A trader should know their ins and outs in the market and should have a working knowledge about it. Otherwise, they can be fooled very easily. Happened to one of my cousins and when I started trading, I completed a course first.
No one can really survive the market without a proper understanding and knowledge.
But if someone wants to use account managers and all, they just might get lucky. I don’t see any harm in taking some help if you’re new.
They must be trustworthy or there’s no point in doing that, right?
See if someone wants to risk their money and trust an outsider, it is completely their choice. All I’m saying is that they should at least familiarise themselves with a few aspects in the market. Personally, my and my friends invested $50 each on FXPro and helped each other learn the tricks of the trade. Now I feel comfortable enough to try new platforms too even if it’s something offshore like Turnkeyforex.
Forex does look fascinating and it can be if you follow the rules. First and foremost, study hard. Forex needs lot of study and research. Take training, read books. Once you have some idea about Forex, open a demo account and stay on it for a while. Try your strategies and stick to them for some time. Make journals, see what works for you. It is a long process but can be rewarding. That said, 75% of the traders only lose their money in forex, so be mentally prepared for that.
I’m not sure if it suits everyone, but for me, the best time to trade is when the U.S or London market overlaps and has the highest volume of trades and suitable for trading.
Ya actually even I was reading on some broker review website the figures that were mentioned of % of traders who fail trading with each broker, and they all averaged around 75%. That’s scary isn’t it?
Are you trading usd gbp pair? I was thinking of starting with it.
When the pairs you are trading’s market is open and active.
So the morning hours for usd pairs right? I wonder how I’m gonna accomplish that with my job
Forex is not an easy way to make money. I personally suggest that you should not run after someone to manage your account. It is tough to find real profitable traders to manage your account. However, you can trade part time. Trade on bigger time frame such as the daily, weekly. I am wishing you all the luck.
So just trade pairs that are active when you don’t work. Or setup a trade when you wake up, trade longer setups off the weekly.
Setting a trade takes a couple seconds.
Not trying to be rude but you are really quick to put up roadblocks to your own success. This is why you are your own worst enemy as a trader and why 95% of people fail.
This is exactly what I tell new traders.
And they aren’t wrong either. Patience and learning I believe makes the fundamental essence of trading.
it’s experience for me, the best teacher if you wanna learn forex. Opening a demo account and trying demo trading would suffice. Traders get to build a technical foundation regarding the mechanics of forex trades all the while getting used to working on the platforms.
Oh yeah and no book or discussion can help you better understand the importance of closing the trade and getting out on time when the reason for your trading that particular trade’s invalidated. That’s something you learn with experience.
That’s what John Maynard quoted, “The market can stay irrational, longer than you can stay solvent”. Guess this is what he meant.
First of all, forex is not an easy way to make money. At all. This is a myth that leads newbies into losing money. It takes years to learn how to trade relatively well.
As to when is the best time to trade, any time is a good time, as long as you have a good strategy for that moment.
I don’t go the demo way. Not that I don’t believe in it, I simply found opening a micro forex account with turnkeyforex more useful.
There are so many brokers these days offering such accounts. Some of them that I know of are instaforex, xm, etc.
I feel that a variable sized account with a broker allows making small trades. This helps in learning how the market works live.
Thanks mate! Yes I am practicing trading 4 hour charts, was strictly told earlier on itself to avoid smaller time frames. No scalping!