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Emotions in forex trading can hurt your chances of success. Traders should learn about trading psychology. It will help them with their trading

I also agree. Consistency in forex trading is important. Forex trading is a lifestyle, and you have to be consistent with it.

Absolutely, coinexx has been offering lowest spreads and that has made all the difference.

If you want different results, you should follow a different path. Traders don’t even realize that they are becoming a part of the crowd. Follow the crowd only when it coincides with your own established trading strategy and if it does not, trust yourself.

From my personal experience, I’ve seen that sometimes everything goes well with a scam broker. You don’t find anything shady, make nice profits and everything is on point until you try to withdraw money. That’s where the problem begins. If your broker doesn’t let you withdraw money, warning...

There is no concrete rule as to who can be a trader or who can’t. If you have that seriousness and willingness to learn you can be a very good trader. Trading doesn’t require special degrees or extraordinary intelligence.

@radex78 People with low IQs might be slow in learning and retaining the information but that doesn’t mean that they should not do forex because understanding alone is not enough. You should actually know how to apply that knowledge. Also, Dedication, Commitment and hard work can help people...

This is important. You should make a list of your daily goals and then in that list set your pips and your risk reward ratio. Do your best to achieve these goals. This way you will be able to manage your money, risks and profits.

Not at all. You don’t need huge money to start with forex trading. In forex trading, you can have the lowest minimum deposits and this does not mean that you will have to compromise with your profits. You will earn good money with proper strategy and proper practice.

@Oscar_shumack No doubt forex trading is the best business because of flexible hours, easy entry, lower costs and high trading volume . But what makes it difficult is that there is no professional assistance,you can only self-learn and that makes it a little riskier. A limited knowledge can cost...

Of Course yes @Vaph. Most beginner traders look for creating new methods to make profits instead of analysing what went wrong in the previous method. It’s the first mistake which most newbie’s do and fail to fine tune themselves in the long run.

Trade size and expertise in the forex field should be balanced to avoid maximum risks. For a newbie trader with low experience it is best to go with a small trade size until they gain good knowledge.

I agree with you @Mark_Dahl but I also think that the popularity of major currency pairs makes it more competitive. These are in fact the most traded currency pairs so it becomes quite a crowded place to trade.

MT4 is a beginner friendly platform with robust security and a lot of trading tools. It gives quick live feed on the market data and has automated trading integrations as well.

To reduce the chances of risks it is really important to find a reputable broker. Have their background checked properly before working with them.

@gretARjan that is the reason we should brush up our skills with a demo account. It really helps to test out strategies and practice a lot with virtual money. If you look a few years back, these options were never there. How lucky we are to be able to practice before trading actual money and...

@budabo could you please share how you managed to do that without using stop loss? I know that professional traders use mental stops in place of stop loss but isn’t it only possible if you are able to focus the whole time? The moment your focus shifts, the table turns. I have never tried it and...

I do agree with @karleyWalker. Having a target is like the fuel driving the trades in the right directions. Even Though it’s hard to achieve in some conditions, it gives a motive for trading.

I use the MACD and the RSI indicators most of the time. I think they are good to find the market trend and the support/resistance levels.

Forecasting forex is a quality acquired over time via consistent practice and research. There is no certainty that this forecast would be correct at all times but it helps to strengthen the underlying reasons for investing in a forex instrument.