Potatory's Posts | Myfxbook

New Begining on Forex in New Traders Dec 28, 2022 at 06:22

Welcome to the forum. I believe most of the people here are self taught traders including myself. You can start learning from this very moment using the countless free resources available on the internet. Demo trading is the best way to learn in my opinion. Good luck!

How often does the market change? in New Traders Dec 28, 2022 at 06:21

The market changes very frequently. The knowledge when to change your strategy according to market conditions comes with experience. But I must say to beginners that when you cannot find the right price range or favourable condition for your strategy to make a profit, for at least a maximum of 3 months, it's time to make changes and modify your strategy. Even after modification, it is better to run it through a demo account for a few weeks as it will give you an idea how the strategy works with the present market condition.

Which copy trading app is the best? in General Dec 26, 2022 at 10:57

You should look for the features they provide,the interface, the quality of traders that are there on the platform, and the brokers they support. You should also properly check if there are any kind of restrictions. Personally I’ve been using Zulutrade. They have a good number of pro traders with decent performance. By decent, I mean the traders who don’t take unnecessarily huge risks to make big profits. Apart from that, I like the interface and most importantly the features they offer to investors like risk management tools, ranking features etc. You can give them a try on their ...

Day Trading Techniques/Strateges-Beginners Guide. in New Traders Dec 23, 2022 at 09:55

Hi there! As a newbie, I advise you first learn about the forex market before you start trading. Fundamental analysis means analysing news relating to social, economic, and political fields that can directly or indirectly affect the price movements of the currency pairs. On the other hand, technical analysis means observing a wide range of historical price chart actions. When doing this, you will find common trends in price actions of the same or more currency pairs at certain specific conditions (like time, day or price). Compare this observation of historical price data to the present price ...

Fundamental works 100% in General Oct 14, 2022 at 06:54

It is a well-known fact that the fundamentals of forex trading are the bases of trading forex. This is because the fundamentals are based on the underlying economic conditions of a country, which are always accurate. For this reason, many traders rely on the fundamentals to make their trading decisions.

What is the importance of knowledge? in General Aug 05, 2022 at 10:16

In order to be successful in forex trading, traders need to have a good understanding of the market and how it works. By educating yourself about the market and the different forex trading strategies, you can make more informed decisions about your trading. And can manage, minimise your risk and maximise your profits.

Newbie wannabe Trader in New Traders Aug 04, 2022 at 10:51

Hi there newbie. Well, I want to say that it is normal to become confused in your first few days. Pick up on a single strategy and stay consistent in it. Rather, I’d suggest refrain from live trading till the time you brush up your skills and come back confident. Revise through the theory as in babypips. Practise for at least 3 to 4 months in a demo account. Form and develop a strategy, and backtest it.

Patience is best tool to get success in New Traders Aug 03, 2022 at 10:18

The key to success in forex trading is patience, consistency, and dedication. Being impatient in your trades can make you fidget with it, which can potentially change a profitable trade into a loss. Moreover, if you are not patient, you will also not be able to stay consistent with your strategy for a long term. Developing your trading psychology, and practising meditation, can help increase the level of patience of traders.

Demo can not make you well experienced in General Aug 03, 2022 at 10:17

The only use of demo accounts is to get the basic idea of the functioning of the market. If you spend unnecessarily extra time on a demo account, it will start filling you with false expectations that you may never be able to fulfil.

Can forex trading make you rich ? in General Aug 02, 2022 at 10:52

There is no guarantee of a trader getting rich with forex trading. It’s in his hands how he performs to take advantage of the forex market. Sometimes, strategies would work and sometimes they would fail. It’s you who has to keep working and finding ways of staying in the market for the longest time.

What do you learned while trading? in General Aug 02, 2022 at 10:51

Trading is a lifelong learning process. Your prior experiences may aid you in quickly grasping concepts and coming to informed decisions. But each time, the amount of effort required to make a profit must be the same.

To shine in forex in General Aug 02, 2022 at 10:51

Achieving success in any industry requires a fundamental understanding of that industry. This can only be achieved through hours spent honing your craft. Whether it's becoming an apprentice under a more experienced professional or simply doing research, gaining this knowledge is key to seeing results in your field.

Impulse Trading and How to Avoid It in New Traders Aug 01, 2022 at 08:03

Impulsive trading goes against sound money management. Your trading strategy must be strictly followed, and you must maintain the highest level of composure and self-control.

High Leverage in General Jul 29, 2022 at 06:19

High leverage poses a risk to beginning traders. However, if you are an expert in forex and have sufficient knowledge, you can use high leverage to profit more from this market.

Consistency is the brick in General Jul 29, 2022 at 06:18

Consistency is like reaching the top level of a plateau. Not easy, but when you reach there, you will be safe and can take home as much as you want. So, start with learning to climb up and reach the plateau.

Can you borrow money from the bank to trade forex? in General Jul 27, 2022 at 07:11

It’s good that you believe in yourself and your capabilities as a trader but still, trading is a risky business and taking a loan for that would come with an undue pressure. Why don’t you just use your own money for the time being and when you start making consistent income, borrow money from the bank.

Money Management Tips in General Jul 27, 2022 at 07:10

I see this 2% rule everywhere; almost everyone tells the same thing over and over again. This rule is true, but how many are willing to follow this advice is the question. Most traders forget this while trading.

Does emotion harm? in General Jul 27, 2022 at 06:53

When a trader thinks that an impulse or even a negative motivation will make them win, they start to move in the direction of a negative spiral that takes a toll on their health and trades. Emotions work as an obstacle for such traders. Experienced traders, however, know that emotions are helpful and use them in the way they need to be used.

Why are some traders successful? in General Jul 26, 2022 at 08:59

The most effective way to master forex trading and to become a successful trader is to pick one technique and stay with it. Utilise a demo account more frequently to learn how the market functions. Making it a practice to check the daily charts will provide you some insight into the instrument's patterns. There is no such thing as learning too quickly; everything develops at its own rate. Just have faith in the procedure and be patient.

Is trading hard? in General Jul 25, 2022 at 06:32

It is hard to trade forex because it is challenging to anticipate the next step. In the currency market, there are no shortcuts. The market's high volatility and unpredictability may give the impression that forex trading is difficult. However, if a trader has enough expertise, forex trading is easier for them and there are fewer chances that they will lose.

EURUSD	1.13739	GBPUSD	1.33696	AUDUSD	0.63928
USDJPY	142.916	USDCAD	1.38392	USDCHF	0.82517

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Posts by Potatory