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blackChelsea
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What is the best strategy used as a new trader?
in
New Traders
Feb 12, 2021 at 11:15
I always use bollinger bands to predict the movement of currency pairs. Along with bollinger bands I use MACD and RSI to get the clear idea of overbought and oversold volumes. Combination of these three always helps me too keep my trade success around 80%.
To be a gainer
in
General
Feb 11, 2021 at 09:28
To be a gainer, you must have experienced the failures also. As a trader you must have seen both sides. Try to acquire new skills for trading successfully.
Importance of demo trading
in
New Traders
Feb 11, 2021 at 09:25
I have been doing forex trading for many years and I still test my plan for a trade as I can't afford to lose my money. It’s a kind of homework, and trading in forex is like an exam. Have you ever sat in an exam hall without preparation ? No, right! So, always backtest your strategies and then trade live.
Complicated strategy is not good
in
General
Feb 09, 2021 at 11:52
I don't think so, if you have fair knowledge of how to make use of the indicators and tools, you can make the complex strategies simple. In strategy you must know where the entry point and exit point for your trade keeping in mind the position size you hold.
Fundamental and technical
in
General
Feb 09, 2021 at 11:51
Both are important according to me. I practice a lot on technical and fundamentals and find ways to connect both of them to make a trade strategy.
Not a good idea to follow many pairs
in
General
Feb 08, 2021 at 12:02
Do not flow into the opinions of others. If you are an experienced trader and think that you can work on increasing pairs for trading, go for that. I would suggest that try to manage each trade with clarity, most of the time traders get lost which position to open or close. Be careful about that.
For trading you do not need
in
General
Feb 08, 2021 at 12:01
For trading you do not need to replicate someone else's trading style, You should have your own plans to enter and exit the positions. Everyone has a different trading mindset according to his goals and risk appetite. Never try to fit in that. And do homework before going live otherwise stress will eat you.
Most people fail because
in
General
Feb 06, 2021 at 16:09
Yes, all the reasons mentioned above are I think sufficient for this. What I do is, I use a separate account for actual trading and demo trading, I test my strategy first and then execute.
Over trading is a bad habit
in
General
Feb 06, 2021 at 16:08
I believe in this proverb: Excess to anything is bad.I found this appropriate in my trading journey as this helped me to give attention to each aspect of life and teach us how to manage things. Each individual has a particular stress level and a trader can invite pitfalls in his life if he over trades. New traders generally try to devote more time which is good but as you are moving forward with your trading experience you must try to master the timing in the stock market. Trading in forex can give you profits and losses, it all depends upon your goals and time in which you want to achieve. So...
AlexTradeRobot V2
in
Strategies
Feb 05, 2021 at 10:13
You nailed it! Really very good success ratio. Please share some tips that every trader should follow to have trades like yours.
Regulated broker vs. Unregulated broker
in
New Traders
Feb 05, 2021 at 10:11
I would suggest having both, do demo trading on both and then decide which one is better. But this will be only possible if you use demo accounts effectively.
Patience is best tool to get success
in
New Traders
Feb 03, 2021 at 11:57
Yeah, patience helps you to think holistically by keeping in mind the amount frisk you can take. If you don’t have patience you will focus only on your loss part and can never have strategy to get yourself a safe escape.
High leverage = High risk?
in
New Traders
Feb 03, 2021 at 11:54
I think when newbies enter the live forex market, they want to book more profits with very small amounts, so leverage attracts them. But it should be kept in mind that leverage is associated with a certain amount of risk. While it can push your trades to make profits also at the same time it can put you in loss which is even more than your balance you have. When I started, I used to look for a 1:30 leverage ratio with a minimal balance that I can handle. This keeps my risk minimal. You can gradually increase your leverage ratio depending upon your earnings and understanding.
Purpose of demo trading
in
General
Feb 02, 2021 at 11:13
It is like a flight simulator for real pilots. Here demo trading simulates what exactly happens over the forex market. Forex trading is not a toy. For this reason, demo trading is provided as this will help new traders to test the platform and take hands on experience of the real market with virtual money.
New Trader
in
General
Feb 02, 2021 at 11:12
Correctly said my friend. I too believe that nothing is more trustworthy than your intellect. If you have knowledge of the forex market and yet thinking to try robo trading, confidence is lagging somewhere. Just start from the micro or small lots, try to accept losses and learn from there.
Not a good idea to follow many pairs
in
General
Feb 01, 2021 at 12:22
Yes I agree to you, for the beginners 2-3 major pairs would be fine.
Importance of Fundamentals
in
General
Jan 30, 2021 at 09:47
If you have enough knowledge of how the economy works, on what factors economic health of a country depends then I would say you can understand it in a better way. Try to understand the terms first, then you can go to look for the fundamentals.
Is trading hard?
in
General
Jan 30, 2021 at 09:45
Nothing is easy in forex trading. You have to trade consistently and learn from these trades so that you can get the clear ideas and have better strategies to trade further. Try to remain updated with the news about forex. I found that keeping us updated with the news helps us to make better decisions.
What is the best strategy used as a new trader?
in
New Traders
Jan 29, 2021 at 17:05
I think you are pretty well versed with the analytical tools so i would suggest that you should test your new strategies with indicators on a demo account. This helps you to retrace accurate findings that help you to trade.
Best time frame to trade
in
General
Jan 29, 2021 at 17:04
Time frames are a very important aspect for forex trading as the market is very volatile. I use smaller time frames as it helps me in scalping out the prices though smaller time frames require more time to sit and analyse.
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