e_abrams

Demo trading is vital for any newbie who wishes to learn the basics safely and for any experienced trader who wishes to test new strategies, ideas, EAs, etc.

Scammers crawl out of the woodwork like snakes to take advantage of the many vulnerable people left by the health and economic crisis everyone are suffering from. Criminals have been extorting people by threatening them to infect family members if they do not transfer them $4000 in Bitcoin, since Bitcoin is untraceable. Apparently some of them are even going so far as to impersonate World Health Organization employees and ask for “donations” – again in Bitcoin. And as if that is not enough, scammers are also trying to infect people’s computers with malware through COVID-19-related documents. Source It is absolutely repulsive that people are doing this, but as the pandemic worsens we will probably see even more extreme examples.

I agree. If you have discipline, you can learn almost anything, naturally that applies to trading.

500:1? That sounds actually kind of dangerous, don't you have any problems with it?

Would you provide an example? I'm curious.

What currency pair do you think is best for long-term trading?

Singapore has formed a new industry group called Blockchain Association Singapore (BAS) that intends to promote crypto blockchain as a whole. This happened after two existing entities merged - the Blockchain, Enterprise and Scalable Technologies (BEST) and the Singapore Blockchain Association (SBA). The new group has stated that its main goal is to push development of new and already existing blockchain companies. Chia, the former SBA chairman, made the following statement: “Singapore has become a burgeoning hub for blockchain and there is a need for an industry push to facilitate and encourage the development of new and existing players in this space. I am confident that the establishment of [the] Blockchain Association Singapore will add more vibrancy and support to the current ecosystem while providing guidance for enterprises who are keen to adopt blockchain solutions.,” Source It is really quite impressive how Singapore has embraced cryptocurrencies and blockchain. I have no doubt others will follow suit.

Forex trading is complicated and learning how to do it properly, i.e. profitably, takes a long time and a lot of effort. Often it takes a lot of stress too.

The main motivation for the vast majority of traders is one and the same - money.

Indeed. It is important to go into this occupation with eyes wide open.

China has been developing a digital yuan for quite a while now – since 2014. Recently that development entered a new stage as the country is planning for the digitial currency to be tested by major food chains like Starbucks, McDonald’s, and Subway. A meeting was organized by the development and reform bureau of Xiong’an New Area management committee and in it participated certain cryptocurrency research institutions and pilot merchants. Among the latter were representatives of the abovementioned major food chains, plus a representative of he popular Chinese dumpling eatery chain Qing-Feng Baozi. The other present parties, members of four large Xiongan banks - the Agricultural Bank of China, the Bank of China, the China Construction Bank, and the Industrial and Commercial Bank of China – were there to discuss the testing of the digital yuan. China seems to be planning to launch the cryptocurrency in mid-2021. Source The pandemic has certainly accelerated any plans that existed before for a cashless society.

I wouldn't say it is a good idea. To keep long-term trades means to be able to analyze what the market will do in the long term. What newbie can do that?

Which currency pairs do you prefer to trade?

On the other hand, if something works so well, why do you need to sell it to make a profit?

Forex is difficult. And stressful. And rewarding. It takes a long time and a whole lot of effort to learn.

Indeed. I think it is always a good idea to diversify one's trading portfolio, but each new pair should be carefully studied before one moves onto the next.

I agree. To simply learn how to trade with real money, rather than actually profit.

Elon Musk, who had recently dubbed himself “Dogecoin CEO” in his own Twitter bio, has once again endorsed Dogecoin on Twitter, which caused the formerly joke cryptocurrency to soar to new heights. Before this Elon Musk-caused rally, Dogecoin was traded at around 0.008 USD per token and then rose to 0.082 USD per token, i.e. its value increased ten times. Currently Dogecoin is being traded at around 0.05 USD, so the hype has subsided a bit since then. Dogecoin may have been considered a joke once, but it has managed to achieve the impressive market cap of 10 billion US dollars, which is more than XLM and BitcoinCash can boast, and it takes the tenth spot in the ranking of the world’s most valuable cryptocurrencies. Source Elon Musk and other celebrities are definitely pumping Dogecoin, I think. I wonder what the consequences will be, once the bubble bursts.

Indeed. Quick profits are largely a myth perpetuated by brokers that cannot be trusted.

I prefer manual trading as well, I have never felt comfortable using robots.

Discipline is important indeed. Having a proper trading system to follow, however, is vital.

Neither greed nor fear leads to good results in this industry, I think.

Every properly regulated broker should be offering a demo account. If a broker is not offering such an account then something is wrong and I recommend avoiding them.

USD/CAD is a pretty great currency pair in that regard, I think. You can check it out if you wish.

Thankfully there are many free and easily available sources online that provide such lists of terminology and the respective meaning for each word.