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LucianVince
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How does experience come?
in
Experienced Traders
Dec 13, 2021 at 05:27
Experience comes when you apply the lessons you learn from your trades. Traders who grow always backtest their strategies and keep a progressive learning attitude. The best way is to maintain a trading journal. This will help traders to identify where they are lacking and have a better understanding of their trading approach and gain experience as a trader.
Which pairs are your least favorite to trade? And why?
in
New Traders
Dec 10, 2021 at 06:38
Generally, I prefer to trade with major pairs because they are easy to trade and more liquid and less volatile. For instance, EUR/USD and USD/JPY. There is also a lot of information available on them, so traders can perform their analysis easily. I avoid exotic pairs because they are extremely volatile. For example, USD/MXN and USD/ZAR. Traders should also avoid using high leverage with these because this could lead to huge losses.
Greetings to all
in
New Traders
Dec 09, 2021 at 06:29
Hello. Welcome to forex trading and myfxbook. Good luck with your forex journey.
New traders should be content
in
General
Dec 08, 2021 at 07:56
I agree. New traders shouldn’t care how much profits they make in the beginning. They should focus on winning small trades and learn to become consistent and confident with that. After that, they can move to placing bigger trades.
New traders love scalping
in
General
Dec 08, 2021 at 07:43
Yes, scalping can help traders win quick profits in a short period of time, but it is risky because it demands a quick, solid exit strategy. For some traders, it can be difficult to incorporate. Therefore, trading a longer time frame is a better way to start.
Many traders think stop loss
in
General
Dec 08, 2021 at 07:30
Stop loss is important because it can help traders to limit their losses. However it is important to understand the right placement of a stop loss.
Basic mistake we make
in
General
Dec 07, 2021 at 06:06
That’s true. Traders need to treat forex as a long-term business. You can’t expect to get huge profits in a single day. We need to allot time in learning before expecting something in return.
Part time trading
in
General
Dec 06, 2021 at 06:59
Trading part-time is the right way to enter into the market, but trading full-time has its own perks. You get to choose how and when you work. We can consider trading full-time once we make consistent profits by trading part-time.
Luck or Hard Work?
in
New Traders
Dec 06, 2021 at 06:53
If you win, then all the credit goes to hard work. Trading is purely the result of the knowledge of your analysis and risk management. Keep learning and trading!
Is demo trading enough before real account?
in
New Traders
Dec 03, 2021 at 06:20
An absolute NO! Demo trading is beneficial for traders to have trading skills and strategies. However, traders don’t trade demo trading like they would trade their real money. In live trading, traders need to have good risk and money management, along with control on emotions. You can consider moving to live once you have started making consistent profits on demo trading. However, make sure you start with a micro account. Live trading will be a challenging yet a meaningful experience.
Time frames for currencies
in
General
Dec 02, 2021 at 06:40
Choosing the right time frame also depends on the strategy you are using. However, trading when the Newyork and London markets are open can be beneficial. The biggest moves happen during 8:00 to 10:00 GMT and 12:00 to 15:00 GMT. As the trading volume is high, you’ll experience tightest spreads during these hours.
When a trader uses small
in
General
Dec 02, 2021 at 06:30
That depends on individual goals. If you are already experienced and are trading for profits then it is important to invest a sufficient amount in your trading account. However, if you are a beginner, your goal should not be to make maximum profits but to learn different aspects of trading. At such times, I don’t think it’s wise to put a large amount on stake.
Is forex trading really worth it?
in
General
Dec 01, 2021 at 06:42
Forex is a long-term endeavor. It can be beneficial if you trade properly and read about the market regularly.
Why demo is easy?
in
General
Nov 30, 2021 at 06:56
Demo trading seems easy because we trade with virtual money and do not trade with proper risk management. In live trading, emotions also play a critical role in our trading decisions. Traders neglect both of these in live trading.
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