euro

As long as a newbie do not risk high capital they should be ok in a real account since as a newbie, their first 50 trades are losing trades. You have to minimize your risks as a newbie due to lack of experiences and you are not making good profit yet so don't throw your money away like that. A cent account like at forexcents is also ideal to allow you to gain real market trading experiences for a couple of months before you risk real money.

Its ok for pro who makes like $10k or more per month. If you make more than $10k per month, then you don't need to make more than that to survive so you don't need to work. If you make a lot of money, then there is no reason to work at all cause you might make less in a job. You might make like so much more in forex than in a normal job and you can do that quickly and painlessly in forex. But its not possible for newbie to do forex full time since doing it full time could cause them full time loss plus job loss too due to lack of experiences.

Knowledge is everything in forex. Without it you're just gambling with your money. One should invest sometimes into learning and then trading. Cause without such a thing you would lose a lot of money. There are may who trade blindly without knowledge at all. You have to be knowledgeable in order to gain profits. Its a game like the NFL or the NBA. You need to have a game plans out for you to take the ball to the hoops.

Its two different things gambling and forex. Forex is buying and selling, so you're right. But in forex, we can see the transactions transparently and less cheating whereas there are markedly apparent cheating in all gambling so its very risky due to cheating. Also, you can't stop loss your bad cards but you can stop loss a bad trade. You can leverage in forex so you can't do that in gambling and you pay heavy interest and need good credit in order to leverage. They're two different things. You can buy low and sell high in long term and gain but you can't do that in gambling.

That sounds just about right. People don't take demo seriously. The take a real account with their real money seriously. Its like giving someone a car and seeing them trashing it but if they buy it with their own money they will not trash it and they will care for it better. The same in forex, if they put out their own real money they will take care of the account so much more and trade better too than a demo.

Why is your earning so low? Is it cause you only trade low capital? I earned like $90 bucks per trade each day and if I had 5 open trades so that is about a couple of hundred dollars per day. However, I try to not open so many trades. I earned around 90 pips per trade. So there must be something that you can change to make more money. You can post in forums to make more money to trade or do long term trade as its more profitable.

There are always classic pairs and we should stick to them like euro/usd, or euro/yen, or gbp/yen or euro/gbp, and so on. They're classic by popular demand and also have low spread and also have great movement for us to profit from so do not do unpopular pairs or else you will regret it. The classic pairs are also bought by many other traders so the volume transactions is higher giving you greater chance to profit. Its confusing to jump around unless you're scalping then its ok.

The market fluctuates so much that you have no choice at time but to keep what you got. You have to keep your profit and then do better tomorrow but you can't change the price or make the wave in your favor. The market doesn't work for you and it moves on its own so better to be patience and not too greedy. Forex is good but you must have a sound strategy or else you will be trading blindly.

Those are good points. Some to remember is to trade long term to absorbs more risks and to reduce risks and long term trading is more profitable and more sure than short term scalping. Short term works but its very high risks as well. You can make money but then again the risks is just as high in scalping. Therefore I try to do long term trading or at least one day so that the risk is lower and profit is for sure. Also, use stop loss and take profit when it peaks and don't wait too long or else it will dip.

Good article indeed. Yes, as a newbie, they will enter and sell out of fear but that is not a sound strategy. An experienced trader know that fundamentally the market will bounce back after it dips a little so just cause its dips it doesn't mean that it will not bounce back so this is why long term trading absorbs more shocks and is lower risk than scalping but scalper get fearful quickly but fundamentally you know that the euro might rise almost daily during open market hours so you will ignore those dips as it will rise again in half an hour. Hopefully you have enough equity to cover it.

That would be right, we should not put all of your eggs in one basket. Putting it all in one basket will make it hard for you to have anything left for any other trade. Why would anyone do that? If you risk it all, you might lose it all so use a little here and there for all different types of trades. In trading, we must learn to manage our money and tuck away some profit so we at least will have some profit saved up. We should be able to reduce our risk with low or modest capital and leverage. Its possible to make money in forex but it comes with knowledge and experiences.

