Recent content by Xenophilia

Yes, I think so. Newbies better not depend on forex and take up a career with which they can continue trading forex as a part-timer. There are rare chances of newbies making money and if they don’t have any other source of income, it would affect their normal living.

A confused trader becomes incapable of making profitable trading decisions. It’s okay not to understand everything happening in the market. It’s also okay not to trade at times. After all, no profits are better than heavy losses.

I would not quit my career for forex trading as I have a family that I want to provide for. I don't want them to go hungry or cold because of my decision to trade that might or might not succeed. But once I have gained appropriate trading skills and have sufficient knowledge and start making...

Scalping in forex trading is like skim-boarding: you don't stand much of a chance of catching a wave if you're too far from the water's edge. This analogy is particularly apt for those who are new to the practice, as scalping can be an intimidating strategy to master when you're just starting...

Yes I agree. I prefer using a single pair at a time when trading forex, because it is easier to focus. Focusing on the movements of only one pair definitely does help in analysing the market and making better, concrete decisions. I have traded with two pairs at a time too, in the greed of making...

I apply the same tricks I used to apply while I was in school to regain motivation. Here are a few of them - 1. Not expect too much, or dream of a very huge profit 2. Make small achievable targets and reward yourself with something good when you achieve it (for me it’s buying my cat...

They impact them in so many ways. For example, with Brexit the British pound fluctuated, similarly, with political instability and inflation, there's a lot of fluctuation in the market.

Until one feels confident enough to quit it. Until you can see that your strategies are working, that what you’re doing won’t potentially backfire and cause losses. Once you’re sure of all these things, once you’re sure that nothing will go wrong, you can quit a demo.

The challenges in the forex market come from volatility. With different minds constantly placing trades to make money, it gets difficult to make buys and sells at the best price.

Many traders make the mistake of following other traders blindly. They overlook the fact that every trader has a different personality and they trade well only when they understand what they are doing. Following others doesn’t only limit their profits but knowledge also. In case the trades go in...

Many people fail to become successful traders and are unable to achieve good results in the forex market. In fact, a high percentage of Forex traders end up losing more money than they make. To become more successful in the trading market you have to continuously enhance your knowledge and...

Forex trading is unique from other investment markets simply because of the massive turnover that the market will see on any given day. The daily turnover for the forex market is over $3 trillion. Yes, that means that over 3 trillion dollars move on the market every day. Another incredibly...

You may win a few trades out of luck without knowledge. But to keep making profits, you will have to obtain basic forex knowledge. You cannot move ahead without knowing what is right and what must be avoided.

As long as traders are taking lessons from their failures, I don’t think they are in a losing position. Your profits may tell you that you are doing right and that you must keep doing it. But your losses tell you what you must not do and what can help you keep your money safe.

Forex is a risky place for sure. The highly volatile nature of the forex market accelerates the risk element and a trader needs to take careful steps to not take risks beyond their capacity. The best way to minimise risk is to study the forex market well before engaging in any trading. One...