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How to trade effectively in forex?

Nov 09 2020 at 09:47
59 ieraksti
I am not planning to become a hard core trader. I just want to quit my 9-6 job and make enough money to run my expenses.

Are there any strategies that should be a staple to avoid losses to some extent as I know the forex market is too volatile?

Nov 09 2020 at 10:19
37 ieraksti
Is it only forex you want to do? Telling you, you might need a larger fraction of your initial time to get yourself acquainted with the basics and common tactics if you have just started. Definitely not a game of a couple of days, even take months for some.

I myself had to run in for 4 months before I saw a single trade where the profit equaled my loss, otherwise, there were no to little margins. I eventually learnt how to not blow my account, but still have lots to adapt.

Nov 09 2020 at 12:27
28 ieraksti
now, this is the motivation that you shouldn’t be giving to the starters. At least, you can be sensible enough to share your learnings.

Nov 09 2020 at 12:51
232 ieraksti
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.

Nov 10 2020 at 01:30
298 ieraksti
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.

Nov 10 2020 at 04:38
37 ieraksti
I am nowhere demotivating anyone, just sharing some truth. Invest your time not money when you step into real time trading. I totally believe in strategising well so your trades are less towards the losing point.

I shared my experience of initial 4 months, isn’t that enough to count as mention of my learning?

Nov 10 2020 at 07:10
38 ieraksti
C’mon folks, let’s be on the topic here.

The most important thing acc to me is the selection of trading timeframes. Creating demo trading account is another thing to prepare yourself in virtual environment as you are not risking your real money - can count it as a step. Best is to start with a small investment so you know more about the market in case you lose. In that case, get in touch with brokerage firms that provide NBP. At least your losses won’t exceed your investment. Experienced this first hand when I saved myself from owing my money to the broker itself.

Nov 10 2020 at 07:17
31 ieraksti
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.

Nov 10 2020 at 12:02
28 ieraksti
Books. Learn more. If you have the right knowledge, you are in a better position to evaluate what’s being suggested to you.

Nov 11 2020 at 05:29
38 ieraksti
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.

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