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Apart from theoretical knowledge, spend time on charts and gain experience to get a handle on your strategy and deal with market fluctuations on a demo account. It will protect your funds and you will learn and develop trading skills.

Imo, trading strategies losing edge is the biggest challenge. Many traders are unable to cope with the ever changing nature of the market. And some even are unable to realise the reason for the losses.

True! It is important to analyse your own capabilities and affordability to trade. Trading forex is not everyones’ cup of tea. You should study your risk appetite and only trade with the money that won’t affect you or your lifestyle.

Not really! Though your account will be replicating the actions of a copied trader, there are a lot of things that you can manage, like you can decide how much money you want to invest in a particular strategy, where do you want to set your stop/limits, when do you want to close the trade...

Forex trading is extremely risky. No one can change the nature of a business or completely eliminate risk from the market. It is preferable to learn about risk management and apply your knowledge to reduce risks.

Successful trade implies that everything is going well and that you are profiting from the market.

The best place for you would be a copy trading website. It’s even better if it has social trading features. Talking about myself, I use Zulutrade. It is a platform where you can find many professional traders who either use EAs or trade manually. You can read the description of their strategy...

I don’t think so. Your knowledge is the biggest tool you have when you are going to start your career in the forex market. I don’t understand what makes you expect a profit when you won’t understand the market.

I don’t understand why you think that finding a good strategy to trade is weird when there is no other way of moving ahead other than this. You will have to analyse the market a little and plan your moves. If you don’t do this, you will end up doing just anything.

Why compare these two when both of them can be done at the same time! Both these activities are not time bound and you can build your schedule in accordance with your availability. But start with one at a time so that you can give your 100% while learning. I trade forex in the evenings and work...

As per me, the worst thing a trader will ever do is following someone blindly. I know that you need someone to help you with your trades but it doesn’t mean that you should stop using your brain. Take an idea from what others are doing but don’t take a risk until you have tested your ways.

No one can tell how much time you will be ready to take risks in the live market. You will have to determine that on your own on the basis of your knowledge and confidence gained. Try not to take any shortcuts and keep a trading journal to improve along the way.

There is no way that doesn’t take you through the risks to make money in the forex market. So, instead of trying to overlook risks, you must find ways to face it so that you can make your plans accordingly.

Nobody likes risk but in the forex market if you can’t tolerate risks, you cannot earn money. Just practise risk management and make use of stop loss. Turn risks into opportunity, do not be afraid of them.

Most of the traders enter the forex market thinking of it as easy money. Such novice traders often lose their money. Also, improper risk management, not using stop loss, using high leverage, over-trading, revenge-trading, and involvement of emotions are other factors that propel traders to losses.

I avoid trading on Mondays and Fridays. As Mondays are static and Fridays are unpredictable it is better to avoid trading on those days.

Trading psychology plays an important role while making trading decisions. Lack of emotional balance can influence the trading decisions making them more rash and risky.

True! Another main reason for their failure is the misconception that forex is an easy and quick way of making money.

Many new traders do not take their risk management strictly and do not imply strict stop-loss. This makes the trade more risky.

Emotional trading can cause serious losses if not managed properly. Emotions need to be balanced in order to make rational and logical trading decisions without making significant changes in the trading plan.