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Thanatopsis
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Thanatopsis
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For Beginners
in
General
Dec 28, 2022 at 07:09
Money management and risk management - both the terms speak for themselves how they are different. Through the use of a set of guidelines and safety precautions, you can handle any unfavourable effects of forex trading. Efficient money management is a set of self-imposed guidelines adhered to in order to minimise losses, maximise profits, and increase the size of their trading account.
New traders love scalping
in
General
Dec 21, 2022 at 08:21
For beginners, scalping might prove beneficial to earn quick profits. But scalping only works if a trader has a quick exit strategy and control over emotions.
What is the importance of knowledge?
in
General
Oct 19, 2022 at 07:08
Knowledge helps us grow and makes us successful. By continuously updating our knowledge, we improve our trading and gain what we seek.
Time Management
in
New Traders
Oct 19, 2022 at 07:07
Managing time is one of the most crucial elements of trading. If you select the right time frame, it’ll get easier to make money in the market. You need to understand the importance of fundamental and technical analysis and utilise either whenever necessary. But, trading news is very tough. I tried my hand at it and failed many times.
Broker Recommendation- low slippage brokers
in
General
Oct 17, 2022 at 09:28
0 slippage is not possible quite literally, but you can surely find brokers with minimal slippage - fxview, icm, fxpro to name a few.
New Begining on Forex
in
New Traders
Oct 14, 2022 at 07:10
Hi there, welcome to the forum! Start by learning and understanding the market sentiment. Then, practice on a demo account to gain confidence and once you have it, make your move in the market. Use your own skills to get ahead and make profit. Do not rely on bots. Cheers!
Which pairs are your least favorite to trade? And why?
in
New Traders
Aug 05, 2022 at 08:16
Exotic pairs are my least favourite. But still I feel tempted to trade them once in a while since they move a lot. The volatility is surely an attraction but thinking of the risk and spreads surely make me step back.
Impulse Trading and How to Avoid It
in
New Traders
Aug 04, 2022 at 09:39
Impulsive trading can only be avoided by building discipline and following a professional approach while trading. Try to think if a professional trader would take up this trade when you see yourself giving into your urges and impulses while picking trades. You need to find a valid reason to justify your trading decision and control your emotions.
Greed is poison
in
New Traders
Aug 04, 2022 at 09:38
Greed is surely harmful for traders and works like a slow poison. We don’t notice anything wrong until our account blows up. We just think more risk will give us more profits but forget about the losses and drawdown. Emotional control is surely the only antidote for this poison.
90% are loser ..why ?
in
New Traders
Aug 03, 2022 at 07:32
The problem with beginners is that they give up too quickly and never take time to learn. 90% of traders are not able to identify or learn from their mistakes instead they just blame the market for their losses. This attitude can never help you in the long run. We must be willing to learn and work on ourselves in order to become a skilled and successful forex trader.
Demo can not make you well experienced
in
General
Aug 02, 2022 at 10:06
A demo account prepares you for many situations that you are likely to face. But a trader might not feel as much strength of emotional charge as in a live account. Therefore, a demo account fails here. However, if a trader takes this into account and does not feel too emotional while trading or after trading, trading on a live account will not be that difficult.
High Leverage
in
General
Aug 02, 2022 at 10:06
There are many new traders who like to use high leverage in trading because of high returns. But they forget that they are putting themselves in a high-risk scenario as high leverage isn’t suitable for newbie.Beginners can use low leverages like 1:10 or 1:20.
Newbie wannabe Trader
in
New Traders
Aug 01, 2022 at 06:38
As a beginner, it will take some time to figure out how things work, especially if you have no prior experience. It takes a lot of trial and error to find what works best for you. I recommend that you take some online courses or watch some YouTube videos. Read more detailed and informative books, and use the forum to see how other traders are doing. I am confident that your experience in the forex market will clear up a lot of your confusion. Best wishes on your trading journey!
Can you borrow money from the bank to trade forex?
in
General
Aug 01, 2022 at 06:37
Yes you can, there’s no law that’s forbidding it. But in reality, it is better if you do not take a loan for trading forex. Look, if you are an experienced trader, and know how to make consistent profits, maybe you can try applying for a small loan. But if you are a beginner, you should not, because forex trading is quite risky, and you may end up losing all your loan money. Rather, trade consistently, gain knowledge and experience, and use leverage when you can make consistent profits.
How much should you invest in trading
in
General
Aug 01, 2022 at 06:37
Traders should consider only that much that they are ready to lose. A big trading amount does not necessarily mean a big profit since big trading amounts lead to big losses too.
long-term trading
in
General
Jul 29, 2022 at 05:24
Long-term trading requires discipline, mental toughness, emotional control, and consistency. Long-term trading involves a series of highs and lows, where only those become profitable who have sound knowledge, skills, and experience. They also need to have a strong grasp of fundamental analysis.
Consistency is the brick
in
General
Jul 28, 2022 at 05:59
Consistency is the most important thing if you want to attain long lasting success. It is not about only making profits and winning all the trades. But it is about coming back stronger when you encounter losses and setbacks. We can take break once in a while but keep on trading and improving ourselves and never quit or give up on our goals as a forex trader.
What do you learned while trading?
in
General
Jul 28, 2022 at 05:58
Thank you for sharing your valuable insights with us. A beginner needs to know each of these lessons for becoming a successful trader in the long run. We should never stop learning even if we get early success in forex. We must be working to improve our skills and enhance our knowledge as we gather experience in the forex market.
Psychology
in
General
Jul 27, 2022 at 11:29
New traders often forget to learn about the concept of trading psychology or just don’t consider it that important. But it plays an important role in your success as a trader. I would say a comprehensive book that can help in this regard is ‘Trading in the zone’ by Mark Douglas. It helped me a lot when I was a beginner. And I think it is a must read for every forex trader.
Why are some traders successful?
in
General
Jul 27, 2022 at 11:28
Knowledge and experience is what determines our success in forex. We have to seek knowledge for learning the skill of trading and gather experience to refine this skill as we trade. There are also some psychological traits such as discipline, emotional control and patience that are essential to become a profitable and successful forex trader.
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