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bearhugs
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Newbie Trading in Demo Account , But For How Long?
bearhugs replied to kiranchandra's topic in Forex General Discussion
Demo accounts can offer some benefits to new traders as they allow traders to become familiar with trading software and understand how the market works. -
In general, too high a spread value can render a trading system useless. If the trading system requires you to open multiple positions in a short period of time, it is very important to find a Forex broker that offers low spreads.
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There is no single formula for the success of financial market transactions. Think of the market as the ocean and the traders as surfers. Surfing requires talent, balance, patience, proper equipment and attention to the surrounding environment.
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Quick money would be possible, if you have proper knowledge and skills and also you need to do lots of practice to achieve success.
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It totally depends on the knowledge and skills you possess. If you think that successful traders doesn't suffer loss, then you are totally wrong. They too suffer loss, but they never give up and at the end they make more profits than the loss and become successful.
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You have to understand what you are trading, what is the Forex market, what are the pairs, the fundamental logic behind their movements, you must understand important economic events. It’s very important not only to look at the graph technically but also to understand the meanings behind it.
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Newbie Trading in Demo Account , But For How Long?
bearhugs replied to kiranchandra's topic in Forex General Discussion
A demo account is a type of account offered by trading platforms that is funded with fake money, enabling a prospective customer to experiment with the trading platform and its various features before deciding to set up a real account. -
Forex risk management comprises individual actions that allow traders to protect against the downside of a trade. More risk means higher chance of sizeable returns but also a greater chance of significant losses.
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Practice is the key to achieve success in the Forex Trading. The most successful trader even started with scratch and the thing that make them successful was their practice and consistency.
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Losses are the part of Forex and you cannot report about it, you should just learn to make more profits than the loss that you have incurred.
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Practice with smaller amounts or a demo trading account. Practice with various strategies, during various geopolitical events, with varying stop-losses etc. Practice will improve your comfort with the forex markets and will help you become a better forex trader.
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Leverage can be a good thing provided that the business doesn't take on too much debt and is unable to pay it all back. That makes sense because when you borrow from suppliers, it's typically in smaller amounts and paid back faster, while loans are typically for a longer time at higher amounts.
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Yes, experience is the key of achiveing success in the Forex Market.
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Yes, without proper knowledge and skills, you could not make the most of it from the Forex Trading.
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Most of the traders join Forex, because of the money involved. But, their lack of knowledge and skills refrain them to earn through the Forex Trading.