Recent content by Sycophant

The liquidity of this market is a big advantage, as it presents traders with more opportunities, but its volatility is a disadvantage, which can quickly turn profits into losses, which is why traders need to be quick with their decision making and incorporate risk management strategies while...

For me timely withdrawals are what makes a broker reliable and safe, and so far I’ve found coinexx and lmfx good in this aspect.

Forex has always been an attractive market, but it has become a lot more attractive in the last decade or so. This is because people are no longer interested in conventional investment methods. They want to trade in order to see their money grow exponentially in a lesser period. It is easier to...

If you have a decent trading base, then you can think of being a trader, otherwise, I won’t recommend trading to you, since it requires in-depth knowledge and regular practice. I assume you are looking for a job that pays you off from day one, so in that case, trading won’t be a suitable option...

If you want to trade just to deviate your mind, then you can go ahead with it, but make sure to stick to the rules. You must be experiencing a flurry of emotions right now, but trading is all about strategies, so make sure you trade with a strategy and not by being emotional.

You can't trade using someone else's strategy. You can't even use your own strategy for too long, as the forex market is very dynamic market. You need to keep updating your strategy depending upon the market conditions.

Only consider potential trades and keep a check on your emotions.

Start with a practice account. Make use of the simulator to test all that you ever wanted to before you start risking your money.

As in both the markets different assets are being traded, it is quite understandable that different variables will have different market conditions. From volatility to liquidity, everything would be different.

It is not a good idea to ignore losses because your losses can teach more than your profits. You don’t only know what not to do but also get well-versed with how the market can behave at times and how well you need to be ready with your risk management strategy.

For a trader to be successful he should consider having a risk management strategy. For me, risk management is not only about setting a stop loss or risk to reward ratio but it is also about avoiding trade sets with a lower probability of winning.

I totally agree, exotic pairs are very difficult to trade. As they are extremely volatile and least liquid, newbies should avoid trading them. Instead they should focus on trading major currency pairs.

I am the biggest movie buff and I love sleeping. So I watch a couple of movies with friends and sleep.

Yes. Forex can be an addiction, like drinking alcohol. I have read stories of people who spent so much money and time after continuously failing for months. Trading addiction can cause exhaustion and make the mind tired, which only leads to more losses.

Top currency pairs to trade- 1) EUR/USD 2)USD/JPY 3)USD/CAD 4)AUD/USD 5)GBP/USD 6)USD/CNY