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I can’t think of trading without stop loss. It doesn’t just limit my losses but also gives me the confidence to stay away from my screen for some time because I won’t be losing more than I can afford to.

Experience is your best teacher. You might try to grab all the essentials of knowledge from different resources, but you will always learn the most important lessons with the experience you obtain in the live market.

Absolutely, I used the demo account on turnkeyforex for almost a month before going live with them. Demo accounts give you the confidence that you are making the right choice.

Forex market is one of the largest markets, offering opportunities to non-professional traders to make money. That’s what I like about it. The market is open for 5 days and is one of the most liquid financial markets.

Both are risky because traders have to open and exit their trades in a day. I personally use a blend of different strategies, based on the market conditions.

You need to use a platform like the Forex market, as it is much more volatile, and you can make more money by day trading.

In my opinion, I believe that forex mentors are needed, and it's a great benefit. They help you stay on the right path and how to avoid any pitfalls that could cause major losses.

That's right @radex78, keeping realistic goals can help beginners to learn Forex trading. Excitement and worry are the very emotions that destroy beginners. In time, they run out of money or lose all of it in a fraction of an instant.

Forex can be profitable but it requires a lot of effort, a very solid strategy, and a bit of luck.

Revenge trade is not good in forex trading. Reacting according to your emotions in the market can lead you to losses and bad decisions.

Mental strength in the foreign exchange market is a psychological necessity and, if not present, will result in limited profit potential.

@Cooper Truebridge, I agree with you. A demo account will give an edge to realize if forex trading is a great career choice or not. Moreover, one can also learn how to trade the market properly and develop your own systems to become a profitable forex trader.

Forex trading is very profitable. But many people start trading without much knowledge and understanding about the market, and this is a mistake.

A broker that aligns with a trader’s strategy is the best one for him imo. A swing trader wouldn’t mind paying wider spreads for 0 commissions but for a scalper low spreads are essential, and I find turnkey forex fit the bill for me.

Skill is the ability to do something well. Luck is a chance happening or a good fortune. I think a successful trader needs a bit of both of them.

News trading is risky and not for everyone. Beginners should avoid news trading.

I am of the viewpoint that a new trader should not give much heed to signals. For a new trader, when everything is happening for the first time, they might not be able to determine whether the signals they are getting are true or false. This may lead to unnecessary losses that could have been...

For a trader to be successful, it is essential to have a basic understanding of the market. If the trader doesn’t have an idea about what is happening around them, they won’t be able to judge the market properly and make profitable moves. Before you take any step in the market, you must spend...

@Nezami Risk management and money management go hand in hand. Money management is a way of allocating your funds across the portfolio(s) of instruments and strategies. Risk management is a way of controlling risk by ensuring proper execution, margin checking, etc.

There is no denying the fact that overconfidence is one of the major reasons why traders lose money in the market. Traders don’t give much importance to learning in the beginning but regret it later. They need to understand their basics are the most important thing that can help them make money...