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You can’t spell words without knowing the alphabets. Similarly, without knowing the basics of forex, you can’t win. All traders should give proper time to cover the forex basics and practice in a demo account before stepping into a live account.

Quitting a job to pursue trading can be risky. Forex is an unpredictable market, and it can be very overwhelming for newcomers. And without a job, you can feel a lot of pressure. So if you want to trade, start with part-time trading first.

Agreed! Trading without knowledge is like shooting an arrow in darkness. Traders should take enough time for learning and understanding the basics of forex trading. He should not hurry and start trading recklessly.

I totally agree! It is very important that a trader practises his trading strategy in different environments and finds an edge. Traders should also use strong risk management for reducing the risks involved.

When I trade, I always calculate my risks and prefer not to trade if they are more than 2%. I focus more on protecting my funds than on profits. Money management allows traders to use their funds sustainably and also prevent from losing all the amount in a single trade.

My favourite trading pair is GBP/JPY. But if you are a beginner, I’d suggest you start trading with EUR/USD as it is a more stable and predictable currency pair and also offers tighter spreads and high liquidity.

Of course, it is! Nothing can replace the confidence that you gain by practicing on a demo account. It gives you plenty of chances to explore the market and take risks that make you learn and prepare you for the live market in return.

The thing that everyone thinks differently is a major reason why there is so much volatility in the market. And it is also true that this volatility gives you chances to earn money. So, analyse the market properly before doing anything.

There are plenty of websites that you can refer to. You just need to do a little bit of research. Some of the websites are listed below Babypips ( Free forex foundational course) Forex Factory ( Economic calendar for fundamental analysis Bloomberg ( news and other global events) Rayner Teo (...

I like brokers with fast withdrawals. So these days I’m only using brokers that offer btc withdrawals, currently with coinexx, payments are usually processed in 2-3 hrs.

Proper management is one of the strongest traits of successful traders. As a trader, you should know how to minimise risk and control the flow of your money. Traders use different methods to manage risk. That could include use of stop losses, stop-out levels, risking 1% of your capital/trade...

Absolutely right! Forex does allow traders to decide the capital that they would like to risk. Moreover, traders can place stop-out levels in their trades to prevent heavy losses in case of leveraged trading.

There is no specific time period for using a demo account. A trader can spend as much time as he/she wants to practice on a demo account. Even traders who trade live accounts return to using demo accounts when they want to try out new trading strategies.

The only way I see to avoid being scammed is to get aware and control greed. Before choosing a broker or an algorithm based software, do proper and in-depth research. Read the reviews.

@GitoDinev I agree! But a trader should not get accustomed to a demo account. There is a lot of difference in trading in a demo account and in a live account.

It is difficult not to be greedy and that is why in Forex only 3%-5% people who have great control on their emotions make successful trades. Yes we all have come here to make profits but risk management is also important.

Candlestick charts are the popular charts that are used by traders to anticipate possible price movement based on past patterns. Like a bar chart a daily candlestick shows four price points- high, low, open and close. Candlestick comprises two parts- the wide part is known as ‘the body’ and two...

I so agree with OP. I’ve traded with regulated and unregulated brokers in the past and I can say that it doesn’t make any difference if you make the decision wisely. Choose a broker with a good record and the one which doesn’t put a lot of restrictions and let you trade comfortably. Before...

In trading risks and profits go hand-in-hand. Only if you are ready to take risk in order to gain profit, then trading is suitable for you.

No one can tell exactly how much time should be spent on trading. It depends on person to person’s personal ability to adapt and learn. It would suggest that one should not spend more than 6 months on a demo. While trading on a demo for a longer time, you get habitual of not considering the risk...