Tools to trade.

Roberto21 posted:
In my opinion , major currencies like EUR, USD, JPY, GBP etc can be a few to keep in mind while trading for profit. Others currencies are also good but I think these pairs can be high riskier and less liquid too.

Certainly these pairs are the most traded ones among traders by virtue of their very nature.

in order to me , the best way is for someone to get a demo account and then try Forex trading without the benefit of any training or even reading of the basic of Forex trading, this way , you will get confused a lot and therefore , if you get attracted to the trade, you will search the web and find out and learn about the things which are making you confused.

the best tools is your brain and experience. the big amount of 'ammunition' and 'weapon' can make you slow and ineffective.
don't chase tools - chase knowledge and experience

Roberto21 posted:
So many experience traders always suggest us to acquire good trading knowledge by learning to keep survive in Forex in a proper way. But according to me , only trading skill is not good enough to make profit consistency devoid of ensuing exact trading discipline and money managing plan.

so what else you need to have? Beside knowledge and trading skill?

eleonorashatik posted:

Roberto21 posted:
So many experience traders always suggest us to acquire good trading knowledge by learning to keep survive in Forex in a proper way. But according to me , only trading skill is not good enough to make profit consistency devoid of ensuing exact trading discipline and money managing plan.

so what else you need to have? Beside knowledge and trading skill?

experience, A LOT of experience.

Learning is the foremost ways to keep survive in this volatile trading place in a proper way. But sorry to say maximum traders who are particularly newcomers try to make money from here without learning. As a result they become loser when trading practically. It would be great if we choose the broker which always ensures best trading environment for learning this trading place by providing exclusive educational facilities.

The trading tool must really be of sufficient quality and effective.

The trading tool that I use is stop loss. That I consider to be very important in trading. I need to know my limits and make sure that I do not trade too much with high risks. It goes a long way in ensuring that I achieve just that. Do not take this tool forgranted if you are a new trader

Forex tools are important when it comes to the time-consuming mechanics of trading such as entries and exits, partial take profits and trailing stops. For this you need tools that will manage your trades according to the strategies you have set.

RSI is a great tool for me. Very good for picking trends and reversals. Especially when used on different time frames

Everything is uncertain in Forex market, so the newcomers always feel frustrated when trading. So before kickoff live account we have to make sure sufficient trading balance that can remove our frustration , otherwise it will be great difficult to survive in this volatile trading market.

protecting your capital is very important, it focuses on money management and risk management, its most important issue to avoid unfortunate risk and losses.

We the traders first of all have to take demo trading seriously for acquire most powerful analyzing fundamental trading knowledge which is very supportive to continue a live trading in a proper way. but practically we the traders who are particularly newcomers don’t believe the importance of this trading place at all. as a result almost 90% traders are loser from here due to lack of exact trading knowledge . so, we have to make sure demo trading continually for become a knowledgeable trader very rapidly.

Tools:
trading client - e.g. mt4
trading device - e.g. your pc
internet connection - really needed :)

Skills:
trading knowledge - trading system
patience
emotion control

I would add best tool is EA as it works 24/7 without fear or emotions managing multiple positions on multiple pairs

Learning to choose the right trading tools is very important.

In my opinion trading with lesser tools have more chance of trade success. Sometimes, using or numerous tools confuse the trader and may incur a huge loss.

The most important tool of forex trading is a reliable broker. Without a good and reliable broker, it is not p[ossibnle to trade in the market.

Good tools make trading more comfortable and profitable

Indicators are good if you know how to use them effectively. But there are also traders who do not use any indicators. Usually many Price action traders do not use indicators. They use candles and price.