Search results

I mostly trade major pairs and a few minor pairs, but the pairs I’m making most of my profits are EURUSD and AUDUSD.

It is late but a happy new year to everyone. I hope everyone learns from their past mistakes and gives their best in the present to ensure a brighter future.

With a small account there comes a responsibility to keep it safe from losses and grow it bigger. Using major pairs will be considered safer in such situations as they have high liquidity and higher chances of timely order execution.

A strategy cannot avoid all the risk. There is always a possibility of loss in forex. The only thing you can do is practice a strategy over and over to master it. You will then be able to use that strategy efficiently and avoid the risks.

Explore the market as much as you can. Make mistakes and note what went wrong so that you don’t repeat them. Don’t stay limited because the beginning is crucial and mostly full of challenges. You have to get well-versed with everything that comes by because this is the time when you will learn...

Create your own trading roadmap. For this, you might need to learn and obtain some experience. You may even have to make some losses. But that’s a very low price you will pay for long-term profits.

The best pair for me keeps on changing. It changes with the change in trend of the price of different currencies. For example, if I feel like not trading in AUDUSD today because I do not feel confident with its sideways trend, I move to a better trend pair like GBPJPY.

Not everybody here is profitable. Some are here to learn while some are experts and can give advice. Traders like me are also here who are neither experts nor beginners, we would share our experience with a beginner and learn new things from an expert. I am not very profitable but I do manage to...

Automated trading is better than manual trading as the trader involvement is reduced to very less, leaving the trader with more free time and less stress. Manual trading on the other hand has a benefit that traders are updated with the latest developments in the forex market allowing them to...

As per my knowledge, books can help a lot in training our mind. Many people underestimate the ability of books in training one’s mind.

Newbies can use EAs to make better decisions and avoid any big losses. Although it is good in the beginning, it should not be totally relied upon. A newbie will not be able to learn much while using EAs as most of the decisions will be made by an EA on the parameters that you set once.

I trade to get better returns than I can get otherwise with saving or investing. I won’t say that investing is not profitable but I trade for quick returns.

Find out which markets are open when it is suitable for you to trade. Look for hours when there’s high liquidity which will allow you to trade at desired prices easily.

Fear is a basic human trait. Since money is so important in our lives, it is obvious to be afraid of losing money. But in forex trading, if you manage risks properly, money loss can be prevented or at least reduced to a great extent.

I think you are near your perfect strategy. If you are able to avoid losses and your risks are managed, you are very close to your own perfect strategy. I would suggest stop looking for a new one and work on your current approach to make it perfect. It will be more beneficial for you.

Forex market prices move because of a lot of factors. These factors involve government policies, global economic data, news related to the economy, etc. Because it is not possible to accurately convert all these factors into numbers, predicting the market is not possible.

Your main focus right now should be on learning. Learn as much as you can and practice even more than that. You will be able to make profits once you gain the required knowledge and experience.

@taie That is amazing. I think it is a perfect example of consistently improving a single strategy over time to eventually make it profitable.

The ultimate goal of your forex trading career is to make profits. But you must not overlook that minimising losses is also important. With a well-built money management strategy, you can get the best of both worlds.

Your success in the forex market is not time bound but effort bound. You will reap what you sow. If you keep expecting good results without putting in a good effort, you will stand stagnant.