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Greed is an emotion. Incorporating emotions into trading can be risky. Therefore, when trading forex, you should never be greedy.

Yes. It’s a good habit that could help you to be more profitable. Some of the books that have helped me in my trading are Japanese Candlesticks - Steve Nison, Trading in the Zone - Mark Dougls, and Forex Trading - Jim Brown.

Absolutely right, I found turnkey forex and lmfx most suitable to my trading style (scalping) so I went ahead with them.

Without keeping track of your performance, you will have a hard time becoming a better trader. Therefore, start recording them in a trading journal. Add all the details of your trades that you think are important - stop loss, risk-to-profit ratio, T/P, etc. You can use a spreadsheet as a...

There are no worst or good days. You can make the best of the market when you have the right trading skills. With knowledge, consistency, and patience, you can definitely increase your strategy’s win rate over time. It would no longer bre a matter then which is the good day and which is bad.

Trading out of assumption and not analysis, can be quite similar to gambling. When you assume, you are basically relying upon your luck for the price chart directions to meet your assumption. But trading with analysis of price chart patterns along with important economic data and news can help...

Dreaming big allows you to set goals. If you don’t think you can do it, you can never do it. Dream big but remember to be realistic. The forex market is tough and requires skills & patience.

A forex trader needs to be consistent in their trading strategy. Build a sound strategy with proper technical and fundamental analysis, don’t try to copy others. Further, backtest it on the demo account to see if it suits you or not.

This is true. Many traders upon joining increase their expectations and fail due to lack of focus and discipline. They don’t spend enough time learning and quit easily. It is a constant process, profit is acquired over time.

Risk management is the salient to earning profit. To sustain long term profit, it is necessary to understand the market sentiment and make moves accordingly. Identifying the right opportunity and following the trend takes analytical skill, traders need to be alert and lower risk levels as much...

I’d say spreads decide whether you’ll be a king or not. It’s really hard to make profits when spreads are wide. This is the reason I’ve always preferred low spread brokers like turnkeyforex for trading as their average spread is 0.2 pips.

I agree! Risk management is the key for managing the risks. I’d also add that risk management along with well calculated money management is also crucial for using the funds wisely.

It is all about playing right; the risks will manage themselves. If one’s risk management is right, trades are right, and everything like psychology, etc., is right, risk will likely get reduced. Of course, it is advisable to choose to trade only with that amount that one can afford to lose...

Forex trading is a business which you can do at the side of your job or other business. You do not need to quit it. It is possible to make good money as a part time trader and do other business or job successfully.

It depends. If you feel that your skills and expertise do not allow you to trade and you do not want to learn anymore, you are free to quit. However, if you are thinking about quitting forex trading due to failures and losses, then I would like to say it takes time to be profitable in the...

Yes. If you are making consistent profits from forex trading, then you can definitely make it as a source of income. In order to be consistently profitable, you have to trade dedicatedly for years. Not even prodigies become profitable after a few months. It will require your dedication, hard...

Same for me. I do not see myself giving up forex anytime soon in the coming years. Trading can be a bit difficult at times but honestly, this is what keeps the fun and discipline to trade alive. If trading was easy, anyone could have succeeded in it. But the tough nature of the market is what...

Not learning well and still expecting to make a huge profit has to be the biggest mistake that a new trader will ever make. No emotional control and greed to make huge profits is a big reason why most newbies leave the market even before they make their first loss.

When all that you do in the forex market is related to money, you are bound to feel a constant stress of keeping your money safe. You may or may not make a profit but you will always have to put your money at risk. Now that most of us have had a hard time making money, I don’t think it is easy...

I am not in favour of using demo accounts for a long term. The simulators just tell you about how live trading looks and nothing else. To know it more, you will have to take the risk and use real money.