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Know one thing forex trading is not just about making money. You must also decide how much you plan to risk per trade. The goal should be trading for the long-term and making consistent profits.
You can’t master trading psychology by reading books. You will have to encounter situations in real life to understand them and develop good psychology. Try testing your emotions like patience, anger, greed, hope, frustration, and sadness that are most probably going to interfere with your...
If we talk of automated traders, they have to spend time building a robot in accordance with their particular requirements and let it trade on their behalf. Such a robot can help them take advantage of the small market movements that are not possible for a manual trader. But talking about manual...
Don’t waste your time looking for the best strategy, the best broker, or something else. Instead, utilise this time by trying your hands at everything that comes across. You have to find the best things for yourself on your own. If you won’t try every strategy out there, how would you know which...
Never follow anyone.
If you decide to take responsibility for your career, you can do anything you want. But by following someone, you won’t be doing anything more than limiting your options. Explore the market in the beginning as much as you can. Keep your risks small so that they are...
I am my own boss and this is reason enough for me to keep trading forex. I don’t make consistent profits as of yet but the profits I have made so far give me enough motivation to take risks and keep trading.
The fear of losing money comes naturally. But if someone has decided to trade, they better don’t let this feeling make them make wrong decisions. Trade only when your mind is free and you have prepared it well before you execute a trade.
That’s an important lesson to be learnt. Forex is a great career opportunity for one and all. But all newbies can see are the profits and not the hard work that is associated with this. They tend to look for shortcuts and end up getting scammed by fake gurus who promise to take them to the top.
There are many websites that share good information about forex trading. Investopedia and babypips are my forever favourites. And the good part is you won’t have to spend even a single penny to learn.
There are so many courses available on YouTube and even there are some good websites like Babypips, forexpeacearmy, investopedia where you can find plenty of forex trading courses. In case of doubts that none of these could help with, you can ask here. As simple as that!
Choose a time that is suitable for you instead of asking others. Know one thing that you will be able to make money through trading only if you can dedicatedly trade. If you plan to trade in the middle of other things, you won’t be able to give your 100% at any of those.
There are so many variables associated with the market including volatility caused due to human behaviour. It is not easy to understand who would buy or sell a currency pair.
Traders constantly have to struggle to find their spot in the market and survive. The moment they stop working towards their goal, they are taking a step back. Trade only when you know you can hold on to your emotions and trade based on facts and analysis.
Money management in forex is very important. Without proper money management, one can easily get into a difficult situation. In forex trading, the trader's capital is at risk at all times. Having a good money management plan will give them better control over their money.
