Recent content by Wordplay

You need to possess three emotions if you wish to trade successfully, i.e; patience, determination and strong passion. As long as you don’t give up easily, profit can be made. Best of luck!

Stop loss is important, especially if you’re a beginner. It is necessary to place stop loss so you don’t end up with an empty account. This also gives you time to understand the market shifts.

This is really true! Scammers have damaged the market's reputation, and they are the primary source of traders' erroneous trading expectations. I believe that experienced traders on this forum may assist newcomers and fellow traders in learning about scammers and how they defraud. As a result...

It appears to be interesting! Can anyone who has used this method provide feedback on whether it worked or not?

Lack of a decent initial starting capital and greed are the 2 main reasons why 95% of traders. Other reasons for forex losses are fear, lack of discipline, no idea on money management and risk management. Often traders start to go live without sufficient understanding about forex. It is not a...

Well, I would say both. You need some sort of strategy even when you use an indicator. It is about striking a balance and making it work for you. Knowledge and skills are most important to earn profits in forex regardless of the strategy or indicator you use.

Hello and welcome aboard. You can start with a bunch of books like I did when I was a beginner. Start with ‘Currency trading for Dummies’ by Brian Dolan. Good luck!

Here are my risk management rules that I believe will work for you as well: · Stick to your trading plan. · Take risks only when you can afford a loss. · Use stop loss and take profit orders. · Keep an eye on open trading positions. · Don’t trade when...

Anyone can become a forex trader but not everyone can get success at forex trading. It requires patience and well-planned trading strategy to keep moving in the right direction. Start by keeping your trading positions open for one or more days with an affordable amount at risk.

Can choose to open an account with ecn brokers like aaafx, xm, pepperstone etc - they provide the most transparent conditions for trading.

When you are first starting out, it can be challenging to turn a profit. There is no one set of requirements that you need to fulfil in order to have a successful career in trading, such as making a certain number of trades. It is dependent upon the particular trader and the trading strategy...

I am grateful that you have shared this. On the other hand, there is no single piece of advice that can guarantee you the best return when trading forex. Learning and analysing on your own is preferable.

From what you think when you are opening a trading position to how you react in a market situation, all your emotions come under trading psychology. It’s an important yet tough part of your trading career. You better work on improving your psychology so that you can improve your profits.

New traders must be ready to give time to their trading careers to become experienced traders. It might take some years for them to reach the level they want to. If they try to cut their time dedicated to the market, it will come as a cut in their profits.

I recommend Forex Trading: The Basics Explained in Simple Terms, by Jim Brown and Trading in the Zone by Mark Douglas for trading psychology.