Recent content by Gallimaufry

Just because forex is easy to get into doesn’t mean you will not focus on gaining education. Learning is an ongoing effort as traders need to be prepared to adapt to changing market conditions, regulations, and world events. Part of this research process involves developing a solid trading plan...

I know that all traders start forex trading with the aim of making money. That’s completely fine but you must also focus on the process of trading. You won’t make money easily. You will have to take risks and manage your money.

Due to fierce competition, each broker is providing tempting offers to attract more and more clients. For me, what actually makes the difference is “good trading conditions''. I don’t care if my broker is offering something unique. All that matters to me is lower trading costs and hassle free...

Quite stressful, I must say! But if some stress can give you a chance to make great profits, I don’t think it is a bad deal at all. With experience, you won’t just learn to trade carefully but also how you can manage stress.

Keeping a journal is very helpful for a trader. It helps in recording the daily trading steps of a trader, some important strategies, key points, or any mistakes that the trader made. When a person looks back into the journal, it not only gives him a feeling of happiness and confidence for how...

The most unique feature about the forex market is that it is the oldest financial market in the world. Originally, the forex market which is basically an exchange of fiat currencies came into existence in the ancient Babylonian period between 1895 BC to 539 BC, which is centuries old. The modern...

The best tip I’d give someone is to know when to leave and always revise their risk reward ratio.

When analysing the market, political events are important as well. Any major political event can shoot up the prices of a particular currency or bring it down, so those who trade keep an eye on what’s happening in the political corridors of their respective countries.

I think that’s really important to keep in mind. Traders need to understand that it’s not always how much they trade, but also how much they save. The goal is to make consistent income and not a single profit once and for all.

I’ve been with the same broker (coinexx) for almost one and a half years and not planning to switch anytime soon. Tbh I find it really troublesome to look out for a new broker, especially when I’m getting pretty good trading conditions with my current broker.

Oh yes, demo accounts are amazing in the way that you get to practice all that you want on a simulator without the risk of losing your money. This gives you the confidence to take as many chances as you want.

Market overlaps are the best times to open trading positions. As there are more traders in the market, there are chances that someone would be ready to buy or sell the currency at a price you want.

You won’t know how good or bad a strategy is until you use it on your own. So, it would be best to test scalping on a demo account first and then with your real money.

I think this has to do with lack of commitment and patience. Many traders become desperate for results and do not focus on learning. Due to this attitude, they make wrong decisions and lose money.

Pick wherever you get to learn the most! If you get a mentor, then it’s great news because a good mentor can shorten the learning gap. Personally, I find in-person classes more informative.