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Everything posted by bearhugs

  1. Yes, forex is a highly volatile market, and it is risky if you don't know the working of the market properly. Incomplete knowledge and lack of skills will definitely lead to a loss in the forex market.
  2. Scalping can be very profitable for traders who decide to use it as a primary strategy, or even those who use it to supplement other types of trading. Adhering to the strict exit strategy is the key to making small profits compound into large gains.
  3. You need to know so many things related to FX especially on how to survive in this market and not fall for the scammers. Other than that you need technical & fundamental analysis knowledge along with psychological skills.
  4. Forex brokerscome in several types, ranging from the most legitimate brokerage firms to betting houses that work illegally. Forex traders, whether beginners and experts, should carefully choose their brokers to ensure that they will be working with a reliable one. Note that while most of these brokers usually have the same access and qualities in the foreign exchange market, the procedures and policies that they use still differ dramatically.
  5. Trading Forex is often referred to as gambling. If you trade without knowing how to win it is gambling. In the sense that you need to risk money to make money there is an aspect that resembles gambling. You are taking a chance of losing to win.
  6. There are four main types of technical indicators: Trend Following, Oscillators, Volatility and Support/Resistance. They are grouped based on their function, which ranges from revealing the average price of a currency pair over time, to providing a clearer picture of support and resistance levels.
  7. Trading forex can be a great way to diversify a broader portfolio or to profit from specific FX strategies. Beginners and experienced forex traders alike must keep in mind that practice, knowledge, and discipline are key to getting and staying ahead.
  8. The importance of the Forex market can be understood by studying its role in a country's economy. The foreign exchange market primarily exists for catering to the currency needs of exporters, importers, and travelers. Unlike equity markets, the currency market is not an investor-oriented market. Hence understanding the currency pairs is equally important.
  9. Forex Trading is hard, there could be a number of reasons, but primarily, it is because traders are an impatient bunch. The urge to make money from the currency markets overwhelms logic, tricking retail traders into thinking that trading is easy.
  10. Exchange rates change constantly because there is constantly new information that is relevant to the exchange rate. In some cases that info is globally relevant in others just relevant to one specific market participant. But in all cases it impacts the supply and demand of a given currency.
  11. There is actually nothing that beats hard work both in the forex trading and in other fields. A hard-working trader that applies smartness to his trades will definitely are very good profits from trading the forex market. The forex market already is a very complex market which has a lot of risks in it. The traders that trades the market needs to apply caution and different preventive measures to ensure that they make more profits than they get losses. The traders that trade the forex market would be able to achieve this feat when they are hardworking in the forex trading Market.
  12. The first and foremost fear is the fear of loss. You should be concerned about your risk management, but it should not have an emotional impact that stops you from trading good opportunities in the market. There is no use in having a wonderful trading strategy if your fear stops you from using it. A sense of acceptance always gives you the readiness to face losses. When you completely understand that losses are normal in Forex, the fear of loss will go away. No one can be right all the time.
  13. Anyone who is interested in trading and is passionate about trading can definitely do Forex. If a trader is willing to do only then he will succeed in the forex market because the trader needs to be very much focused on goals and also a good learner.
  14. It can be either. If you are a beginner to the market and just beginning to look into trading then you should approach it as a part time thing. Don’t leave your main source of income for forex just yet. Ultimately, once people begin to learn more about it they can make it their full time job.
  15. The Forex market is highly profitable, with the potential to multiply your initial investment ten-fold overnight. As opposed to the stock market where you only make a profit when your stocks' worth goes up, you have a lot of money to make in Forex even when your currency is going down.
  16. A forex demo account allows complete beginners to get familiar with the various aspects of trading without risk. A forex demo account is also referred to as 'Paper Trading Account' which is used for practicing trading or to test a new trading strategy without any risk to actual money. When it comes to broker I trust LMFX as they have best service and I have faced any issue with them.
  17. Since the forex market is large and liquid, traders can get in and out of trading positions easily. Scalping is a good choice for those who hate waiting for a trade to close. Positions are generally held for a very brief timeframe, and that allows for a lower chance of reversals that can harm a trading position.
  18. The Forex market is a legitimate trading market where the world's currencies are traded. It is not a scam in itself. The Forex market is a 'zero sum' market, which means that for the trader to make a profit, another trader will need to make a loss, the Forex market does not itself add value to the market.
  19. The Foreign currency trading has both pros and cons, and this is normal as everything on this earth has its own pros and cons. The only thing you must take care of is that, while trading in forex market you must take each and every step very carefully. You must take the full advantage of the pros and minimize the effects of the cons.
  20. Patience puts us in direct control of ourselves. And there is no more powerful an aid to success then self-possession. A lack of success or progress can almost always be boiled down to a lack of patience. The most basic reason for impatience is a lack of control. Successful traders take the time and patience to get to know the tools that make the winning trades possible. Another crucial aspect of patience is evaluating your winning trades. As your position approaches the take-profit level, you will likely want to close the position and take the profits right away.
  21. The main job of a forex brokerage is to provide you easy access to the forex trading market and make some money in the process. Many of them will even help you learn a bit about how to trade. If you plan on continuously trading forex, you need a reliable forex brokerage to work with.
  22. The main job of a forex brokerage is to provide you easy access to the forex trading market and make some money in the process. Many of them will even help you learn a bit about how to trade. If you plan on continuously trading forex, you need a reliable forex brokerage to work with.
  23. Yes, Forex is the right decision if you want to earn money online. But here you need to do hard work, have faith in yourself, will have to be confident and positive in bad times. People start enthusiastically but with some loss in being they certainly become negative. Always keep learning attitude and you will go in the long run.
  24. Hardworking in forex trading is definitely required. You must have fundamental and technical analysis knowledge so as to examine your trade transaction. Moreover copying other people strategy try to work smartly on your self and create your own strategy.
  25. One advice I would give ti newibe is not to become overconfident if your doing much well on demo account. Once your good at your trading skills then step into live account and if you face loss then don't get demotivated and sad, learn from mistake and move on.
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