Recent content by turophile

To avoid any confusion, a trader should get good knowledge about the market and he should also learn the functioning of the market. Moreover, if you are thorough with your trading knowledge and with the right broker, things can be a bit easier.

Imagine forex is a swimming pool and you jump into it but you don’t know how to swim. You either end up drowning or seriously injured. The same scenario will happen when you enter the forex market without any prior knowledge, not only will you lose your money but you may also end up being the...

Learning is the most effective approach to stay afloat in this turbulent business environment. But, regrettably, the majority of traders, particularly newbies, attempt to make money without first understanding the ropes. As a result, when it comes to trading, they are losers. It would be ideal...

Because there are no other markets that are comparable to Forex, it is all about originality. Working here gives you flexibility, and you may trade at any time of day or night. Forex can provide you with a return that exceeds your expectations, something that is practically hard to do in other...

If you are relying on your luck for your market success, you are not trading but rather gambling. You have to make your basics strong so that you know what is happening in the market and how you can trade well to avoid losses.

Unfortunately, you cannot move ahead in your trading career without losses. So, even before you start trading, you must prepare yourself for the changing market conditions and losses to avoid any kind of surprises when you are in the live market.

As a newbie trader, practice on a mini demo account. It helps give you confidence and strengthen your knowledge of the market. Naturally, profits are received over time, patience is necessary to be able to make major decisions.

Follow an effective trading plan and stick to it. Review your trading journal and set a short term goal. If you are generating more loss, create a new trading plan according to the latest market trend. Make sure you learn to balance emotions from fear.

I really like using acttrader. It’s highly customizable and has tons of advanced tools. The best part is you can implement any trading strategy or manage as many accounts as you want with ease. Its mobile version is also excellent.

Proper money management allows the trader to use their funds sustainably by preventing losing too much from a single trade. The only way to manage your money is to have a strong trading system plan so you stay on track and don’t waver by over-trading too much at one time. Normally, I do not...

A spread is the gap between the bid and the ask prices of a trade. The lower your spread is, the higher profit you earn. Experienced traders always go for low spreads with less risk.

According to me, over-leveraging is the most common mistake among the traders who have just started to make winning trades. After winning a few trades they become over-confident and change there trading plan which results in losing.

GBP/JPY is my favourite trading pair.

At certain moments I do feel like giving up. I even quit trading for a few days. But I didn’t entirely give up. And I believe that this attitude of not giving up took me where I am today making good profitable amounts.

I joined Forex to be financially independent and be my own boss at the same time.