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A trading strategy should be all inclusive i.e., the strategy should have money and risk management incorporated in it. The strategy should be structured such that it should clearly define entry, stop loss and target price apart from exit points in case of an impending reversal. The strategy...

I agree with your opinion partly in the sense that forex trading offers a lot of opportunity to make money. However, I am not sure how far it will give status to a person. Earning money does not give status to a person. Even if it does, it may not last for long. If we support the society through...

MT4 platform stands apart from everything else in terms of flexibility. It is very easy to understand the icons and their use. Also, programming in MQ4 is also relatively easy than even MQ5. Other trading platforms such as Jforex etc., are relatively unknown and belong to a particular broker and...

Selection of broker should be based on needs and aspirations. It can never be generalized. A trader may look for low spread while another trader may look for high leverage or scalping facility. Depending on the trading style and requirements, the broker should be chosen. Just because a broker is...

Forex is a speculative activity. It actually does not come under the realms of business as neither a product or a service is sold. It is also not a get rich profession. Only commitment, patience, mind control coupled with reasonably good strategy can take a trader in the path towards financial...

I always use only 1:100 or less. Additionally, I do not use more than 1/4th of capital in any trade. This avoids margin calls and thereby allows trading with peace of mind. With calm state of mind, we will be able to take decisions with clarity of thought. As we gain experience, if necessary, we...

I was looking for a flexible work timing. This was the major reason for me to enter forex trading. Additionally, forex trading is not capital intensive. Even small amount of capital is more than enough. Thus, it allows ordinary people like me to enter and succeed as long as an individual...

Practice is a must for successful trading in the forex market. Practice begins with trading on a demo account. It will not only enable a trader to learn forex trading but also allow him to understand the use of indicators, development of trading strategy and more importantly the use of trading...

Learning is a continuous process. We should not stop learning at any point of time. Learning simply does not mean reading books but from experience as well. Each and every trading experience, particularly loss, is a wonderful opportunity to introspect and learn from mistakes. A trader who makes...

The only tip that should always be remembered is that a beginner should never avoid using stop loss facility. It will protect the clients account for huge capital erosion and margin calls. Mind control and patience should be there as well. A reasonably good strategy coupled with points mentioned...

The flexibility to choose once own work timings is the major reason for me to enter forex market. Other than that, I am a financial professional by virtue of my education and so it was easy for me to understand the basics of this lucrative profession without much of difficulty. No other...

The only disadvantage in forex trading, if at all any, is that it is a over the counter market. I would feel more happier if the market is regulated or centralized or at least monitored by a stock exchange kind of thing. That will make more and more people join the trade with confidence. Earning...

By having a tested strategy, a trader can put away fear from his mind before entering a trade. However, too much courage will result in overconfidence and ultimately a substantial loss. Market should be given its due respect all the time and should never be taken casually. On the other hand, a...

Beginners tend to get too attached to trading. However, this attachment should not turn into obsession. When that happens the clarity of thought would be lost and the trader would be constantly thinking about it. Life is not all about trading. Trading is simply a profession where we should...

Selection of leverage is very much dependent on how much proficient we are in identifying the entry and exit price. A trader who can wait patiently and enter almost at the point of reversal can use high leverage. For the rest of traders, it is always advisable to use a leverage of not more than...

Major political events such as war declaration have major impact on the relative price of a currency. Sometimes statements issued in this effect may cause huge fall or gain in the value of a currency. Even though it does not occur on a daily basis, it is always better for a trader to have a...

It is better to gain experience by trading on a demo account before shifting to a real account. Also, there is no need to invest huge amount in forex trading at the earlier stage of one's career. A good trader can easily begin with a modest amount and multiply it many times over in a short span...

There is no specific time frame prescribed to be spent on a demo account. It is better for a beginner to get fully accustomed to the trading platform and usage of indicators. Once a trading strategy is tested on a demo account for more than a month time with good profits and low draw down then...

Mistakes are footsteps towards success as long as the trader takes it in a right sense and learns from it. A good trader will never repeat past mistakes. It is the ability to analyze mistakes and learn from it matters most in forex trading. Most traders, including professionals, find it hard to...

There is no limit to the possibility of earning from the forex market. As much as a trader is smart and adaptable to changing scenario so much profit can be made. Having said that, I also wish to add that too much greediness will result in substantial loss. A trader should have a clear...