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Emotions always affect our ability to think rationally. Following your heart is something that a forex trader should never do. Only listen to the logical and analytical part of your brain while making trading decisions. Keeping your personal feelings to yourself is important to be a good...

I totally agree with you. Forex traders should be serious and adopt a professional approach. If they trade for a time pass or fun thinking it's easy money without putting any effort into learning that will only result in losses. Taking calculated risks and sticking to a strategy is important. We...

Discipline is crucial as a trader, you must be disciplined and stick to your trading plan and keep learning and developing good trading skills to benefit in the forex market.

Yes, the forex market is highly risky and without proper risk management measures in place, a trader can seriously blow his account.

In my perspective, lower trading costs are very important. Provided that there are so many brokers, all are trying their best to offer competitive trading conditions.For instance, the one I am currently using is turnkeyforex. Their commissions are $2/lot rt and spreads are also very tight.

Agreed. Every type of market has its own risks. But if people worry about the risks, they shouldn't be in the market in the first place. The forex market is highly volatile, so you have to be very updated on all the technical and fundamental news and analyse the market. If you master the market...

Everyone can start making a journal when they enter trading. However, a trader must be consistent in updating the journal regularly. A trading journal works as an efficient tool for performance management. Looking at the journal, the trader examines his past performance for improved production...

Yes, forex trading may be stressful, but so can other elements of your life. There are no distinctions; stress is stress. You may deal with forex market tension, in the same manner, you deal with daily stress. And we all know that nothing in life comes easy esp. if it is worth it.

Demo accounts are beneficial since they allow you to learn without having to invest a lot of money. I'm not sure how many of these novice traders would have tried to trade in Forex if there were not any such accounts available. They wouldn't risk much, even their hard-earned money, just to learn.

Learning about Forex takes time, and being a profitable forex trader takes even more. People choose to trade part-time and keep another job in addition to Forex since the market is volatile and anything may happen. For most people, forex trading is a challenging endeavour. It's always a good...

Yes, but consistent profits would depend upon the experience of the trader as well.

The risks involved are very high here. So I do not prefer it, in fact I have never been involved in it.

ECN accounts are better. I have one with turnkeyforex, and it has the lowest spreads. Even the trade execution is quicker.

I agree, many traders fail to understand the importance of practising on a demo account which is the base for trading live.

Having a right trading psychology is very important in forex trading because wrong psychology might hamper the trading decisions. A trader should also focus on controlling his emotions and remaining calm.

It goes without saying that you will have to take risks when you are trading forex. They are kind of synonymous to each other.

There are rare chances of an impatient trader being able to make good money through forex trading. I feel so because it’s such a task that takes time to show results where you have to keep taking losses and still wait patiently to see your strategies to work.

Becoming successful at forex trading is a long journey and if we can’t keep patience, we should not take the risk. At least, the money we have would be safe.

While picking a forex broker, a key consideration for me is lower costs. For every trade, a broker is likely to take a fee in the form of spreads and commissions and if these are high it gets really hard to save enough profits. Currently trading with turnkeyforex as they only charge a dollar...

We keep focusing on profits while learning, practising, and actually trading. We are so influenced by profitable trades that we overlook the fact that losses are unavoidable. In fact, they are more common than profits. While we build a strategy for making profits, we must also build a strategy...