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Diptote
Have a plan and stick to it
in
New Traders
Mar 15, 2022 at 06:50
Well, that’s a necessity. You might think that you will move as per the market. But it won’t be that easy when there are so many things going on in the market. It’s best to analyse the market properly and build a plan that you want to follow.
There is a proverb that practice
in
General
Mar 14, 2022 at 08:02
That’s very much true in any part of life. Without getting out of your comfort zone, you will not get anything in life. Thus, traders should develop a practice of learning from their trades. To achieve that, backtesting is the best solution. So follow a simple pattern—backtest your trades regularly, find loopholes, revise your strategies for future trades.
importance of skills
in
General
Mar 14, 2022 at 07:58
Forex is a speculative market, but it doesn’t mean you will win purely on guesswork. The chances of you winning a trade increase when your analysis is strong, which only comes from regular practice. So you should develop a habit of learning and studying the market regularly.
What is Pip ?
in
New Traders
Mar 14, 2022 at 07:53
In order to make profitable trades, traders have to catch pips. They are referred to as the minimal changes in the price of a currency pair. For instance, Say EUR/USD was quoted at 1.7581 when you bought this pair. After a while, due to market’s volatility, its value changed to 1.782. So if you look closely at the price, the last digit has increased by 1. That’s what is called a pip. Generally, a pip is the fourth value after the decimal (0.0001). But there are exceptions; all pairs formed with the Japanese Yen follow 0.01.
Greed is poison
in
New Traders
Mar 11, 2022 at 07:38
Traders become greedy by looking at forex because of endless earning opportunities. Also, at the same time, they underestimate the risk and potential losses that trading recklessly could lead to. To avoid the latter, they need to act rationally and get the right education before taking any steps.
To shine in forex
in
General
Mar 11, 2022 at 07:33
In order to become a successful trader, you have to commit to the cause. Many new traders think of trading as a way to win instant rewards. But in reality it is a long road that demands hard work and hours of learning.
Luck is important
in
General
Mar 11, 2022 at 07:29
I think that's what we make of situations. But luck is not something we should completely rely on because trading is purely hard work. If you have good skills, you can define your luck.
Which pair do you use?
in
New Traders
Mar 10, 2022 at 07:28
Usually, I trade EUR/USD and USD/JPY. But before trading I carefully analyse the market conditions and trends. Like sometimes, based on trends and research, I find GBP/CHF a good pair to trade.
How to select the Best Currency Pair for Investment?
in
New Traders
Mar 10, 2022 at 07:22
Broadly, currency pairs are divided into 4 types - major, minor, regional and exotic. While choosing a currency pair, traders should choose pairs that have high liquidity and less volatility. Out of the four categories, major pairs make the best currency pairs to trade. They include pairs like EUR/USD, USD/JPY, USD/CAD, and GBP/USD.
Basic mistake we make
in
General
Mar 08, 2022 at 07:07
New traders are eager to make money, but they don’t understand the efforts required to become a profitable trader. Thus, many fail to focus on developing skills and take uncalculated market risks which makes them lose money.
Newcomers and demo trading
in
General
Mar 08, 2022 at 06:57
Demo accounts are suggested to new traders to develop skills and trade in a risk-free environment. For any new trader, directly trading in a live environment can be overwhelming, challenging and risky because of a lack of skills. Even though trading with a demo account is not mandatory, all traders should do this to create workable trading strategies and get familiar with the trading platform to avoid risk.
Which pairs are your least favorite to trade? And why?
in
New Traders
Mar 07, 2022 at 05:10
Most traders avoid trading with pairs that have high spreads and high volatility. They are called exotic pairs. Such pairs are not profitable to trade because of the high level of risks associated with them. For instance, I have traded with EUR/TRF. It was a bad experience.
The dark side of forex markets
in
New Traders
Mar 04, 2022 at 04:57
It is true that the central banks and other bigger financial institutions have the authority to influence the market and retail traders like us can’t do anything because we are the miniscule part of forex trading. However, that doesn’t mean you can’t win. If you have a robust risk management strategy and workable trading strategy, you can still win high rewards.
Fear is the greatest reason
in
General
Feb 28, 2022 at 06:24
Fear is obvious when your money is at risk. But you can’t win profits without taking the risk. Take small risks and learn to fight fear.
Most people become unrealistic
in
General
Feb 28, 2022 at 06:18
Forex liquidity attracts thousands of traders every year but most of them come unprepared and hope to make something big out of trading instantly, without any knowledge. Honestly, that is a wrong market approach. You can’t make money if you don’t have the skills.
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