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Trading routines might vary from trader to trader based on their trading style and the currency pair they are trading.

Before starting forex trading, make sure to do your research. And always follow the trading plan religiously. This will help you stay disciplined and make better trading decisions.

How many pairs can you handle? You can trade with as many pairs as you can if you can monitor them well. There is no restriction. But don’t go running after 7-8 pairs. Be selective. Some traders even trade with one pair and still earn decent profit. Trading one pair has advantages. You have to...

Agree! Strategies lose edge because of changing market conditions. Traders need to identify that & modify their strategies with the help of backtesting.

Yes they do. But not as frequently as beginners. And there was a time when they lost every trade and it was only possible through the hard work and consistency that they are now professionals.

Starting with a small amount is okay and normal as newbies still need time to assess the market and understand the process and sentiment. While setting a goal, traders should calculate the prospects of possibility and set realistic expectations. Earning profit happens over time.

Trading on any day can be fine as long as traders have their plan in motion and good risk control techniques to back them up. Learning is constant so traders can’t fall lazy.

I agree. Forex traders must have a strong base. It is vital to have a thorough understanding of fundamental economic principles such as inflation, interest rates, currency exchange rates, etc. Additionally, effective forex traders must have good analytical abilities and the discipline to...

I used to read a lot of books when I was new to forex and trading. The last book which I read was ‘Trading in the zone’ by Mark Douglas. It is a great book on the topic of trading psychology and a must read for every trader in my option.

To begin with, borrowing money to engage in Forex trading is not a wise move. That might lead to problems beyond just losing a trade. The volatility is high and there’s no guarantee that you’ll be making consistent income. You run the risk of not only losing money, but also having a difficult...

Yes, it is definitely a challenge to trade Forex. But if you take it as a challenge that you will accomplish at any cost, Forex will prove to be a very fun challenge for you. It is totally dependent on your mindset how you see forex.

As a new trader, the first step to get profit will always be to educate yourself. You just can’t think of earning in Forex until you have a tested trading system and sound market knowledge.

I don’t think there is any shortcut or trick to make trading easier so that you can earn money in less time. But you can shorten the learning curve by taking more efforts in the right direction in order to become a skilled trader. Still, it will take time for you to become profitable as a...

Knowledge is a must for earning profits from forex trading. And gaining knowledge is the first and foremost thing a beginner should do before stepping into the forex market as a trader. Demo trading is essential for practical learning. We must enter the market with a good trading plan and keep...