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UweMoench
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UweMoench
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Forex your second source of income
in
General
Aug 26, 2020 at 09:46
Right now forex is my main source of income. But a newbie should not take it as primary source of income unless he achieves enough skills and knowledge to make profit. Give enough time for learning and practice.
Emotional Trading
in
General
Aug 25, 2020 at 10:14
Learn what type of mind set is needed to be profitable. Along with a good strategy you also need a trading psychology. You can't just open trades randomly. You have to be calculative and discipline. You should have technical reason behind opening and closing a trade.
Broker
in
General
Aug 25, 2020 at 10:10
Broker is the medium of online trading. There are many scams broker out there. For trading you need to find a regulated and licensed broker with good facilities. Keep in mind their margin, spreads, withdrawal and deposit systems while choosing a broker.
Signals are profitable?
in
General
Aug 24, 2020 at 15:41
Signals trading ruins your own ability. You become dependant on others. It becomes difficult to develop self confidence. Moreover by following signal it's not possible to be successful. Because you only follow the signals, you don't get the market emotions.
Trading Target
in
General
Aug 24, 2020 at 15:37
Profit target in forex trading should be based on your skills. If you have the ability to predict 20 pips your target should be 18 pips. If you do not predict more than that do not hold your trade. So fix your target based on your skills.
Beginners Greed
in
General
Aug 22, 2020 at 03:55
Yes discipline and a trading plan is needed to control greed. Trading emotions are common among traders. It needs a lot of systematic ways to control greed and fear of losing money or missing a trade.
Comparing Demo Performance with Live Performance.
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General
Aug 22, 2020 at 03:40
Demo performance usually gets better than live. It is because in demo people remain emotionless. Trading with real money involves fear and greed. Due to those emotions a trader can't take right decision.
Is stock trading and forex trading different?
in
General
Aug 20, 2020 at 09:49
No it's different. Forex markets moves based of economic indicators of the related currency countries. But share price of a company behaves based on that company performance. But yeah if we talk about technical analysis, it's almost same.
Discipline and Forex Trading
in
General
Aug 20, 2020 at 09:43
Discipline is the key for successful trading. A trader needs to be discipline to be successful. There are many traders who are a good analyst but a bad trader because they are not discipline. Every trader should read the book The Discipline Traders by Mark Douglas.
Investing in Forex
in
General
Aug 19, 2020 at 11:36
To invest money in forex market you need to learn it. You have to make profit by your own. You will have to take all the trading decision. Profit and loss will depend the ability and skills you have. But yeah for online trading you need a good broker.
losses and fear.
in
General
Aug 19, 2020 at 11:31
Yes emotions are the real enemy of a trader. Emotions like fear and greed take control of many traders. That's why a trader needs to learn how to be emotionless while trading. They need to be discipline in trading.
Tools to trade.
in
General
Aug 18, 2020 at 11:08
Indicators are good if you know how to use them effectively. But there are also traders who do not use any indicators. Usually many Price action traders do not use indicators. They use candles and price.
Forex is Hobby ?
in
General
Aug 18, 2020 at 11:05
Forex is a serious business. You can not take it as hobby. You can take it as part time initially but not as hobby. You can only learn something if you are serious about that.
Newcomers and demo trading
in
General
Aug 17, 2020 at 11:52
For newcomers demo is very important. By demo they can know how to trade on mt4. Demo is also useful to test your strategy. It is a good idea to test strategy on demo than live account.
Stop Loss Importance
in
General
Aug 17, 2020 at 11:45
Yes stop loss is important. Without stop loss you can lose all of your money. You can manually close or put a stop loss but you can not run your loss trade for long, especially in trending market.
Choosing the Right Broker
in
General
Aug 14, 2020 at 14:35
Choosing a good regulated broker is very important. There are many scam brokers in the internet. You need to find a legitimate one to protect your money. You also need to consider spreads, margin level, deposit and withdrawal facilities and many more.
scalping is risky ?
in
General
Aug 14, 2020 at 14:31
For newbie scalping is not good. Scalping is done in lower time frame. And in the lower time frame there is too much noise. A new trader needs to learn how to control the mind. If they start scalping it's become difficult for them to develop a healthy trading psychology.
Top 5 Fundamentals of Forex Risk Management
in
General
Aug 13, 2020 at 10:13
Thank you for your valuable post. Risk management is the most ignored aspects of trading by many traders. Everyone wants make money very quickly, that too without proper knowledge, skills and understanding.
What type of trader you are?
in
General
Aug 12, 2020 at 14:22
I trade everyday if I find any entry. I usually do not hold my trade for overnight. For strategy I follow pure price action without any indicators. I try to follow price and candles of a pair.
Mistakes.
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General
Aug 11, 2020 at 09:57
Anyone can make mistakes. It is the part of the trading. Mistakes become problematic when we make same mistakes again and again. Mistakes are the opportunity to learn what we should not do. Good traders always learn from their mistakes.
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