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bigxy
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Everything posted by bigxy
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Dollar is basically among the safe heaven assets and it is also the benchmark in forex trading and when it comes to forex trading USD is still the king among other currencies.
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If loan is needed for spending, personal use then i do not recommend taking a loan. Rather try to be short on money and spend what you have rather than creating more burden. However if you are willing to take a loan for a new startup which could yield more money or you wish to buy an asset like house etc then go for it.
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Indicators can be good however i believe they are the lagging indicator of the price so better to learn price action which is the only thing actually happening on the charts.
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Still i guess forex traders are making money while trading from home due to the lock down. Many traders found out corona as an opportunity to short and make money.
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How Coronavirus impacts the Forex markets in 2020!
bigxy replied to Shariar Porosh's topic in Forex Articles
Still many traders took it as an opportunity, shorted the market and eventually made a lot of money in my opinion. -
Taking forex as a hobby and devote some time for this hobby can lead towards a successful bright forex trading future.
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- Forex Trading Succeed
- Forex
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According to successful traders, not the five days trading is profitable however we have to find out the actual sweet spots which occurs anytime during the week and hunting them to make profits. Trading gurus recommends Tuesday and Wednesday as actual trading days out of the five days.
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Is it advisable to trade on all currency pair as a newbie?
bigxy replied to flybiz08's topic in Forex Newbies
One pair is good to learn and one pair to excel and becoming a profitable trader of future. Otherwise jack of all trades are usually masters of none. -
Stop losses are always beneficial because they helps us cutting our losses earlier than losing up the entire account within no time if the market trend moves against us, sometimes bad day occurs so good to some of the money than losing up the entire account.
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Demo account can be helpful in choosing the right broker however it is really hard finding a reputed broker these days so better if we can go doing some research before finalizing any broker.
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These new traders should trade a demo account in start for a minimum of six months before going to trade live in my opinion.
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What do you think about free deposit from broker promotion?
bigxy replied to kaito kid's topic in Forex Newbies
Might be a marketing tool to get more customers, yes i guess you are right however many of the new traders eventually loses money in start. -
Starting with small amounts can be helpful in testing further processes of broker like withdrawal etc which can not be tested through their demo account in my opinion.
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Everyone has skills, everyone have strengths and weaknesses as well. It is better if we discover those strengths and polish them rather than struggling with our weaknesses.
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Many new traders lose money in start however those who let go off these losses and move forward make their way earning good money from forex trading.
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Yes you are right working with multiple brokers at the same time ending up with trading one single broker.
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Start forex as a hobby in your free time, take out a demo account and practice it in order to learn how forex trading works.
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Beside concluding convenience either live or online mentorship, first we need to find out a mentor and finding out right mentor is just like looking for a needle in hay these days.
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I am not sure if we can make stable income in forex in start. Maybe we could arrive at this level after doing some hard work.
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Not only limited to forex trading but in every aspect of life, greed is a curse in simple words.
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We can make hefty profits enough to support our dreams yet we have to first learn how the forex mechanism works otherwise we will only lose our money with no returns.
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It is not easy to earn money from forex trading however forex trading is easy to learn in my opinion. All what we need to build up certain skills which are necessary in making profitable decisions. Yet we can make more money right after mastering those skills.
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Developing your trading skills like the pro trader
bigxy replied to adamsmiths's topic in Forex Trading Styles
Yet many of the new traders ignore these set of rules and eventually ends up losing their hard earned money. They usually attracted to forex thinking that it is a get rich scheme however it is not like that, every trader has to work hard in order to survive in this market. -
Success does not come over the night neither profitability, so the new traders have a long way to become a profitable trader which cannot be achieved without learning the processes.
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Education gathering is a growing process
bigxy replied to Gee Dee's topic in Forex General Discussion
We usually learn with every new day so if we add those learning to our skill sets it will surely profit us in future.