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.

Bladiminmunro posted:
many thanks, appreciate the info @4th response profile. Can you please tell me if I have to pay for demo account? And with which broker?

No, the demo accounts are cost free. I assume all brokers provide it without any charges.
I am actually using two accounts - one with vantage fx and other with fxview. That one incident of me losing the entire amount happened when I had the lost trade in one of my sessions a couple of months ago. That time I was day trading with fxview and lost a whopping 4500 USD. That was too close to blow up my account and owing money, but fortunately didn’t go beyond the balance I was holding in my deposits. Moreover NBP is now mandated by EU Financial authorities.

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

another thing - don’t step back if you want to be consistent with even the slightest profit margins.

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.

I am not sure if Axitrader supports mt5.

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

AniLorak posted:
i like to depend on Forex , because its really a royal business than others. generally we the take Forex as money making place  and this greed comes from making profit from demo account. 

Agreed, demo trading somewhere, does make every trader think that he has become 100% efficient, not knowing that live trading is so much different.

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

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

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

I think every trader should undertake trading psychology courses that are being offered these days. They might help to an extent.

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.