Search results

I know there are a limited number of currency pairs but that is what helps most of the traders to earn. You have to find the best currency pair which will bring you a good amount of profits and then with a working strategy you can trade in it.

Forex is easy. It is risky but for the ones who just entered into the market without having proper knowledge and just for the sake of earning. But it doesn’t happen that way. If you have studied well, you will be able to manage your risks and then earn.

@Mark_dahl even i prefer scalping the most. It is a quicker and more profitable strategy. Being disciplined and consistent can really make you maximize profits.

Rightly said @Butler. With good knowledge, forex is a good source for passive income and there are many people who even make a living out of it.

That’s correct @AliciaLynch. Without having a proper plan, it is not that easy to make consistent profits.

@cooper_truebridge Trading is all about having a good strategy. You need to create a right balance between the range of emotions and technical aspects of trading. You tend to turn your winning position into a losing position if you don’t know how to trade with the right mindset.

Not having patience and being unstable are the common mistakes that I mostly make. Nowadays, I go with a forex planner and stick to it till the end to avoid such dilemmas.

@gretARjan I don't understand what you mean by the mentality of a new trader. I think the psychology needed for trading comes with experience only. Only with the experience, comes this knowledge that greediness will only increase risk and maximise losses.

@helodear123 Volatility really creates trading opportunities but it also increases risk. To get the best of the opportunities from the volatility of the forex market, one should not be overconfident and take little steps at a time. You need to be really choosy and not let your emotions be the...

You are right @kevin, most traders do not pay required attention to the learning process. Directly jumping onto trading will increase the chances of risk. I think the best one can do is to start trading in small fractions. This way you will not have a fear of losing your capital so you can...

A good nutshell explanation @Eduardo. Fear, uncertainty and doubts will always diminish a trader's thinking ability.

Well said @Smash Fun. Adapting to the current market conditions is what matters most.

Yep, forex is all about timing. The right time in forex is very important in finding and doing a lot of things like entry, exit , analysis , signals, break points, trend movement etc…

@David Marco I am with you, even I always prefer to go for a higher time frame.

Fear is undoubtedly one of the biggest reasons for failure. Fear of losing in trading is quite common. But if you wish to be successful in trading, you need to overcome the fear. You can start trading very small so that even if you lose, it is bearable. Moreover, you need to focus on risk and...

If you wish to be a successful forex trader, forex analysis cannot be ignored at any cost. Additionally, you can also go for technical and fundamental analysis for conducting better trades.

Yeah @GitoDinev. It’s the most commonly used and popular chart pattern in trading. It gives a quick glance on the current market state by simple coloured bars.

What you said is exactly true @Nezami. To become a professional and successful trader, one has to experience and undergo a lot of market scenarios. And in the long run, discipline and money management are the key factors to avoid huge losses.

Both the time frames and entry/exit points are important for day trading. Like @AliciaLynch said, for a good market analysis, the right time frame is very important.

Yes, it’s a risky one for new traders @DavidMarco. Scalping involves making quick profits using high volatile instruments within a short period. I don’t think it’s good for newbie traders.