One should always manage the money since that will allow you to have some profit for spending and the rest you can then put the rest back into trading. This is ideal so you always have some saving put away. You should not reinvest all of it or else you could lose all of it so tuck some away for a rainy day. I guess when you learn how manage your money you will gain more every day and have some savings.

You can monitor and if you feel like its heading downward you can then exit if you're scalping. You can see and you should react quickly to it cause once it turns downward it will stay down for like another half an hour so you should take profit while you can and you can still make some pips and don't let it slide all the way down.

Forex is very risky indeed but there are many tools for you to lower your risks. You can lower your risks by using stop loss at all time whether it be short or long term trade but leave a wide range to allow bounce back and allow profit taking and so you're not out of the trade as soon as you get in. Tight sl does not work well in some trades. I also use low capital and low leverage and build my profit steadily. Now building it steadily is better than quick trades as it carries way too much risk. I also absorb risks with long term trading as short term is too risky and less profitable.

Good article indeed. We should look at our risks and lower them at all possible. I do this by only trading with the best pairs that have high volumes and in demand all the time. I also trade with low spread and also only in 2 market overlap sessions that will yield more demands and I only trade during open market hours like London and NYC, as these two are very powerful.

I think that is just about right. If there are a lot of transactions then the profit seems to be higher or movement will be higher. Maybe you enter at a wrong time or wrong market time or wrong days when its bad. I mean movement is different every day you know. No two days are the same and if there are news that poorly affect the pairs then less people would also buy.

My secret is to trade with the most popular pairs and trade when the market is open with two or more markets opening and overlapping giving you more leverage for volumes. They say this is the best time to make money since there are many transactions going on. Also, you should only trade at the best optimum market time and off hours are bad to scalp or trade.

I too feel that forex should be part time only since its way too risky and you need money to pay your bills so totally depending upon it is just not good enough. You have to spend sometimes working and any money you make on forex is a side gig. Since we can never be too certain if we will have money at the end of the day and worst off if we lose too.

These are all good explanation of the trader's fear. We get really fearful in these circumstances like losing out on trades or our trades plummeting so low that there is no way to change it but exit and take losses but if you're experienced, you will not let it ride that low and you should have exited soon enough unless you were not there like on a vacation. That is why you use stop loss to prevent total wipe out of your account. Its possible to use stop loss to prevent total loss of your account.

Well, I don't have that much emotional problems when I trade. I just have one problem and that is I check on the price constantly to see where my trade is heading but I guess that is just to get a feeling of it and whether I should exit or not but I look at the price a lot. I also get anxious if its not moving high enough but its not that bad. But other than that, I manage my risks well enough so I do not get that stressed out over them.

We will all lose in forex so we have to understand that and do not be surprise when there are losses. You just need to recover when you lose and also plan well and manage loss and money so you don't lose all the time and lose little. I think lack of knowledge and experiences will also make you lose so gain more of what you lack and you should be fine.

Of course a demo is always better than a real one cause you lose with fake money. Now, losing with fake money is so much easier to trade and no stress there but once you trade with your hard earn money, it will take you like an hour longer to open a trade cause you're thinking so hard as you don't want to lose money. You will also not open as many trades and you're not willing to take large risk like a demo and you will be so down if you lose.

I always recommend the trader to do cent account before a real large capital account to lose most of their new trades with cents as that is a great way to control your loss at first so you don't get disappointed. Next, always learn to use stop loss in all trades and then set them wide enough for you to take profit so you don't get taking out of trades too early. Also, do long term trading as its easier to make money that way. Also, trade during two market opening like NYC and London as they're powerful ones and allow you to make more money.

I've learned that you can try fundamental prediction and then do your trade or long term strategy but then the market will not behave in ways that you will expect it too even during open market hours as the volatility is way too low. This is a real disappointment for me as a trader since the market moves against my prediction and I'm unable to make money. How about you? How has your prediction been wrong?

I think we should stick with the safe haven pairs like euro or yen or usd since the unpopular ones have high spread so that is the bug right there already. I mean if you're scalping you can't make that much with high spread since you will be waiting for 3 or more pips in order to gain like some pips and it takes forever so better stick with low spread pairs like euro or usd or yen rather than others. I can't stand high spread and its way too hard to earn in scalping.