e_abrams

On 7/14/2021 at 5:11 PM, Gidencenti said:

real trading in forex takes place on large transactions and in large quantities, because the market allows you to choose any option for yourself

It doesn't have to be in large transactions. Plenty of people are trading with pretty small accounts and trading successfully too.

The best way to avoid getting scammed is to pick a broker that has a proper license from a reliable regulator. No offshore zones, no unregulated companies.

True. And actual forex education takes a lot of effort and a long period of time, it's not an easy thing at all.

Working hard and having strict discipline is necessary to become even a mediocre trader, what's left for being a good one.

I think to start live trading a person needs to have traded a lot on a demo account first.

That notion is often created by unethical advertising, I think.

I think the most important part is whether a broker has a proper regulation. Random people may lie on the reviews - either in a falsely positive or a falsely negative way. State regulatory agencies won't do that.

Indeed. Even if brokers say that it does, don't trust them, that is not what happens. Regulators have issues with that constantly.

Training, discipline, confidence, having a proper broker, all these factors matter.

True. The forex industry seems especially risky in comparison to some others though.

I think those are generally the best conditions for scalping.

Most people usually lose money. The ones who are profiting and profiting regularly are the exceptions, not the rule.

Usually, one can start with a simple cent or a micro account once they're done trading on demo.

I agree. Building a strategy from scratch requires a lot of knowledge, experience and testing.

I just use a local broker from my country.

I agree. It is important to do good research into the company you wish to use. Check their regulation, their trading conditions, whatever fees they charge, etc. It is important to be aware of all of these things in order to avoid getting scammed, which  happens often in this industry , as there are many bucketshops operating on the market.

I think one should only trade when they have a good strategy and are seeing a good signal according to said strategy.

Brokers are regulated by government agencies enforcing the existing laws.

I think everyone but the newbies understand that.

What was all a joke?

High leverage is something to be avoided, I think. While at first it seems useful, the truth is that people lose more than they profit with high leverage because they lose at a much faster rate. That has prompted regulators all over the world to ban high leverage.

What about working with them changed your attitude?

Which parameters are you referring to?

How long did it take you to learn how to trade? I needed a few years.

It depends on the broker. The bucketshop just out to profit from you doesn't. They're actively trying to rip you off, and it happens often, unfortunately.