Recent content by Virtuosoer

As you will be majorly focusing on reducing spreads and your overall trading costs, all major currency pairs would work fine for you.

True that! They don’t even teach you anything that you can’t learn for free. They are a total waste of time and money!

In terms of low trading cost turnkey forex and paxforex are the best.

When they say that there is no limit to the profits that you can make through forex trading, they mean it. You just have to be capable of earning the best you can. Telling any amount as the maximum would limit a trader’s approach.

Forex trading doesn’t work for everyone. It needs you to be knowledgeable and capable of taking risks every now and then. You have to be good with currency fluctuations to make the most of them.

I am reading Bollinger on Bollinger Bands by John Bollinger so that I can use these indicators in my future trades.

Your mindset is the most vital thing in trading. A good trading mindset ensures that you are committed to trading and show up every day, despite your failures. Forex is not a quick way of making money, but it is possible to make handsome rewards if you stay consistent.

Definitely! A reward to risk ratio helps traders manage the risk of losing money. Your risk should be lesser than your reward for a trade to be worth it.

Benefits of the market include convenient trading hours, high liquidity, and ability to trade on margin. Also, starting with forex trading doesn’t require a huge capital. Low deposit requirement makes it easily accessible to beginners. Regardless of its benefits, there are some cons. Forex...

I don’t prefer position trading as one needs to have huge capital and gets trapped for years. And as large capital is involved and there are few trades, risk per trade increases.

I’d also like to add a high emotional quotient. Traders should have good emotional health. Having controlled and regulated emotions allows traders to make rational trading decisions.

Though I know how to read them, I don’t find bar charts very helpful. I mostly prefer candlestick charts.

If you don’t keep a check, forex trading can become an addiction just like alcohol. This can cause exhaustion and can make your mind tired which can further lead to bad trading decisions. Traders also get involved in revenge trading after making a loss that can become an addiction too.

Scalping is not for everybody. You need to have the temperament for this risky strategy. You should be ready to sit in front of your computer for long hours and concentrate on small price movements to make money. You have to be the kind of person who can react immediately to the price movements...

Exotic pairs' spreads are considerably wider than other pairs'. You should avoid trading exotic pairs since they can be extremely volatile and unpredictable. Because they aren't traded as regularly, they have less liquidity in the market, making it more difficult to enter and exit trades.