That depends on the currency pairs that you want to trade and their liquidity. There are four trading sessions. Make sure you study about them. For me, it's the New York session and its overlap with the UK session as this is the time when more than 50% of the market is active.
EUR/USD would be the best for you!
- The EUR/USD is widely considered to be the safest currency pair to trade. This is because the Eurozone and the United States have the two largest economies in the world, and their currencies are very stable.
- The EUR/USD is also the most traded currency...
Many lose because they fear and allow greed to overtake their rational thinking process. Hence, it leads to impulsive decisions. If beginners stick to their plan and maintain discipline towards making profit, the chances of suffering loss reduces.
The key to achieving success in a market that is volatile and shifting in nature is planning, money and time management including implying lowering risk techniques. Overtrading often results in losing more than winning. Hence, traders need to be well versed with the market sentiment. Patience...
There are many factors that will let a beginner know that. Knowledge is crucial, though. Without knowledge, they won’t know how many trades they need to place and when not to place, etc.
Those forex gurus take advantage of the lack of our knowledge about forex. No one will ever tell you their success secrets in public. They want your money and nothing else.
Hey there. It is important to observe the previous day/week high and low in order to understand how the market has performed so that you can open a trade accordingly. Understanding this concept is essential for breakout strategy, but not really that important for scalping or other trading...
School of pipsology is indeed the best trading course I would recommend. It’s free and you can start with it any time. Take your lessons seriously and you will be able to easily get through your learning and then find a good practice account.
I believe quite a lot in the stop orders. You may not make any money but you won’t even lose anything beyond your affordability. Just do the right calculations and place stops. Stay away from the fake forex experts who will scam you for money. Learn to make your own decisions.
For the basic forex education, I don’t think there is any source better than the school of pipsology. You get information about every aspect of the market that you will be using in the live market. Once done with the basics. Practice strategies on a demo account to find the best one for you.
A forex trader keeps learning even after he has started trading in the live market. It’s simply because the unpredictable nature of the market keeps coming up with one or the other challenge that you may not have any idea about. So, keep a trading journal to help you with your learning.
Forex is a great side hustle and an amazing way to earn some extra money. I really enjoy doing it. Though it is tough and tedious, I know it is the key to my financial freedom so I am working very hard.
As a beginner you should focus on developing your skills and grabbing knowledge rather than looking for indicators. Nothing in forex is easy; don’t think of making fast money because that’s not possible. Indicators aren’t magic wands that will make you rich overnight. You have to put in effort...
You don’t need anyone to teach you forex trading when there is a lot of information available for free in the live market. It takes time for a trader to develop an understanding of the market and it’s completely fine to take your time.
I don’t think it is something that we can’t think of. Making money in forex trading takes a lot of hard work and money. It becomes more difficult when you know that the market’s motion is unpredictable and you can be wrong at any time which would cost you money.
You do not require a mentor at the start of your trading career. On the internet, there are numerous resources. where you can learn, polish your knowledge, and improve your skills. All you need is a willingness to learn and enough time.
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