Search results

Yes, I believe the same, tracking one's own performance not only helps us to identify loopholes in our last trade but also helps us to get positive results in our trading.

I believe we should begin trading with only discretionary income as when we’re a beginner at trading we need to be mindful about our implementation of strategies and knowledge in Forex.

The novice trader shouldn't rely on random guesses or blind chance in order to succeed. Instead, they should use knowledge-based action, study candlestick patterns closely, stay informed on Forex news, and then use tools like moving averages to develop strategies.

In the case of Forex, you do not become addicted to it until you take unnecessary risks, risks that are more about feeling high and getting an adrenaline rush than actually making returns.

My reasons for trading less exotic currency pairs include the fact that exotic currencies are highly volatile, illiquid.

Along with having control on emotions, a successful trader also must possess a lot of patience. A trader must be a performer like a chess player in order to be successful. Practice and determination will allow a trader to perform better; he should focus more on practice than worrying about the...

Only a strong mindset can bring good progress in trading because one has to face a lot of challenges and tasks before achieving their actual win. We should never stop learning in the overall journey of our trading.

The real motivation comes from discipline. A potential reward motivates many traders to start trading. However, to be good at your job, you must love it, just like any other activity. Don't focus too much on the returns, but rather enjoy your trading journey.

I always prefer EURUSD for its liquidity and less volatility.

Calculating the risk/reward ratio on a trade can be calculated before it even happens by determining where to get out which helps us to kinda calculate our returns or potential loss but if I get good returns I usually put them on trading again and a small amount I keep for savings to keep my...

Risk in trading is the probability of losing part or all of your initial investment which can lower the morale of the novice trader. Traders may use stop-loss orders or hedging strategies to reduce their risk exposure, but you are solely responsible for the amount you pay to enter the trade. You...

I like EURUSD the most. Because of the unique combination of more liquidity and less volatility, it is the most recommended pair for all types of traders, even newbies. So I keep it as my first preference to trade.

It's always mindful to keep your leverage low initially which exposes you to less risk as a beginner because with leverage comes the responsibility to win and initially as a budding trader I personally feel low leverage exposes you to lower risk.

One should always switch to a micro account after analyzing their risk appetite or stick to demo for better understanding.

Yes, it is more important for a beginner to practice on demo and to build new strategies there while practically trying, since only after understanding the technical functionalities and fundamentals we can build strategies.

This book is really optimistic as it helps you to have a motivational point of view towards life, if we view this book from a trader’s mindset then it helps you to gain a lot of knowledge in terms of your thinking and broadens the psychology.

I think mentorship is important for initial guidance and helps you to show a way in trading but the real knowledge is self gained by practice and study. As you develop your problem-solving skills, you will be able to do better trading, as well as enhance your decision-making abilities through...

For those who know how to make informed decisions, forex trading can be both exciting and lucrative. We learn so many things from the forex market as trends keep on changing and we get to face so many challenges. This is a great opportunity to get returns from those who know how to use their...

My favourite forex news site is forexlive as it gives really good information about the current events of the market.

Common mistakes which traders make is to not understand the risk- reward ratio and bringing emotions while trading.Most traders ignore these mistakes and jump into other trading strategies without realizing where they went wrong, so with proper knowledge, analytical skills should also be...