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For me money management in forex is an effective way to utilize the capital in order to avoid risks and losses.

First demo and then only switch to live trading.

For a beginner, I’d recommend trying low cost brokers like fxview, tickmill or ic markets. Pretty good in terms of customer support as well.

Exotic currency pairs are risky for forex trading because a lot of such currencies are not stable and there is no sufficient liquidity in the market.

I agree with you mate, until a trader doesn't encounter risk, he is not able to get to know about forex more clearly.

Well that’s not with every broker, there are many brokers that are legitimate and offers tight spreads as well, here are some good broker with low spreads: https://www.elitetrader.com/et/threads/list-of-best-regulated-brokers.362682/

Too long!

I am also the one who backtests the strategies before implementing it.

I agree with you, demo trading helps in making aware of the market as well as of the platform which one will be going to use. When I started trading, I practised my strategies on fxview’s demo account for months before going live with them.

Highly agreed mate! A consistent practice can definitely help traders to attain and build a strong trading mindset.

What strategies do you follow mate?

Well, I think it’s better to open a demo account first to check the reliability of a broker, I have come across this thread, it consists of pretty good list of brokers, you can have a look: https://elitetrader.com/et/threads/list-of-best-regulated-brokers.362682/

I agree with you, a trader's predictions don't work all the time, he needs to implement his trades according to what's happening in the market.

I usually take a break and listen to my favourite music.

I usually refer to the economic calendar on Fxview itself before placing the trades rather than wandering off for data.

Agreed, what I think is in the forex market, the more you learn the more you excel, so one should never stop learning.

I prefer to test brokers for commission and trade executions on demo only, though have seen many using micro too.

You can’t avoid broker’s fees but for a low cost trading experience you can go with brokers that have tight spreads and commissions such as fxview, and tickmill.

Anyone here knows how to apply fork tool? I have seen videos but difficult to understand.

I think that the trading psychology depends on the trader’s mindset, there is no as such course according to me, you need to develop your mind in such a way that it doesn’t let you go off the track.