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It’s important to have a trading strategy before you take the plunge and that too should be well tested on your demo account before you risk your money with it. Don’t rush into the market because it’s not that easy to make money.

Well, it’s hard to say anything about that because it varies from trader to trader. Some traders might start doing well from the very first day of live trading while others might not even be able to make a considerable amount even after a year of trading.

I agree. A newbie can use EA but he won’t be able to understand the basic concept of forex trading. Moreover, he’ll not be able to trade with EAs efficiently as an experienced trader could. There are limitations to EAs. Until a trader knows the basics he won’t be able to use EAs to their full...

I totally agree. Even though fear of losing is genuine, one can not avoid losing in forex trading. According to me, fear generally overpowers when one risks more than he can afford. One should avoid trading the money which he can not afford to lose. A trader should not risk more than he can...

I don’t think it matters whether you are doing automated trading or manual trading. What matters is whether or not; you understand what you are doing. You can start as a manual trader and when you have gained some market experience, you can test using an automated system. Where manual trading...

When money management is a part of your strategy, you know how much you must risk at a particular time in accordance with what you can manage.

The market is driven by a large number of minds who think differently. At the same time, there can be a certain population of traders who are buying a currency, others selling it, while some of them might just be holding it. You never know when they change their minds to do something else.

The challenge is in being consistently profitable. If I made 150% in a trade and then, losses in all other trades, I can’t call myself profitable.

The best tips I can share are: · Build a trading plan and stick to it. · Control your emotions when trading. · Avoid high leverage. · Open trades only if your analysis gives you a green signal. · Start small so that you don’t regret big things. The...

Sorry to disappoint you but you will have to work to find that kind of strategy for yourself. Honestly, there is none that can be titled as the best trading strategy.

For some traders, dedication is something that comes naturally. They have the ability to start something and stick with it. However, some traders with a short term attention span find it hard to dedicate themselves to trading. Therefore, before coming into trading, every trader should be...

There isn’t any perfect strategy that you can use on your account and see yourself rolling in money. The focus should be to create a strategy that will help you to maximise your profits and minimise the losses. Also trying to find out a perfect strategy will be an effort in vain because...

For free learning, babypips and youtube are good places to obtain basic trading knowledge. Out of the paid courses, I think udemy is a good one. Start with free learning resources and if you think that all the aspects are not covered, you can go for the paid ones. Frankly, I didn’t feel the need...

There is no particular time period that would make you a professional trader. It depends on how seriously you take it and what effort you put into the market towards learning and your ultimate trading goal. I have been trading for around 3 years and honestly, I don’t think that I have become a...

You can wait for the reaction of the market to the news. Once the market starts moving in a direction, you can buy or sell accordingly. But do not stay too long with the trend as it may reach its high soon. Stay until you reach half of an expected movement. This will make sure that you secure...

I don’t think there is any strategy that is the best and safest for all. A strategy may be profitable to one trader but it is not necessary that it will be as beneficial to another trader as well. It’s always advisable to find a strategy that fits your style or build a new strategy from scratch...

That depends on liquidity, which varies as per the market conditions and trading sessions. Traders should keep note of the different trading sessions and trade when liquidity for their respective currency pair is high. 50% of the market is active during the overlap of the US and the European...

It’s a matter of personal preference. All pairs move differently because every pair has different liquidity and volatility. Traders should pick pairs on these two factors, so they can get the desired returns. Traders should try to focus on and master 1-2 currency pairs initially. Major pairs...

Totally! There are hardly any genuine traders out there who help others. Fake gurus are the reasons why there are so many scams happening. All traders should be careful and trade with precaution.

Forex trading is a journey, not a destination! The forex market is a highly unpredictable market and influenced by global events, from global trade, geopolitics, to socio-economic events. It is also manipulated by banks and their trading decisions impact the market most. Therefore, it is always...