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Though forex is a business, most people treat it like gambling. How to know you are gambling. If you do not know, when you do not have a solid reason yet you open a trade, you are gambling.

To make money by forex trading, you needs good knowledge, expertise and a mind that may control feelings. You have to learn it first. Go to education section of this website and begin reading it.

Personally I prefer GBPUSD. To choose or find your favourite pair, you have to select 2/3 pairs and observe them a lot. By scanning their charts regularly, you will be able to find some patterns that will give you extra benefits.

There is no alternative to practice. But to do practice, one needs some systematic approach. Just random demo trading does not help. Treat demo like live trading.

Overconfident is one of the destroyers in forex trading. In forex trading, you can not be overconfident nor less confident. You need to know what you are doing and why you are doing.

Due to easy access and low capital facilities, trading has become riskier for many. People come here with unrealistic expectations like make 100$ in to 200$ or 300$ in one day or week.

Leverage is very important in forex trading. It allows us to trade with a small capital. Even with 1$, one can open trade in some brokers with high leverage. Though it is beneficial but one should be careful to use high leverage.

Regulation of a broker is very important. In unregulated brokers your money not be save for long time. If anything unwanted happened, no one will be there to look into it.

Problem is most traders do not want to manage their risk. They suffer from overconfidence. As a result they lose money again and again and very few learn the lesson.

Always invest small amount unless you start making money on consistent basis. Once you are making regular profit, you can invest big money.

Both fundamental and technical analysis is important. But only with technical analysis you can also make money. For that you need to be careful about big news events.

Demo is to test our strategy before trying the strategy on live account. For newbie demo is to know trade mechanism works and also for testing strategy.

Due to impatient people open trade before their strategy gives signal. Suppose I am trading on H1 charts. To open a trade I have to wait to form the candle. Many traders can not have the patience to let the candle form.

There is no exact answer to the question how much one can earn. It's a risky business so you can also lose all the money. Your earning will depends on how much skills you have. No skills No money.

It is the consistency that brings success. Almost all the traders can make random profitable trades. But the real challenge is being consistent. It requires study and research.

Trading for living is possible but not that easy. Successful trading requires a lot of skills and experience. To achieve those skills and experience it takes time. But most people are not willing to give that time.

Most traders think that trading is all about strategy. They look for it everywhere. They think there is one strategy that will make them rich. They never try to understand that the success of a strategy mostly depends on the individual it's using. Strategy is just a single component of...

Yes loss is the integral part of trading. We need to develop skills so that we can have more winning trades than losing trades. Otherwise it is not possible to survive in the market.

To treat forex a one of the main sources of income, one needs extensive skills and experience. And it takes years to come. But we should always treat it like business.

Though forex market is not a place for gambling. But unfortunately many are doing nothing but gambling. It is because of not having enough knowledge and skills.