Many new traders are using EAs for making profits. Imo, new traders should not prefer using them as they restrict the learning process of a trader which is very important for making consistent profits.
The formula of success in forex is simpler than when actually solving any. Consistent learning, understanding the market and good trading skills are required to make winning trades.
There are many traders who are aware of the unnecessary risk they are taking but under the influence of greed they are unable to use a strong risk management strategy and hypothetically assume that they are making a large amount of money.
Absolutely. Money management is extremely important. Without having the skills to wisely manage your funds, you can end up making your bank account zero.
Not only a trader but basically everyone should know the very important skill of money management.
Every trader has their own strategy and you should never try to imitate others else you might end up in losses. Follow your own trading style that suits you the best with the best risk management plans.
Sure, in time. You need to gain experience and understand which strategy suits your style and you may have to try a few, before you understand how the market shifts. It is possible with hard work and passion.
I am dedicated most of the time whether big or small money is involved. Without dedication I don’t think it is easy to survive the market in the long run.
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