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Trading psychology is so important in forex, it helps in analysing the market and honestly helped me in few of my trades as well. It is definitely a fascinating concept as well.

There is no such risk with using a deposit bonus. I have used it every time I made a new deposit with turnkeyforex, faced no issues. However, you should read the terms and conditions carefully because there are some brokers who put restrictions when you trade with deposit bonus money.

Learn to keep patience before you do anything in the forex market. It’s a risky activity and all the trades won’t get you money. You have to stay composed until you find a good trade to make money.

It’s important for traders to ensure that they choose the right person to follow. New traders become easy prey for scams. You have to make sure that you don’t take a step that you have no idea about to keep scams at bay.

There are various profitable forex trading strategies available online. A lot of these strategies are of the high risk, high reward nature. You stand to gain a lot, but if things don't work out in your favour, you could lose a lot of your money as well. The most recommended strategy is to use a...

The forex scalping strategy is just like any other scalping strategy – you want to bring the market almost to its stop loss level and then get out of the trade. The best scalping strategy is to use a currency that has more volatility than others, which means that the spread between your bid and...

Since the forex market is highly liquidated and quite volatile, there is a certain amount of risk involved. In order to overcome and control risk, a trader creates a trading plan which creates discipline and focus. Without a trading plan, it is unlikely to earn profit. No one has ever won a...

Don’t take forex trading as a way of making easy money. Take it as a career if you really want to do something. Learn and practice well and focus on obtaining skills.

It’s basically the market makers who have the reputation of acting as a counterparty to their clients. To avoid such conditions, you should prefer using ECN brokers. Some good ones that I can list out are: Turnkeyforex, lqdfx, Roboforex and Trader’s way.

The best time is when you can trade on a regular basis. If you go by the market timings, you may have to make a lot of other sacrifices with your professional and personal life. So, it’s best to trade when you know you will be able to trade daily and build your trading plan accordingly.

For me, a professional trader is one who trades forex and other assets full-time. They depend on the profits that they make from trading. Now that it's not easy to make consistent profits and make a living from them, it can take a long time for a trader to become a forex trader. The time can...

There needs to be one more thing in your list- keep a trading journal to record your trades. By analysing your past performance, you can make updates as required and improve your strategy.

AUDUSD works great for me. You can also pick any pair out of the majors to start with, as they can be easily analysed.

Not every profit is of the same size. Not everyone’s requirements are equal. Not everyone uses the same amount to trade. So, it’s better not to compare yourself with others and pave your own way in the forex market.

Beginners need to learn everything about forex. The syllabus is vast and you may not know what strategy would work in a certain situation.

Study until you have learnt all the necessary skills and how the trading platform works.

I would add a tip for technical analysis. If you are able to detect a pattern on a forex chart, you can double check it in a different time frame for confirmation. You may also be able to determine the direction of the trend after pattern easily.

A spike can be detected with a combination of indicators. It could take some time for a trader to learn to do that but it is simple once you learn.

If trading is all about money, then we surely need money management to have the best use of our money while trading forex. We might be able to get profits without money management but having it in place can change the results significantly.

EAs can be quite helpful for newbies because they won’t feel any pressure to monitor the market continuously. Moreover, new traders are likely to suffer from emotional trading and EAs are great for helping them to keep the emotions of the trading.