Recent content by BinarySumo

@MARCO79 the thread is quite helpful! I think patience, knowledge and understanding are the three skills traders need to earn success.

Choosing a reliable forex broker can be tricky, especially for beginners. However, with some help, it can be made easier. I’ve listed some parameters on various forums that all beginners should keep in mind while choosing a broker - Regulations - For transparent pricing & safety of funds...

Agree! I’m in favour of the 2% rule. If you have good risk management in place, you can minimise potential losses and protect your trading capital. By setting clear risk management rules, traders can ensure that they do not over-expose themselves to potential losses, which can help prevent their...

It is difficult to definitively say whether indicators or strategies are better for profit, as both can be useful tools for traders. Indicators are statistical calculations based on historical price and volume data, and can be used to identify potential trends or patterns. Strategies, on the...

I have made one of my best trades this year. I used scalping to make a profit of $700.

I trade forex majorly. It has helped me make money consistently. I also engage in the crypto trading sometimes but not very often.

You don’t need anyone to teach you forex because you can do it yourself. I started my trading journey with Babypips. Go over there and finish their course. Open a demo account and start practising. Go slow but be consistent. Results will come. Good luck!

As a trader, it is ultimately up to you to decide whether or not to use EA in your forex trading. While EA can be helpful in automating certain tasks and making trades based on pre-set rules, they can also be risky if not used properly. If you are a newbie, it may be advisable to gain some...

There are several reasons why traders lose money. One reason may be lack of education and understanding of financial markets. Another reason may be inadequate risk management or overtrading. Emotional trading decisions and not having a solid trading plan can also contribute to losses. It is...

That’s the wrong approach because your success doesn’t depend on how many traders you do in a day or month. You could lose all money in one trade that you have gained in over 5 traders. Or, you could gain an amount equal to 4 trades in a single trade. So, instead, they should focus on learning...

For new traders, it may be safer to trade major currency pairs such as the EUR/USD or GBP/USD, as they tend to have more liquidity and lower spreads compared to other pairs. This can make them easier to trade and potentially more predictable in terms of price movements.

I made several mistakes that I learned from over time. #Mistake 1 - not having a clear trading plan and not sticking to it. I also made the mistake of using too much leverage, which increased my risk of significant losses. #Mistake 2- I also failed to properly manage my risk, leading to...

Personally, I think it is not a good idea to switch trading strategies too frequently because it can lead to inconsistency and a lack of discipline. However, there may be times when it is appropriate to adjust your strategy, such as when market conditions change or your goals evolve. When...

It is generally a good idea to start with the major currency pairs because they are the most liquid and widely traded in the forex market. This means that there is typically less price volatility and a greater number of market participants, which can make it easier for new traders to enter and...

I totally get this. It can be tempting to try and recover losses quickly by taking on more risk. However, this can be a bad idea because it can lead to impulsive and emotional decision making, which can ultimately result in even larger losses. It is important to have a long-term perspective and...