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You need sound mind
in
Galvenais
May 02, 2022 at 11:55
Of course, in order to trade forex successfully, you must have a clear mind. I believe that while trading in forex, you must be focused, because if you lose your calm, you may incur losses.
Small investment
in
Galvenais
May 02, 2022 at 11:27
If you're a newbie, I would recommend starting your trading with small investments. As small investments can help you make money, the risk associated will be relatively low. It is difficult for a newcomer to understand the market, and the risk of losing money is very significant due to the market's volatility.
Most people become unrealistic
in
Galvenais
May 02, 2022 at 11:25
Some people trade forex in the hopes of becoming wealthy overnight. However, this is not the case. Because trading forex isn't easy, you must have a strong understanding of the market and should initially practise on a demo account to acquire useful skills.
Forex is not scam
in
Galvenais
Apr 29, 2022 at 11:29
Forex isn't a scam if you ask me. I've been trading for more than two years now and luckily I've never encountered a scam trap up till now. However, there are traders who might have been a victim of such scams so it is quite necessary to be alert and do proper research while choosing a broker.
MetaTrader4 (MT4) vs MetaTrader5 (MT5) for beginners
in
Galvenais
Apr 29, 2022 at 11:28
MT4 is the greatest option for a newcomer because it is simple to understand and trade on. MT5 on the other hand, would be a little more technical for newcomers. However, with enough time and practice, switching to MT 5 will be a breeze.
Mind or Machine? What’s Better For Forex Trading?
in
Galvenais
Apr 28, 2022 at 11:46
IMHO, mind and the machine are equally important in forex trading. As much as the machine can help us, only our minds can provide us with a true understanding of the dynamic trades.
What makes one a Professional Trader?
in
Galvenais
Apr 28, 2022 at 11:45
According to me, a person can be described as a professional if he knows when to enter and exit a trade and has a thorough understanding of the forex market.
5 Things I have learned in 5 years of trading!
in
Galvenais
Apr 28, 2022 at 11:43
Being patient, consistent, and sticking to a plan, in my opinion, is the key to trading success.
Have a plan and stick to it
in
Jauni treideri
Apr 27, 2022 at 07:35
The importance of a trading plan in forex cannot be emphasised. It simply helps you in holding trading discipline, trading consistently, managing your emotions, and even improving your trading strategy.
Patience is best tool to get success
in
Jauni treideri
Apr 27, 2022 at 07:33
Patience is a key part of being successful. Newbies have a tendency to make impulsive decisions in order to make huge profits, but they often end up making a loss since they are unfamiliar with forex trading patterns. So, they should try to be more patient when trading in forex.
To shine in forex
in
Galvenais
Apr 26, 2022 at 11:59
It is quite challenging, but not impossible, to succeed in the forex market. However, you will need to gain a thorough understanding of forex trading in order to do so. Also, you don't have to be overconfident just because you're climbing up the ladder of success. In forex, there is always more to learn and explore.
Consistency is the brick
in
Galvenais
Apr 26, 2022 at 11:58
In forex trading, consistency is the foundation upon which gains are built.
Can you borrow money from the bank to trade forex?
in
Galvenais
Apr 26, 2022 at 10:52
No, I won't advise you to do so as it can blow up your account in no time, keeping in mind the forex's volatile nature. Once you face loss, then it would be very difficult to pay back the loan and it might leave you debt-ridden.
Fear is the greatest reason
in
Galvenais
Apr 26, 2022 at 04:07
I can attest to the fact that fear may have a significant impact on trading decisions. Because I was either too scared to enter or withdrew out too soon, I missed out on a lot of opportunities early on.
forex new trader
in
Jauni treideri
Apr 25, 2022 at 10:11
A new trader should have a good plan to follow up. As the forex market is very volatile, so to trade well he should practice his trades on a demo account, before entering into live trading. Also, stick to using only one pair when you are starting to trade, so that you do not get overwhelmed with having to trade in different pairs or instruments.
Is a demo account really neccassary?
in
Jauni treideri
Apr 25, 2022 at 10:08
Yes, a demo account is really important if you want to trade in forex as this will help you to get familiar with the market. Once you get the basics all cleared, then you will be prepared enough to trade through a live account.
Is trading hard?
in
Galvenais
Apr 22, 2022 at 07:13
I think forex isn't everyone's cup of tea as it takes a lot of hard work and patience. However, if you are a consistent learner, don't get carried away from your emotions & understand the importance of having a solid trading plan then I think forex is a good place to be in.
Basic mistake we make
in
Galvenais
Apr 19, 2022 at 10:25
The basic mistake made by new traders is that they mainly focus on earning more money which is why they start their trading with a good amount of capital and ultimately end up losing that money because of a lack of knowledge about forex trading. So it is advised that they should first make a demo account and then explore it well. So that when they are ready to trade on a live platform, then they can start with small funds so that the chances of risk involved can be bearable.
How to start forex trading? Read These Best Tips!
in
Galvenais
Apr 19, 2022 at 10:22
So to start forex trading, you need to have some basic knowledge about how the forex market works. Because only then you would be able to trade in it. Firstly, it is highly recommended that you should try exploring demo trading so that you can come up with a strategy that can be applied to your demo. Plus it would be a good idea to spend some time learning more about forex via good online courses.
Newcomers and demo trading
in
Galvenais
Apr 19, 2022 at 10:15
Demo trading helps the traders to be familiar with the platform on which they have to trade-in. It is good for newbies as they do not have any experience in trading so they can get to know a lot from these demo trading processes. A bonus point is that they can trade in it and explore it without being stressed about the losses, after all, there is no real money involved in demo trading.
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