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What is Forex Trading? What is the profit principle?
in
Galvenais
Sep 26, 2022 at 09:25
Well said. But the profit principle actually depends on your consistency with your strategy. When you build a strategy, you have to be consistent with it for a long period of time. So that you can make the required changes when the market behaves differently, and can master profiting in a given currency pair at any situation.
When a trader is a newbie
in
Galvenais
Sep 23, 2022 at 08:02
A newbie should take his time to practise in demo trading. Newbie traders are still learning, and understanding how forex trading works. If they start trading in a live account from the very beginning, they will be putting their capital at high risk. So, it is better to practise for a good amount of time, at least for a year. Practising in a demo account will help the trader strengthen his skills and understand which timeframe, risk:reward, leverage, etc suits his strategy the best.
I'm new to Forex trading and looking for some advice
in
Jauni treideri
Sep 23, 2022 at 08:01
It takes time to fully comprehend forex trading. It is preferable to concentrate on your studies at this time. Upgrading your knowledge and skills is the solution to all of your problems. After gaining the necessary knowledge and skills, you will be able to read charts and predict the market.
Is trading hard?
in
Galvenais
Sep 22, 2022 at 07:25
Yes, forex trading is difficult and risky. However, it is also profitable. If you put in the time and effort to learn as much as possible about it, it could be a huge financial boon. Gaining that level of success requires a lot of time and effort. So, be consistent.
Can forex trading make you rich ?
in
Galvenais
Sep 22, 2022 at 07:25
Forex trading can make you rich, but it won't happen overnight. You must understand how the market works, have some discipline, and be willing to put in the hours to learn. Forex trading is an easy business, but it is also an extremely competitive field. If you don't have the money to start out with or the skills necessary to compete with the big, then it may not be worth your time.
DO you get scared over drawdowns?
in
Galvenais
Sep 22, 2022 at 07:24
I think everyone experiences some level of fear or anxiety during a drawdown. For me, it's usually a mix of both. I get scared because I don't want to lose money, but I also get anxious because I want to make sure I'm doing everything I can to protect my capital.The key, I think, is to have a plan in place before the drawdown happens. That way, you know what you need to do and you can focus on executing that plan. And ya, it's important to keep a cool head and not make any rash decisions. Always remember that a drawdown is temporary and the market will eventually recover.
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