Recent content by Hangdog

Right! Demo does not help in developing trading psychology. Trading demo for a long time can hinder with the development of the psychology as one switches to a live account.

Discipline is the key to success in trading. It is important to have a plan and stick to it. discipline allows traders to control their emotions and stay focused on their goals. Trading without discipline is a recipe for disaster. It is important to have clear rules and follow them. This will...

Demo accounts are good only until you want to get familiar with the trading environment. For real practice, real money must be involved because that’s when your real emotions come into play and you get the real taste of trading.

For me, scalping is a fast strategy that doesn’t give you time to analyse the market to execute trades. You have to make trading decisions just by looking at the charts. For someone, who has a habit of confirming entry signals by analysing the charts over and over again, scalping comes as a...

Forex trading is very tough because of its high volatility. Therefore it is essential that you educate yourself on all things forex before you venture into it and learn the trade inside out and familiarise yourself with forex terminology and strategies before you dive into forex trading. This...

From my personal experience, I believe that having unrealistic expectations from Forex trading is the first thing a beginner should avoid. Too much wrong information out there in social media which convinces people that you can turn a millionaire in months with the right strategy.

While trading, you have to use your real money to trade and there is no guarantee that you will be able to get it back. You have a tool named leverage that can enhance your profits. But it can do the same to your losses as well. You have to judge the movements of a market that is unpredictable...

Your trading journal shows you the mirror with no filters. When you know what areas of your trading system or psychology you need to improve, you automatically work on improving yourself.

You can’t be greedy in the forex market. If you enter with such a narrow mindset, it will be impossible for you to pick up new skills because you won’t believe it. How you choose to approach the market can change your entire journey. If you work on building patience and keeping the discipline...

The fact that you can trade anywhere and at any time is why so many people find it convenient even though they have busy lives. Because the risk levels are skyrocketing whenever there’s a shift, decisions can be tough to make. Traders must have a plan and stick to it, come what may. If they’re...

Practice not only polish the skills but also helps in developing right trading psychology.

Trading for the long term yields greater profits. However, it's not an easy task. It requires a deep understanding of the market, as well as a lot of patience. Although this is something that also depend on the trader and the trading strategy that he uses.

If it comes to that, then yes. Health is important, and forex is a demanding task. Ensure that when you engage in trading, you don’t neglect your health. Indulge in some physical activity to overcome the stress of trading to avoid health issues.

To avoid losses, trade with a robust risk management strategy and use tools such as stop losses and Take profit orders. There is no exact way to avoid losses. You have to try a lot of things. Most importantly, you have to keep learning new things about the market.

Losses are inevitable and can’t be resisted completely but can be minimised by using the right and strict risk management strategy.