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In order to find your ideal strategy, you need to backtest different strategies and see which one goes well. We all know that forex trading is complicated and it depends on a wide range of factors, so in every situation, we must employ new methods and strategies to maximise profits.

Most do not get success because they want quick success in the forex market, which is not possible. They want to become successful without trading on a demo account. They do not prefer to journal their trades, nor are they working on their trading psychology. All of these are essential to...

With time, it will get easier. For that, you have to strive hard to gain knowledge, experience, and expertise, without which it is not possible to trade forex.

In order to be a profitable forex trader, you should be aware that success is inversely correlated to effort. Along with this, you should be well-versed in the forex trading concepts because only then will you be able to conduct a thorough analysis of the market.

All traders get valuable information on forex forums. These forums provide access to knowledge about particular issues, advice, and information from different traders. It contributes in a number of ways to diversifying a trader's experience and widening the range. The ability to connect and...

Eurotrader is definitely on my radar but so is aaafx and fxcm, as they too have similar features.

Thank you for the tips. A beginner in the forex market has to learn well like a good student. You should not rush the learning process and continue demo trading until you become skilled enough to risk real money in trading. Risk management is a key element when it comes to success in forex trading.

I always plan my exits before entering the trade. I set my profit targets and also place a stop loss for every trade. I know that we are told to let the winners run but I don’t do that unless I see a strong uptrend in the chart.

Every trader has a unique trading style depending on their personality traits. Analysing them and choosing a strategy based on it will assist in developing the right trading strategy.

There isn't a single trader who does not lose money. Even the most skilled and seasoned traders occasionally experience setbacks. Losses are inevitable in the forex market. Traders must be flexible with their strategies and be able to adapt to the volatility of the market.

I agree. The knowledge of trading, and practising in order to develop trading skills is more important. A person who has the right knowledge will build up wealth even from a small account. But a person who has no knowledge, or not enough knowledge and skills, will most likely lose a lot of...

Books can help you improve your knowledge and expertise. Whether you are a novice or an experienced trader, you should never stop reading and learning.

One must take care of the losses that one incurs in the forex market; otherwise, it will be difficult to survive in the market. The market is that way, so one must act according to that way and not according to one's own way because that will never lead one to profit. Instead of one choosing to...

The first step to making a profit in the forex market is to understand the market and that it gives results according to what you do as the market is non-judgemental about you; it does not care whether you have forex education or not; it cares about how you act using the education of forex...

I believe how a trade is executed greatly determines the profitability of the trade. The execution of a trade can easily distinguish a novice trader from a professional. The control of sl and tp as per the movement of price charts, the right predictability that has been developed through years...

You can trade with leverage if you think that your strategy could make much more profits if you had more capital. However, borrowing money from outside, that is, taking a loan for trading forex isn’t viable. Because as forex trading contains risks and is highly unpredictable, you might not be...

The political situation of a country indicates how strong its economy is. Foreign investors find it much more appealing to invest in a nation with a minimal danger of political turmoil. Political stability can therefore have a significant impact on currency rates. Protests and thorough...

Yes, knowledge is important in forex trading, but experience supplements our knowledge. With just knowledge, you can make some good money, but with experience, you can make a lot of money.

Yes, forex trading is a risky business. It is extremely difficult to forecast the market's next move, as foreign exchange market is notorious for sudden changes, which can put traders in a tough spot.

Overflowing emotions lead to revenge trading. If you can't control your emotions while trading, you won't be able to make healthy trades or profit. It is better to keep your emotions under control and avoid this tendency of revenge trading. It is extremely dangerous.