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@EduardoLucchese If you are going to try recovering all your past losses, you will never become professional. This intention is the reflection of wrong mindset and a professional trader is one who knows how to approach the trade with the right mentality. A professional trader neither loses...

Deposit bonus is good as it gives you an opportunity to increase your initial trading capital but what needs to be checked before using a bonus is whether a broker has any special conditions. Many times there are withdrawal issues. So make sure if a broker is giving you a bonus, there should be...

No matter what the risk reward ratio is, never go with a trade you are not 100% sure about. Trading is not a place to try out your luck. An ideal risk reward ratio for me is 1:2 but on an average, people prefer 1 unit of expected return for one unit of risk.

Just hoping to get some consistent profits so that I can leave my hectic job and work for myself. Although I am not in a rush and my only focus right now is to learn well so that I can confidently take this important decision without any regrets.

A beginner should always take the learning process step by step. Begin with theoretical knowledge to understand the basics about the currency pairs and how it works in forex trading. Then a trader should gather the technical information and learn about the softwares. Before placing the real...

@Rageskin There’s no denying that stop loss is beneficial but the only problem with it is that once the limit order is reached, you are off the trading floor even if the result of the trade comes out in your favour.

Overconfidence conceits you. It makes you believe that you can never fail, hence push you to take risky trades more than you can afford. Later it deceives you and you fail miserably.

Forex is not something that we’ll definitely need at some point in our life. There are many life skills that can be made mandatory but there’s no need to force children to study forex when they already have so many subjects. We can either keep it as an optional subject, maybe at high school so...

@Shallilack Most importantly these EAs are developed by some other trader who we don’t know is a successful trader himself or not. It’s good if we keep a mix of manual and automated trading.

The answer lies in the little decisions you make everyday. Be really cautious to stop your mistakes even if they are not very big or problematic. This is how you prepare yourself for the market. Never forget to use stop loss. A good risk management strategy should always be up the sleeves.

Whenever there’s scam, there are always red flags which we keep on ignoring until something disastrous happens. A trader should always conduct due diligence before going with any broker. If something is really tempting and too good to be true, you should better avoid that. This is how scams lure...

Rather than relying solely on technical indicators, price action strategy allows traders to make subjective trading decisions based on recent price movements.

Traders have similar needs but different goals. These goals make them alter their techniques. Some want to make quick but small profits, some traders want to make huge profits and are okay with a longer time period.

It’s never enough practice. Even when you shift to a real account, take it as a part of the learning process. Don’t start expecting early results. It takes years to make consistent profits.

Learning can make you a skilled trader and Skills can make you earn money and cut your losses. Isn’t it our final goal? People try to jump to the last goal and fail miserably. Take trading step by step.

I was able to build a good enough trading strategy for myself only because of the time I spent demo trading on finpro trading. These accounts don’t just work for beginners but also for experienced traders who wish to test their strategies before risking their money with them.

@AndrewMcCalam I agree with you. There’s a fine line between need and greed. Trading done with greed will only blow your account. To check this I set realistic goals and try to achieve them. I’ve seen that when we don’t follow a trading plan strictly and try to make huge profits we always find...

There’s not any definite time period of using a demo account. It only depends on how much you have learned through a demo account. You should work on a demo account as long as you are not confident enough to trade with a real account.

No matter how hard a newbie tries, he can’t learn everything before actually starting trading. Much of the knowledge comes through experience. The one thing that I believe a newbie should know is: Losing is not an exception, it’s a norm. Don’t let the emotions overpower you. Always know you are...

Once you are into trading and you have gained a good experience of trading, you can think of getting into businesses related to forex like you can start a brokerage company or you can make a website where newcomers and other traders can put up their query.