bigxy

Contests might come regularly but what if this contest become lucky and life changing so it would be worth taking risk and participating who knows when they hit a jackpot.

Trading robots or EA can double the trouble if you aren't any developer because they are usually coded to follow the technical analysis so they do require monitoring during highly volatile markets.

Thats why it is important to review our trading journal occasionally and improving strategy on periodical basis as the trading teaches new lesson everyday.

Are you referring to trade management plan and if yes i believe it is much more important than any other thing in forex trading.

Yet the experience is something which does not comes right over the night, it requires a lot of dedication, patience and practice to learn and earn from the trading market.

I do suggest that we should also go for the regulated plus reputed broker and to remain on the safe side it is better if we could withdraw the profits leaving necessary capital behind with the broker.

Right after we conclude a profitable trading strategy we still have to back test it before implementing it live and when applying on the live trading we should better wait for the confirmations to get into any trades.

There are still some bad examples of the past where even the regulated brokers turned into scam. Not sure if the traders got their money back so better to choose those brokers with some good repute.

Controlling the emotions parts comes up with time spent in the forex trading. Nobody wins in start so we need to prepare our mind and focus on learning and building the skills needed to master forex trading.

The successful traders have a proper trading plan and road map which leads them to review their mistakes, targets and making ways to achieve their goals.

Training takes time, so be prepare for learning with patience plus focus and discipline. Those who spent time learning new skills eventually make their ways to success.

Bonuses can be good when we know how to trade or otherwise trading can become worst if you don't actually know what you are doing in the trading industry.

Yet this short term trading can merely be a suicide for new traders and they should instead trade on long term time frame till they get know how about the markets.

The risk list is big one in my opinion and among those risks is a failure which most of the new trader faces when entering the market so start with a demo account and trade it for a minimum of six months before risking own capital.

I guess you might be right as contests are really helpful in participating and competing with others showcasing the skills to get qualified for the prizes cum recognition.

We can back test the same to confirm if it is working properly or not.

Waiting for the right trade setups to form and then getting confirmation using indicators like EMA, checking the support / resistance etc and then getting into the trade to earn money otherwise if we trade against the market we can lose money.

ALmost all loses money in forex trading because a bad day can happens to even the professional traders but those who let go off these loses and move forward eventually make their way to success.

Yes small amounts can be a good start which also helps in testing the broker processes like withdrawal etc which can't usually be tested on a demo account provided for free by the broker.

Regulations plus reputation also matters when it comes to broker selection although broker recommendation is becoming really very hard these day because of many broker joining the industry while some winding up the business too. So best part is doing some of your own research before finalizing any right broker.

The chances are either these traders may blow up their entire account within no time and this is not something unusual, it happens most of the times to arrogant new traders.

I think that the 500usd is a generous cash prize to those who shows improvement in their trading style despite the fact they win or lose.

Perfect we should try to rely on our own skills and better building them rather looking for the indicators. Such indicators are mostly lagging and they cannot predict future.

This actually comes with spending some time with the trading market.

Stick to the demo account for some time and soon you will be able to tell us a lot more about steps to be done while chosing any broker.