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There is no easy way to profit from forex trading. All that is required is extensive study and hard work. Only these characteristics can help you become a successful forex trader.

Newbies look for shortcuts and that is why they fail early in their journey. Trading Fx requires time and patience so give it time and allow yourself to grow and pick up new skills along the way. Plan out each move and be ready to face losses. Gaining consistency is not easy in a market that is...

That’s right, experience counts a lot and with growth, after suffering losses, traders will know how to generate better results. Knowledge and skill are learned throughout the process so traders should be patient while trading and not set unrealistic expectations.

True. Taking trading calls based on your emotions can be extremely risky. It is best to keep your emotions in check and make rational decisions. This is easy to achieve if you adhere to your trading rules.

Forex trading is extremely risky and volatile. This is the reason forex trading is considered unpredictable. You can never be certain that the market will move in a specific direction. It is extremely difficult to forecast. This is why the majority of traders lose money in the market. However...

Types of trading accounts don’t matter when trading conditions provided by the broker are good. I trade with turnkey forex in a standard ecn account, minimum deposit is $10, spreads are as low as 0.1 pips and commission is $2/lot rt. I didn’t feel the need to have another account type.

Revenge-trading is trading blindly. In order to be a successful trader, you need to keep your emotions in control. Understand where you went wrong and try to improve those areas. You will have a better chance of becoming a successful trader.

Allowing emotions to enter into trading is a dangerous thing to do. It is preferable to maintain emotional control while trading as it resist traders to make rational decisions.

For successful trading, patience and discipline are always required. These are essential characteristics for a trader.

True! It would be appropriate for beginners to start their live trading with a small amount. As beginners lack the right trading psychology, this would be a proper approach for them to develop trading psychology without losing much.

It is good to have big dreams but it's also important to understand that realistic expectations are easier to achieve compared to impossible. Set such a boundary so you don’t lose focus in the long run. If you wish to earn consistent profit, patience is a necessary skill to master, including...

It can be any day if you’re not prepared to face market changes. Applying risk management techniques helps you get one step closer to achieving the success you’re looking forward to. They say Monday is not a good day because the market just opens after the weekend and the prices may fluctuate...

Beginners need to learn how to approach the market, hence reading books will help them get an overall understanding. Practising on a demo account will boost confidence and joining a forum online will give them connections to share thoughts and discuss opinions on market conditions. They need to...

You can track the progress of the objectives you've set in your trading plan by maintaining a journal. It might assist you in identifying the trade abilities and plans' limitations and strengths. Trading journals can offer a path to self-improvement by helping you define yourself and your status...

An obsessive desire to increase your profits can lead you to take irrational decisions. This may cause excessive trading, overleveraging, market chasing, or sticking onto positions you ought to have closed off a long time ago. It takes a lot of effort and discipline to overcome greed. You can...

There are so many different types of risks involved in the forex market. A beginner trader will not be able to cope with those risks until they practice risk management and learn forex trading with interest.

Beginner traders trade without direction or goal. They trade to earn money and nothing else. If they have direction and know their goals clearly, they can succeed. But many don’t have a clear direction or goals to follow.

Nope! Is it possible to make software without learning how to code? Likewise, it is not possible to become profitable without knowing forex foundations. Moreover, trading is not only about technical aspects. Psychology plays an essential role as well. If your tech and non-tech skills are...

You should use a demo account as long as you need it. Make sure that you are fulfilling the purpose. Demo accounts are there to help you build a trading system and get familiar with how things process in the markeT. If you have accomplished that, you’re ready to step into the live market.