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MythCloset
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Can I learn forex trading with a demo account?
Yeni Traderlar
içinde
Nov 11, 2022 at 09:57
Yes, practising on a demo account is an excellent way to improve your knowledge of forex trading. It facilitates learning and gaining experience in the real market without any constraints. Every trader should learn forex trading by using a demo account.
Have a plan and stick to it
Yeni Traderlar
içinde
Nov 09, 2022 at 07:45
A good trading plan includes risk-reward ratio, money management, risk management, and so on. Aspiring traders should develop and strictly adhere to a trading plan. It will ensure a profitable trading career with no unneeded losses.
Is a demo account really neccassary?
Yeni Traderlar
içinde
Nov 08, 2022 at 09:22
It’s up to the trader to choose if they wish to demo trade or directly start live trading. Many do and many don’t. Demo trading can help the trader understand the process, figure out their trading style and backtest different strategies to select the one that stands out the most. However, traders need to know that demo trading doesn’t prepare for real loss.
What is the importance of knowledge?
Genel
içinde
Nov 07, 2022 at 09:57
Without understanding market sentiment, traders won’t succeed in the long run. Knowledge and skill are important to move ahead towards generating profit. Learn all you can so when you do learn how to analyse the market, it gets simpler to move in the right direction.
Demo Trading Advantages
Genel
içinde
Nov 01, 2022 at 07:41
The most important benefit of demo trading is that it allows beginners to create and develop their trading strategy and practice it in the real market environment without risking their real money.
Books or Videos - Which one is better for learning?
Yeni Traderlar
içinde
Nov 01, 2022 at 07:37
You can learn by watching tutorials and reading books and articles. However, if you are looking for practical knowledge, sign up for a demo account and begin practising.
When a trader is a newbie
Genel
içinde
Nov 01, 2022 at 07:36
Even though many traders don’t demo trade, newbies should practise for a few weeks so they’re familiar with the process. Knowledge and skill is learnt over time and newbies should focus on their personal end goal. Learning is constant in the market like this so traders need to be willing to adapt and make their info larger.
Does emotion harm?
Genel
içinde
Oct 31, 2022 at 10:18
Emotion is only a natural feeling and if ignored, can build up to something that is not worth time or energy. Hence, if traders find a way to channel their emotions in a regular manner and view the market from a clear mind and perspective, brainstorming and analysing gets much easier. Hence, smart traders are innovative controllers who are organised and apt in their approach. They minimise risk and find the most suitable way to make good returns.
Is it necessary to choose the right day to trade?
Yeni Traderlar
içinde
Oct 31, 2022 at 10:17
Personally, I feel Tuesdays to Thursdays are the best days to trade. Trading is not possible on weekends because of low liquidity.
scalping easy ?
Yeni Traderlar
içinde
Oct 25, 2022 at 07:20
A lot of traders make profits out of scalping. It can be an easy and profitable strategy when you practise it well. To scalp, you must understand the market dynamics well enough. As beginner traders are not versed in market dynamics, they only know the market's surface. As a result, scalping is a bad idea for them, imo.
Demo can not make you well experienced
Genel
içinde
Oct 21, 2022 at 09:17
It is true that demo account experience cannot be counted as trading experience in the first place. The actual trading experience begins when you start risking real money in forex. But one should never jump into live trading without demo account practice. Practice for enough time on a demo account so that you won’t be lost and confused while trading on a real account.
There is no short cut
Genel
içinde
Oct 20, 2022 at 07:46
The success attained with shortcuts will always be short-lived. So, the traders who are looking for long lasting success should definitely avoid such shortcuts. Any professional trader would tell you that there is no secret to success except hard work and disciplined approach. A beginner in the forex market should aim for consistency instead of chasing quick profits.
Successful Traders Mindsets
Genel
içinde
Oct 19, 2022 at 09:13
The proper trading mindset is one that is determined, focused, disciplined, confident, lacks ego, has no fear of losing, and is detached from money. This may appear strange to individuals who are not involved in trading. Most traders concentrate on establishing tactics in order to profit.
New traders love scalping
Genel
içinde
Oct 18, 2022 at 10:39
Yes, I have seen the majority of new traders tell that they have opted for scalping. Scalping is not for everyone, in my opinion, based on my years of experience. This perilous technique requires a certain attitude. Scalpers must sit in front of their computers for the duration of the session and maintain strong focus. It is easy to become fatigued if you do not have the proper mindset and energy. When scalping a minor shift, such as five pips at a time, you cannot take your eye off the ball. There is no time to think, no time to overthink, and no time to wait for a pattern to emerge.
The worst trading advice you can get
Genel
içinde
Oct 11, 2022 at 10:44
Truly this is the worst advice. You should not enter the forex market without enough preparation. The first step that a beginner has to take is learning and demo trading. You should not be trading on a real account until you feel confident enough to risk real money in the process.
Forex is not like gambling
Genel
içinde
Oct 10, 2022 at 08:27
Forex trading is more like a logical speculation that is done after careful analysis of the market situation. Traders have a well defined strategy and risk management plan that they follow while trading and this is not something that a gambler would do. Forex trading is like a serious profession for me as I always work towards improving my skills as a trader to attain long term success.
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