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@Kevin Vogt Newbies are in such a state that they don’t care much about learning. Their main focus is on money. Many fail because of this approach and only some of them are able to understand the importance of learning after their failure.

It seems to be possible if the demand of a centralised institution keeps on increasing. I think if it is done, it would be a totally different trading experience altogether.

Not even getting familiar with the trading platform and mindlessly clicking in the hopes of making profits is the worst thing according to me for a newbie. This is the basic information that the newbie should start with because the platform is to be used to apply all strategies and make trades...

Currencies are like commodities, so if more people buy a certain currency, its value increases, and if it is not purchased often, the value decreases. It’s a game of supply and demand, which others have cited too.

Exactly, leverage is a double-edged sword, which can magnify profits as well as losses. So, one should only use leverage if one has tried and tested trading strategies along with a risk management plan.

Well, winning and losing are a part of trading, but if you are looking for ways not to lose big, then you should perhaps trade a micro account. Moreover, use risk management strategies to minimize your losses in case of an unfavorable market trend.

@Hoosegow I second that because there is no way we could have done forex trading had there been no internet available to us. Now, anybody can trade any currency pair in any forex market, which definitely indicates a sense of freedom.

No, that’s a bad idea unless you have millions saved in your bank account. If you don’t have much savings, then find a way to trade forex along with your job because forex trading doesn’t guarantee anything. You could lose your money for weeks before making a single profitable trade, so having a...

Exactly, and besides using risk management tools and strategies, I would also advise traders, especially beginners to trade on a micro account with a smaller lot size. Do this for a few weeks or maybe months and then, switch to a standard trading account.

Not just forex, but any market is challenging if you don’t have enough knowledge and experience. Anyone who is looking to trade forex should spend time learning all the concepts of forex followed by practicing on a demo account until enough confidence is gained to trade on a live account. New...

Greed is an emotion that comes naturally to humans, but greed in forex trading can be disastrous. Successful traders are those who remain disciplined no matter if they win or lose.

Forex trading isn’t something that you can directly start full-time. You need to understand the market, develop trading skills, and trade part-time for a couple of months, and then consider full-time trading. Since the market is risky and volatile, traders should allocate time to understand the...

One of the biggest challenges I faced is controlling emotions. I have lost due to greed and lost again because of revenge trading. Emotions play a key role in your trading. If you know how you can overcome them and trade with good risk management, forex trading doesn’t remain as complex as it...

The ultimate reason why trades fail is because of commitment. Forex trading doesn’t make anyone rich overnight. It’s a process, a long one. New traders become impatient and chase after shortcuts, which do not work and they end up losing.

Although it is true that you can make money without knowledge by using services like copy trading or signals, relying on these options doesn’t work in the longer run, because the forex market is always changing, and there is no guarantee that copy trading or signals work 100%. A real trader...

There is no shortcut to making money from Forex trading. A lot of people think that there is a way to become rich overnight, without working hard. Forex trading is not a get-rich-quick business. It takes time and effort to master this market and be successful at it.

It depends on the trader how much time they spend on learning. Learning will give a trader a better chance to make more profit in the future, and it depends on how much time they are willing to spend on learning.