Are you trading usd gbp pair? I was thinking of starting with it.
When the pairs you are tradingās market is open and active.
So the morning hours for usd pairs right? I wonder how Iām 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 donāt 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 arenāt wrong either. Patience and learning I believe makes the fundamental essence of trading.
itās 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 tradeās invalidated. Thatās something you learn with experience.
Thatās what John Maynard quoted, āThe market can stay irrational, longer than you can stay solventā. 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 donāt go the demo way. Not that I donāt 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!
Which platform are you using? Any suggestion for a demo?
Ditto @geniusedit. Not just are you allowed to put a little money on the line but also expose yourself to comparatively smaller losses, in case you make mistakes and end up losing.
A logical, objective mindset that views just the presence or lack of potential in the trade through charts, is what will call for a successful trade, rather than getting all excited.
Pulling the trigger on a trade has always been difficult for me. Despite re-evaluating I couldnāt come to a conclusion but lose more money. So, Iāve now stopped trading at all and taking a break to find a better strategy.
What makes the big difference as for me is an understanding of how you buy and sell the currencies. There were instances when a currency pair bounced upward after a large fall. The traders ended up trading on it in a hope to catch the bottom.
It depends on your preference so if you are comfortable with an account manager, you should go for it.
account managers donāt work. learn to trade yourself and think long term
Forex is not easy and it requires a lot of efforts from a trader. But it is definitely worth a shot as with experience and knowledge one can definitely start earning a good amount of money.