Recent content by Magnificent

There are no "best" or "worst" situations in life. Deep knowledge and a sound plan are all that are required for effective trading, and the currency pair trader is trading. You will lose money no matter what hour it is if you do not spend your money strategically.

Forex is not a get rich quick scheme. The concept of making money fast does not work here, unless of course you are always extremely lucky and the market is always in your favor. Beginners usually begin with a small account. I think you should focus on making profitable trading strategies. That...

Learning about the forex market is one of the most important tasks for a beginner trader. Read as many articles as you can about trading, its types, and in-depths. Learn fundamental analysis and technical analysis and their applicability on making trading plans. Learn from people’s losses, they...

Technical analysis works great for short term traders. They predict their next move based on the readings on the charts and graphs. They follow the pattern of the price movement and are prepared to change their plan if necessary.

Seems like a good strategy, but may not work for everyone out here. Different goals, different outlook. It is not easy to come up with a strategy like this. Loss is bound to occur and you have to learn to cope.

The post sums it up that you can’t stand a chance in the forex market without an effective trading plan or strategy. Having a plan of action is important and it will keep us on track too. New traders should always enter the market with a plan rather than just figuring out as they go.

I think we need some knowledge to even be able to use the robots for trading. So knowledge is essential in that sense. Automated trading is getting more and more popular but the joy of manual trading is something one needs to experience. Money always makes us feel good but when we can see it...

After demo traders should start with small deposit accounts to develop the right trading psychology. Learn to manage your emotions.

You can use among Binance, capitalwallet, coinmama and coinbase. All of these are good.

Money management is the most important element of a successful trade. It included managing risks and using the trading funds wisely without losing all in a single trade.

All I know about forex arbitrage is that it is very complicated and hard but at the same time it is said to be a risk free trading strategy. The banning of arbitrage traders by brokers is new information for me. Imagine you put in so much time and effort into learning along with your funds and...

Like everyone else in the comments, I also started forex trading for an extra source of income. It feels good to be your own boss and work at your convenience. If you have the potential to become a skilled trader over time then you will surely enjoy trading and profits will keep you motivated as...

There is no thumb rule for that. You can open as many as you like to. However, it is advisable to not open trades more than you can control. The market is infamous for its volatility. Do not end up losing all your capital for the sake of gaining a few profits.

I don’t know what that means. It surely has helped me grow in plenty of ways. And I respect and enjoy that,

Your trading strategy is your savior in the forex market. It helps you sail through the risks and reach your destination of making profits. You may fail at times but when you keep improving with time, you can recover even the losses you made.