Recent content by Flummadiddle

I guess many new traders come with the notion that in order to be a successful trader you need to trade all day. However, this is not true. They need to know you can become a successful trader by trading part-time as well.

Create a trading plan and follow it. Have a decent trading capital Take a practical approach to trading and don’t be overwhelmed by your wins and losses. Work on your psychology Do not overtrade Learn to manage your risk Always backtest Be persistent

Yes, many traders fail in forex trading. Only a small minority of the traders consistently make money in the forex market. There are many reasons why traders fail. Mostly, it’s because of a lack of trading skills. Don’t think that trading in the forex market is easy, give all your efforts if you...

The best tip that I got in my initial days as a trader was to maintain a trading journal and keep track of my trades, which has helped me grow as a trader. I also backtest strategies everytime before implementing them on a live account, it helps me to correct flaws in my trading strategy and...

Definitely! Many new traders fail because they don’t have a good risk management strategy. It is essential to have one to avoid losses. With good risk management and a trading strategy, forex trading becomes much easier.

If I have to choose one, then I would go with a micro account. That’s so because you only learn trading in a live trading account. I am not saying demo accounts are not good. They are excellent at developing skills and backtesting, but they don’t make you money or teach you how to trade with...

They definitely are. Consistency is important because it demands time to understand the forex market, which is always changing and is influenced by many factors. As a trader, you need to trade in different market conditions to fully comprehend the market.

I only trade forex. I have tried crypto but decided to avoid it because it is highly volatile. Since I am new to forex trading as well, it would be better if I master one market first.

That depends. I don’t risk more than 1% of my capital. Some traders go with the 5% rule. It’s a personal preference and depends on the trader. What is important is that traders don’t risk more than they can’t afford to lose.

Yes, it can. However, if you are on the verge of losing everything, it is better to stop trading or take a break. Trading is a risky endeavor. If you are new, you have to have a consistent source of money to sustain and trade. Addiction has never proved useful for anybody. Just try to control...

The market moves because of supply and demand, but forex is a manipulative market. Banks, especially central banks, have the power to influence the forex market because they control more than 50% of the forex market.

Not unless you want to ignore wins too. Learning from your trades is the best way to progress as a trader. Whether you win or lose, always learn from your trades to become a better trader.

Although there are over 60+ pairs to choose, not all pairs can get you substantial returns. Traders should check liquidity of pairs and choose pairs that are highly liquid. Pairs like EUR/USD, USD/CHF, USD/JPY, and other major pairs are good to trade.

Money management and maintaining balanced trading psychology are the two challenges that most traders face. New traders become very eager and search for quick results, but it is not actually possible to become successful overnight by trading currencies. As a newbie, another big challenge is to...

Consider holding your positions for medium or longer time frames because it will give you enough time to analyse and identify the potential trades. In my opinion, the price action strategy is the best because when we start using too many indicators it usually blurs our analysis and we start...