
Thousands of new traders join the forex market every month, but only a small percentage of trades manage to survive. Why? The cause of their failure is their lack of discipline & skills. As a newbie, you lack understanding of the market. To develop that, you need practice and learning. This, however, new trades are not open to. Hence, they fail. My suggestion to new traders is not to take any risk until you have a tested trading system. Also, trade for at least 6 months on demo trading before taking a risk.
Most people fail because
in
General
Sep 28, 2022 at 11:25
As a new trader, you should know why traders fail so that you don’t make the same mistakes. The main cause of their failure is lack of knowledge and psychology. Because of this, about 90-95% fail. Forex requires commitment and an open-mind to learning and consistency. Many new traders only come to the market to earn quick bucks, which is not always achievable in this market.
Is a demo account really neccassary?
in
New Traders
Sep 28, 2022 at 11:24
There is no compulsion. But why do you want to enter into a market which you don’t know the ins and outs of ? A successful trader has a profitable strategy in hand. As a newbie, if you fail to have it, the market is going to give you a hard time. Demo trading is helpful to come up with a profitable strategy, saving your time and money. So, never skip it!
Have a plan and stick to it
in
New Traders
Sep 27, 2022 at 06:00
Whether you are learning or trading, you can’t achieve your goals without a plan. Therefore, before taking risks, plan everything. A good planner knows when to enter a trade and exit a trader. This comes with practice. Hence, do not avoid demo trading.
Diffrence between real & demo trading
in
New Traders
Sep 26, 2022 at 10:39
As a newbie, you might hear about these terms a lot. Both of them provide a platform to trade. However, there is a difference b/w the two. When you are demo trading, you are trading in an environment that looks exactly like the real market, but it is not. Here, you trade with virtual money so that you build your skills and get acquainted with how trading works. On the other side, a real trading account is, as the name implies, real - meaning all the market movements are current. Here, you trade with your real money and your trading decisions reflect the capital in your trading account.
Books or Videos - Which one is better for learning?
in
New Traders
Sep 26, 2022 at 10:38
The main goal is to learn trading. Book, courses, or videos, it doesn’t matter where it comes from. You should consume authentic knowledge at your own pace. Personally, I prefer video lessons as they are crisp and help you understand the concepts practically.
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