Recent content by Herrella

I believe that traders should stick to one or two pairs only because every pair requires a different approach and a trading strategy. If you develop a deep understanding of one pair, then it is enough to make you substantial profits. Also, how much you make in forex doesn’t depend on how many...

The thing with EAs is that there is no surety whether they will be profitable, and it is difficult to find reliable sources for EAs that work. The market is volatile and changes rapidly. Manual trading is best.

There are no perfect strategies because the market is fluid. There is no guarantee whether the strategy will work 100%. Traders need to develop analysis and need to take a flexible approach while trading.

Indeed! A proper risk and money management strategy can minimise the losses. Traders should assign a reward and risk ratio after proper calculations, so they don’t risk more. Use of stop loss and take profit order should be incorporated in your risk management.

That’s just the way trading works. Generally, traders trade short-term and long-term. In short-term trading, traders open and close positions quickly by making quick profits. For example, scalping, a short-term trading strategy where traders close their traders after capturing 5-20 pips...

This is a common problem that many traders encounter. Maybe, designing some trading rules for yourself can be a helpful strategy, so you stick to one path. You can take help of stop loss and take profit order, so you close your trades on time.

Demo trading is an excellent way to have some good trading skills. Traders can learn to develop their own trading strategies using demo trading. However, they don’t make you a perfect trader. There are things you learn only while live trading, such as risk management and control over your...

Right! Forex trading requires commitment. Traders who take forex as a door to making a sudden fortune should stop right there. The market can be highly risky and cause substantial losses.

Start with Youtube. There are many good forex traders who coach and live telecast their trades. This can be very helpful in understanding how to develop strategies, and later traders can create their own. You can check the following youtubers- Meir Barak and Adam Khoo.

I don’t think paid material is of any good use. You can find valuable content online. You can start from Babypips.

There is no ideal period to it. Every trade takes its time because not every trader trades with the same pair or the same trading style and strategy. If you want to see results, then you should focus on learning and backtesting. It can take at least one year to see some good profits. Developing...

Don’t prefer any music while trading. Find it distracting, I need peace and quiet while trading.

Yes, money management is indeed important to become a good forex trader. Traders should assign a risk reward ratio to every trade they place. And we all should remember: trade what you can lose to afford.

Major pairs are good pairs to start trading with. They are liquid and less volatile, compared to cross currency pairs. I personally trade more with EUR/USD because it’s easier to trade with it.

I agree with fellow traders. Indicators are probabilities, they don’t guarantee success. Still, you can take help from indicators like moving averages and RSI for scalping.