Search results

Any time is a good time to trade if you are trading at that time every day and getting good results. If you keep changing your trading schedule, no time would prove to be profitable.

Before you start trading, bear in mind that it is going to be tough to make money in the market. If you want to stay for long in the market, you will have to build a strong mindset because that’s what causes the major problems later.

But a trader who is curious does not mean he is impatient, it just means that he wants to experiment more. Impatient traders will always look for profit and will not bother to calculate his R/R which is not wise. While the trader who is curious will see something new he will try that practically...

Right! The value of currency depends on demand and supply of the currency. But it also depends on the selling and the purchase of currency as a commodity. This is affected by the amount of currency that is bought. When many traders buy the currency its value also increases and when many traders...

I think it totally depends on the trading style of a trader. Although I feel that scalping is not a right strategy for someone who wants to grow the size of their trading account quickly. The margin in scalping is very less and unless a trader is an expert there are very few chances that one...

A good broker and a good strategy, both are important in trading. A good broker will offer the right trading conditions and a solid strategy will guide on how to make use of those conditions to the trader’s benefit. And for testing both these things, micro accounts are the best. I personally use...

Yes, it can be a waste of your time and money if you have no idea about what you are doing. It requires a strong mindset and a plan. If you are not willing to put in the work, then sorry you need to reconsider why you want to do trading.

From flexibility, financial freedom to the advantage of being your-own-boss, forex trading can change the life of anyone. But it is not an easy job. Your hard work and knowledge define your success as a trader.

Of course! Forex trading demands skills, which demands persistence. If you think you can become a forex trader overnight, then you are being delusional. You become a professional trader once you have strong foundations and years of practice.

Learning doesn’t STOP! The way to become a forex trader is through learning only. You can’t become a perfect trader, but you can certainly become a better trader by learning from your trades and backtesting. I would suggest to my peers to maintain a trading journal and backtest strategies...

@maxlvg I couldn’t agree more. Most new traders fail because they look for easy ways to make money. They rely on signals and trade with bots, but they are not 100% effective and it is very difficult to find good resources. Even copy trading doesn’t work 100%. What works is your hard work and...

100% true. We learn more when we trade and forex is a changing market, so we should be prepared for the unexpected.

Demo accounts are practice accounts where traders can develop trading strategies in a lookalike, live trading environment by trading with fake money. They are risk-free and free and offered by most of the brokers.

I completely agree. In a market like forex, the more your risk, the more profits you make. However, that doesn’t mean to risk without any calculations. A trader should risk a very small percentage per trade. Allotting proper risk and reward ratios is a good way to minimise risk and approach the...

What are your requirements exactly? If you only want a decent forex broker with lower spreads, good execution and easy withdrawals then FinproTrading can be your choice.

There is no fixed time how much you should spend on demo trading. In order to get an estimate, traders should spend time to develop trading skills and create trading strategies. Traders should get used to the trading platform. Once you have the confidence and skills, you are ready to move to the...

In forex, candles refer to the candlesticks charts. They are graphical representations of the currency price movements over a certain period of time and look in the form of candles. Each candle represents four points—open, close, high, and low. Open: it represents the price at which the market...

Trading management is mandatory to become successful in forex trading. The best way to do this is to keep a repository of your trades. From stop loss, time frame, trading capital, reward-risk ratio, and other trading factors, a trading repository is like a trading journal that will keep all the...

That’s 100% right. All traders have their own approach to trading. It is important to test what works for you. That’s why backtesting is essential to become a profitable trader.

Yes, it is not easy because it requires trades to be persistent. There are phases when traders have to work without expecting any returns. Those are difficult times because it can mentally drain you. More than skills, you need to have a learning mindset, which never stops. As long as you’re...