bigxy

Start forex as a hobby in your free time, take out a demo account and practice it in order to learn how forex trading works.

Beside concluding convenience either live or online mentorship, first we need to find out a mentor and finding out right mentor is just like looking for a needle in hay these days.

I am not sure if we can make stable income in forex in start. Maybe we could arrive at this level after doing some hard work.

Not only limited to forex trading but in every aspect of life, greed is a curse in simple words.

We can make hefty profits enough to support our dreams yet we have to first learn how the forex mechanism works otherwise we will only lose our money with no returns.

It is not easy to earn money from forex trading however forex trading is easy to learn in my opinion. All what we need to build up certain skills which are necessary in making profitable decisions. Yet we can make more money right after mastering those skills.

Yet many of the new traders ignore these set of rules and eventually ends up losing their hard earned money. They usually attracted to forex thinking that it is a get rich scheme however it is not like that, every trader has to work hard in order to survive in this market.

Success does not come over the night neither profitability, so the new traders have a long way to become a profitable trader which cannot be achieved without learning the processes.

We usually learn with every new day so if we add those learning to our skill sets it will surely profit us in future.

My opinion goes with MT4 as it is quite user friendly although there are many other trading platforms/software but I am satisfied with MT4's performance so far.

In my opinion any broker can support us in initiating the trading process, earning depends on our skills set so we should also keep on learning new things and adding them in our skill set.

A trading journal can be helpful in this regard, we should review it and learn from our mistakes.

We should add stop loss with every trade in order to cut our losses earlier because one single bad trade can kill up to the entire account. So whenever bad day occurs we should be on safe side by losing small rather than wiping out all account balance.

Greed makes haste which obviously bring waste.. so better we make proper plan before starting trading and once our desired target is hit, do not overtrade or greed for more.

I believe that the best broker selection is really becoming harder each day because we have a long list of brokers out there however doing some research at your own may help in reducing risks. We should go with the reputed brokers like hotforex, xm, exness, lmfx etc. Yet the past performance does not guarantee any future results so better to go and work out before finalizing any best broker for yourself.

Leverage is one of the most powerful tool in the financial world yet the new traders being unaware of the market conditions keep the leverage low in start because high leverages can bring high risks as well.

The industry standards of risking your capital is 2% and it is for advanced users/institutions, so we the retailers should not risk more than one percent and use stop loss in order to remain on the safe side otherwise one single bad trade can wipe out our entire account.

Binary options trading might be a good idea but still there are a lot of negative brokers reviews and the reason might be that this binary options trading is still in its in fancy requiring more time to gain maturity. However why not taking chance and looking at the mature market i.e., forex trading with a daily volume of more than five trillion US Dollars.

Forex trading seems easier however we need to learn how it works before finding some promising opportunities in this lucrative market.

When we make mistakes it usually allows us to learn something new which is good if we review our mistakes, learning from them and not repeating such mistakes in future.

Yet we can use a trading plan and stick with it in order to refrain from extra emotions coming into our mind. Emotions can be controlled when we use to learn about them and set them aside while trading.

I see there are two many new posters here yet trying to convince us about the losses, yet i believe that we can also use stop loss to cut our losses earlier. What do you guys suggest here..? Please enlighten us more!

Yeah you are right, might be a source of gathering information either through paid or free signals, yet my opinion is to stick with learning and feeding your brain with good suplements knowing what is happening around us and what is impacting the prices to move from one range to another.

Instead of going towards signal services i believe why not taking time and doing some reading at sites like economies.com, investing, bloomberg etc to get some idea about what is going on in the surrounding. This will give us a clue about some fundamentals to conclude our ideas for trading.

Small amounts can be a good way to test a new broker which you are going to trade, through such small amounts you can further retest their processes like withdrawal etc which we cannot usually check over their demo accounts.