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Every successful trader learnt from their mistake and made his strategies according to the market movements not because of emotions.

@ebonyevans absolutely and as they used to teach us in the schools it's better to be safe than be sorry. Every trader needs to be responsible and disciplined while trading.

@Nezami I believe everyone faces this issue because it is next to impossible to keep the same risk ratio. What I feel is that people should not let their emotions drive their decisions, because the moment they do, they begin to lose their hard earned money.

A positive attitude is very essential for forex trading and for traders psychology. Without it, a trader can never execute profitable trades.

Tough question but most of the times i trade JPY USD , due to high fluctuations and higher profit earning opportunity.

Most of the traders think of not losing their profits in a wrong trade.

@ebonyevans money management is very important in this case. New traders ignore most of the basic aspects of trading, especially how to manage their trade and money and that is what differs novice with experienced.

I think in order for one to master the techniques and trading skills , they should practice their strategies regularly and do a thorough market research.

I feel that understanding the forex and its market is more difficult than poker. A lot of research and practice goes into executing a successful trade while poker is merely a game based more on luck , that's why it comes under gambling.

There is no way one strategy works in different market conditions . A trader should be well equipped with different strategies at their disposal.

@David Marco overconfident isn't good at all. I define overconfidence as a trade killer. I have seen so many traders hit the floors because they were overconfident about their knowledge and skills.

New traders should focus on enhancing their skills. It will help them get more knowledge of trading and get successful as well.

Several beginner traders think that learning isn’t that necessary. However, that’s not the case. The main reason behind successful trading is good knowledge. And good knowledge comes only if you learn everything about trading.

I think it's more of a 50-50 situation in forex . No trader knows how the market would perform or how their strategies would work in a fluctuating market situation. I have seen so many skilled traders lose out on their accounts just because the trade they were banking on moved opposite to what...

Demo accounts allow traders to practice their trades in real market conditions but with virtual money, this way they can understand the movements of the market and backtest their strategies. Even if their strategies fail they don't have to worry about any financial losses because it's all...

@Kazumu Fukunaga I have come to the conclusion that forex trading is for people who have the appetite to take risks and have patience . I agree the market is unstable and unpredictable but so is life, and if one cant stop living why should i stop forex trading.

I feel a Demo account is very vital for new traders. And it's not just me but many prominent and reputed traders who have made their careers out of forex trading promote the practice of using demo accounts during a trader’s initial days . Like I was very ignorant about demo accounts when I came...

1-3% of risk is sufficient for executing a successful trade, but only if the money has been allocated mindfully after a proper market study.

I think most importantly a new trader should practice on a demo account unless they are confident about the market movements and their strategies. I guess demo accounts play a very important role in shaping a novice into a professional trader.