Recent content by Psychomancy

Read some books, watch some videos, and start trading using a demo account. Treat the money in the demo as real money.

Most such groups are full of scammers and while that is indeed an interesting idea, there is a long way to go when it comes to trusting the market or people in the market.

Forex trading psychology is the most important fundamental for success. When you are in the market, it is just a matter of psychology, not of the trading system or other people’s predictions. You should still be able to follow your trading plan and the rules you set for yourself whether the...

Getting rich off trading forex is not as easy as most people think. Trading currencies is one way to generate a lot of money, but it's easy to lose a lot of money as well. Start trading with money you can afford to lose and learn everything you can while you are in the process. By taking the...

I like the price action strategy the most. It’s easier to check the price movements rather than using indicators to get signals and trade as per them.

Of course, it is! From deciding how much you want to trade with to how much loss you can afford to take, your money management plan can help you with all this.

Becoming a professional trader is not as easy as said. You will have to prepare yourself for the market risks before you start taking them. You will have to learn and build a solid trading strategy after analysing the market.

To manage your money and risks while trading, make sure that you never go out of your budget. Be it using leverage or putting an amount at risk, you better don’t open trading positions that are out of your budget.

@antwanmcdonough I’ve also recently started trading with them, no issues so far but I’ll be more confident once I’ve withdrawn my funds twice or thrice at least. How long have you been with them?

The best trading tip I can share is don’t follow anyone. You must take the responsibility of your trading career and follow your own path. Analyse the market at your own level and build a trading plan in accordance with your trading requirements.

An automated trading system surely eliminates the emotional factor from your trading. You get to take advantage of the price fluctuations that take place in small intervals and are difficult to take advantage of manually. But at the same time, you better don’t forget that you are more...

Well, that’s true. Without a trading plan, you are a kid in the supermarket who would want to buy all the candies. A trading plan doesn’t necessarily stop you from taking risks, rather helps you in taking calculated risks.

You have to be skilled to make money. Thinking of the forex market as a place to make quick money is just not right. Using margin and leverage can be harmful to your trading account if you don’t know how to use them properly. So, better use them when you know what you are doing and can handle...

You can start with one trade per day that counts for 22 trades a month considering the forex market is closed on the weekends. With time as you gain experience, you can increase the number of trades as per your convenience.

The golden rule of risk management is to never risk more than 1-2% of your trading capital. When you keep your investments affordable, the losses stay affordable.