Does it actually have any benefits or should one just go the route of pipsology, demo, and live with micro.
live account is the most beneficiary for live trading experience and knowledge. but sometimes live account can make beginners greedy.
The forex market depends on mentality. If you work with a positive mindset, trading will be much easier for you. And if you think trading is very hard, then it is very difficult for you.
I think social trading fails to explain the “why” of a given trade so that you might be able to spot the opportunities yourself.
“Give a man a fish, and you’ll feed him for a day. Teach a man to fish, and you’ve fed him for a lifetime.” - Confucius
The success of a trader depends on the cooperation of the broker. If the broker does not provide the right service, it is never possible to achieve success.
True. I also agree with you. If you know to trade, you will prefer manual trading.
It can have the benefit of your own analysis confirmation. It’s another set of eyes, and with a proven track record, the trader who you are following/copying, after some time, can help you read the market, eventually allowing you to be more successful in your own trade execution.
I too prefer live trading over demo but the emotional aspect of forex is what’s scary. Few wins and you get over confident and then one mistake and an entire account is wiped away.
True and it’s all about how you begin your journey. A trader’s psychology has a big role to play in good or bad.
I’d any day pick the course you’ve mentioned, Pipsology, demo, and then micro trading. Isn’t it better to enter fully prepared than being clueless completely. Mere observation isn’t gonna make anyone a profitable trader.
and by service you’re talking about the platforms and technical indicators right?
I won’t say I’m great at manual trading but yeah I’ve noticed that it’s comparatively easier to benefit from the market signals like avoiding the wider than usual bid/ask price, that the algorithms otherwise missed out.
Who wouldn’t want to trade automated if the trading can be accurate and error free with signals? But yea, the glitch is that it’s possible only if the automated trading program is programmed properly.
And you just proved the point. Only if it’s programmed properly can the forex robots or bots perform the trades correctly. I for one, don’t know coding but luckily my brokers, Turnkey Forex and Swiss quote make it quite easy.
The decisions can only be made depending on the settings programmed in the platform. Would you trade or invest in Japanese Yen even when there’s economic turmoil? Well, you as a trader would decide to put a halt or exit the trade but the robot might go ahead with the trade and you’ll end up losing.
That’s why I like and prefer to trade manually. I at least can pull out of the trade in case the market’s moving in the opposite direction or at an unreasonable price.
Social trading could be beneficial for a newbie in my opinion. However, one should try to learn more about the market as the time goes and do an analysis of their own to confirm if the signal provider is actually right.
You all are clearly stating the manual trading is better but there’s no match to the comfort when you won’t have to think and get stressed out with the limited knowledge especially when you’re stuck in a dilemma to move forward with the trade or not.
Why not hybrid? There’s really no point sticking around one style. Use the technology to get profitable results, but when the situation’s tricky, there won’t be anything better than make the decision on your own.
True, I understand in the long run it’s important to have your own trading strategy.