Recent content by Whimsical

When it comes to trading, most people overlook emotional control. When they look back on their trades after losing a particular amount, they are surprised to discover that they made dumb mistakes due to their emotions at the time.

The forex market is not something that you can understand in a few words. You need to have all the basic information about it. It takes time. Don’t rush to trade live without having proper knowledge.

Controlling greed is really important when it comes to trading forex. But when you know that there are many money making opportunities, not all traders are able to control their greed and trade as per their analysis.

When I have set stop loss and take profit, I am stress-free that I will never lose more than I can afford to. I also don’t have to keep checking the direction of my trades all the time.

Most of the scammers in trading are in the form of signal providers, so avoiding signals may escape you from scams. Moreover, as a trader you should make your own best signal with deep fundamental and technical analysis along with understanding forex charts.

@Polakandil I think it should be like that on every platform. Even I am using Zulutrade, they don’t rank a trader if their maximum drawdown is more than 30%. It’s helpful for new traders to go with these rankings. Most of the time they only focus on profits and end up making wrong decisions.

It seems to me that fear is the most encountered emotion in trading. Due to the high volatility of the forex market, there is always a fear of losing money.

Joining a trading forum is very important imo, as it allows a trader to learn certain concepts and indulge in an interactive conversation where he can ask or give suggestions. Moreover, it also allows traders to understand the sentiments of other traders.

For making a profitable strategy, traders should understand their trading style. He should conduct a self-analysis, which includes, your risk tolerance, what time-frame you are comfortable trading like long-term or short term trade, and number of trades you can/ want to trade per day. After that...

Hedging many times is counterproductive and can make you lose money instead of bringing profit even if you have equal lot sizes. So you better avoid this.

You can combine two or more indicators too. But if you find it confusing then stick with one that gives you the best result. Decide the one that you are able to interpret.

All the points you mentioned are really important. Avoiding losses should be as important as making profits in forex reading.

Hello there! Welcome to the community. I hope you can learn more here and do your best in trading.

The benefits of forex trading are profits and easy accessibility. If you have enough confidence and knowledge, you can go for forex trading without a single thought.

Forex trading market seems easy as a piece of cake but in reality it is quite difficult. You can never trade and earn benefits without proper knowledge. Forex isn’t gambling and is not at all dependent on luck; it solely depends on how much knowledge & experience you have.