Forex is a global market where buyers and sellers exchange trillions of dollars daily. Because forex trading is a global industry, global macroeconomic events have a greater impact than ever. Traders are no longer limited to popular currencies, though they’re a good start. Forex is limitless.
The forex market can be very challenging, especially for newcomers. Many traders look to the market for quick profits and begin trading more aggressively in the hope of recovering the losses by making more profits. But their trading is based on emotions, due to which they sometimes lose a huge amount of money if they are not in the right mind.
Just need to understand it doesn’t work this way, every trade will be different and many other factors
Some very good replies, many thanks guys!
Revenge trading is the worst decision new trader can make as it’s a sure way to blow their accounts since they arent thinking clear head at that point anymore. Knowing when to just stop trading and take a break is very important.
The forex market can drain you mentally and physically, especially if you aren’t used to it. Don’t be shocked if you feel dejected and hopeless at times when you first start out. Having said that, I would still encourage using forex because it may provide you with a lot of endorphins and dopamine, as well as being beneficial to your mental health in general.
I completely agree with you on this, as initially I was also very nervous while trading in forex and use to feel hopeless at times but with a lots of practice and constant learning now I am able to understand the market well.
I think, 30% is such a big return; personally I don’t have any fixed monthly target; but anything more than 7% as monthly return is quite enough for me!
The more capital you put in trading, the more the market volume increases. The current value of the forex market in 2022 is $2.409 quadrillion dollars. So even if you trade with 1 billion and have 30% compounding per month, you will make 36 billion by the end of the year. Not even close to the quadrillion value that might break the forex market.
Talking about forex trading learning, it takes quite a long time for me to gain a good knowledge of trading but still, it feels like there is no end to learning.