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bigxy
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Everything posted by bigxy
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Forex trading is a very professional market where traders must be very vigilant and should take calculated risks. Most of the traders fails when they jump in forex trading with incomplete knowledge, some losses due to greed and some losses more while chasing their lost money.
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Agreed that trading a demo account can bring much confidence to new traders, it can also be good for testing any new broker as the features offered in demo accounts are more or less similar to those offered in live accounts.
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I never found any legit PTC sites as yet where i had withdrawn any amount and for the said reason i have changed up my mind for not wasting up my time on such sites. Instead i prefer investing that time on forex trading which usually pay handsome returns.
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I guess spread and commissions varies from broker to broker, low or fixed spreads has their own benefits but many traders finds it good to vary variable spread in order to avoid paying commission to broker.
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I have seen some brokers also offers 1:3000 which seems bit unreal. I suggest keeping the leverage low at first to get used to the market as higher leverage might lead to higher damages.
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When Did you start your First Trade?
bigxy replied to kiranchandra's topic in Forex General Discussion
Its quite few years now since i started forex trading as a part time hobby with small amount. The time passed so quickly and my experience grows, I had learnt a lot while making a lot of mistakes but now i feel good enough to make some extra money using my free time. I guess forex trading requires time to learn. -
I guess new traders should keep the leverage low in start so that they can get used to the market otherwise trading with higher leverage might lead to losses.
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Forex forum Do you think forex forums can improve my trading skills?
bigxy replied to flybiz08's topic in Forex Newbies
I think forums are a great way to interacting with other skilled traders. Many traders share their strategies, some traders share their mistakes and some discuss about brokers and so on.. -
I guess loss happens in forex trading but we should let go off it and start trading again with taking calculated risks. I think stop loss factor should not be neglected otherwise traders will loose money and keep on loosing more while chasing it. It is good to quit the market for sometime if your trades went bad and then start with fresh mind after sometime.
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Agreed, practicing a demo account is really very important in building up self confidence and newbie skills. Demo accounts can also be used to test the strategies before applying them to real trades.
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Cloud Hashing - Cloudhashing.com
bigxy replied to Moderator's topic in Cryptocurrency General Discussion
I guess cloud mining can be a best solution to accommodate every single user as it is quite difficult to buy your own hardware, its maintenance and bearing its electricity costs individually. -
Ethereum has made significant improvements in its price in last one month. I did tried to mine it but remain unsuccessful as the pool guys sent me 4.92xxx ether on my ethereum address but it didn't showed up there and they never replied to the issue. So i left mining this coin.. :-/
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Demo accounts provided by the brokers can be helpful to get familiar with the broker processes as the real accounts are very similar to these demo accounts. I prefer demo accounts with multiple brokers to compare their price feed and processes etc before switching to their live accounts.
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I guess scalping can be risky for newbie traders as it requires traders to follow a disciplined approach by making quick decisions. Most of the time they have to consistently monitor the trading screens as they need to book multiple small profits within a single day.
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Initially you can't rely your living while trading forex or binary options, I guess it should be started as a hobby in part time and while learning trading it is important that the learner should be very patient to learn strategies that could bring some money. I guess trading demo account for two three months is necessary before starting with live trading. Once learning is over, then you should start live trading but still you can't rely your living at this. Those who are experienced enough in trading are making huge lots of money with their trading business.
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We don't know when a broker turn into scam and stop paying their traders, it is highly recommended to keep an eye on the market news and take regular withdrawals from your broker by keeping the only capital with your brokers. There might be several reasons turning a broker into scam so we should keep our capital safe by keeping the only capital with them.
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I also prefer trading manually as no doubt EA could be helpful but I guess they sometimes double the troubles if they back fire, so manual trading is quite fine.
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I hope you already have found your answer however I might suggest you to start binary option trading with in your free time, but start with small investments to have a diversified exposure in this field as well.
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Trading can be started by working from your own home but it requires a lot of hard work in start, i am also doing trading binary options which is bit easier than forex trading as you don't have the hassle of making stop losses and deciding when to take profit.
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I guess the traders should keep patience while trading, they should not over trade and always start with small amounts in the beginning. They may also start taking calculated risks and moreover they should keep their emotions aside as emotions can lead to major losses.
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Most of the traders losses money in the start but they have to let go off it in order to become a successful trader. Trading might be easier but earning money through trading is bit difficult in start so many traders losses money and losses more while chasing their lost money. So it is good to get a demo account for the first 3 - 4 months for practicing the strategies before going to any live trading accounts.