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Liquidity and flexibility in trading timings along with the accessibility of the forex market are the reasons why I chose to trade forex.

For a trading strategy to be efficient, it is important that the traders find their trading strategy edge. Traders should backtest their trading strategies several times in different market environments on a demo account to gain an edge.

I trade GBP/JPY. It is a minor pair but the Pound being a high yielding currency and the Japanese Yen being a low yielding currency, offers good profits. I’d suggest beginners to start slow and prefer trading major currency pairs first.

Traders make trades according to their trading strategies and trading style. A scalper will make frequent small trades which can vary from 10-100 trades per day based on his experience and knowledge.

The internet is full of information about FX trading and it becomes very important that you choose your content wisely after proper research. You can prefer babypips and investopedia as the topics are easy to understand and are written in simple language.

Learning is the most crucial process for making profitable trades. Traders who lack knowledge are not able to develop the right trading skills and end up losing.

Money management is an important aspect where a trader focuses on both risks and rewards. Right money management allows traders to use leverage while balancing the risks.

I use maximum 1:500 leverage. I scalp forex currencies pairs with low spreads and aim at small targets in terms of pips which compensate for the high risk exposure using strict stop loss.

Risk management allows traders to set rules and precautions that ensures any negative impact of forex trade is manageable. Risks can be managed by either reducing it or avoiding trade entirely.

Trading journals and backtesting the trade are very important for gaining long-term success in forex trading. Trading journals allow traders to keep track of the trade. Backtesting gives the edge to the trading strategy. These both act as catalysts in the process of learning forex trading.

For Price Action prefer studying “Understanding Price Action: Practical Analysis of the 5 Minute Time-Frame” by Bob Volman. You can download the Pdf version for this book from the internet.

These scammers are the reason why many people do not trust the market. Traders should not have the misconception about forex as the “get rich quick formula.” This is the most misleading misconception resulting in believing these scammers especially by new traders.

I totally agree! Trader should do his own research and learn about forex trading. As a trader learns and trades he gains experience, and experience is the best teacher.

It is crucial for a trader to have a trading strategy as it systemises the whole trade which is very important for long-term success. It also allows traders to remain focused amid the pressurising environment of the volatile market.

Great tips, for sure! One more thing that can be added to the list is not to believe in any type of guarantee. The forex market is unpredictable and there are no guarantees that you will make profits even if your strategy has proved to be profitable in the past. So, better don’t let anyone scam...

Just like any other sphere of life, money management is important. Just wanted to ask if you take risks with your money without thinking? No, right! The same must be done while trading forex also. No matter how profitable a market movement seems to be, you must never use an amount that you can’t...

The only success mantra I believe in is that if you know what you are doing, they can stop you from growing. Be it applying a new strategy or using leverage, if you have done enough homework before making a move, there is nothing that can stop you from succeeding.

Beginners often don’t have pleasant experiences in the forex market. They are constantly struggling to make their trades work for them. This makes it important for them to move step by step so that they are able to understand what is happening and what they need to do to improve.