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Dora Wi

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Everything posted by Dora Wi

  1. Dora Wi
    This is good advice. These things indeed need to be considered before starting forex trading. Doing so without making sure you have the necessary knowledge is very irresponsible.
  2. Dora Wi
    Agreed, there are certainly traders who come into this business expecting easy profit and their actions resemble gambling more than trading. But gambling is based on luck, and speculating is based on facts and analysis.
  3. Dora Wi
    When it comes to full-time trading, I think the most important thing to mention is that it takes time and a good amount of capital to get to a point where you can make it work. Don't expect to start trading and go full-time in a few months - it takes a good amount of experience to become profitable enough for it.
  4. Dora Wi
    I agree, learning has to be the very first step of everyone's trading journey, and it is also a constant requirement along the way.
  5. Dora Wi
    Totally, trading has to be based on knowledge and planning and not on luck. If you come into this business expecting to be lucky, you might as well be gambling.
  6. Dora Wi
    I see this strategy applied more in stock trading, not so much in forex.
  7. Dora Wi
    In my opinion stop loss is a very helpful tool, yes. Some people prefer to trade without it but I've mostly heard that from very experienced traders. In general, it is worth using stop loss orders.
  8. Dora Wi
    Thanks for sharing this. Indeed, there is a lot of nuance and detail involved with forex trading. Tracking your performance is a good way to gain an objective perspective on how you are doing and helps you realize when you have to tweak something in your strategies.
  9. Dora Wi
    There certainly are a lot of people who come to trading expecting easy money and end up treating it similarly to gambling. But newbies have to make sure they have realistic expectations and start out slowly and carefully to make sure they don't lose a lot of money.
  10. Dora Wi
    I totally agree that ECN brokers in general are a wise choice. The regulation is always important.
  11. Dora Wi
    It is advisable to start out using only one currency pair so that you can get to know that pair as well as possible - you need to have knowledge about the economies behind them and find the right news sources to follow.
  12. Dora Wi
    It is definitely risky to trade, and it takes a lot of knowledge and practice to make it truly profitable. Risk management is one of the skills aspiring traders need to learn.
  13. Dora Wi
    I'm not sure what it means that forex is our ground. It's quite high-risk, even though there are ways to manage your losses. And many people prefer different trading options.
  14. Dora Wi
    It may be so, but I think there are a lot of resources that we can use to benefit our trading. We don't have to figure out everything on our own.
  15. Dora Wi
    I agree that learning should be the very first step, and practicing on a demo account is a good following action. I think the most frequent mistake newbies make is going into trading uneducated and make avoidable losses with real money.
  16. Dora Wi
    I agree that the real fruits of trading come over the course of long-term work. It's not quick money, but the profits accumulate if you manage your money adequately.
  17. Dora Wi
    I totally agree, risk management is one of the most important skills to learn and implement when we are trading. Without that, it is easy to lose our previous gains.
  18. Dora Wi
    Leverage is a double-edged sword and that's something you always have to keep in mind. Only use leverage if you know how to manage your risks well. If you are a beginner, it is best to start with small leverage. Many people use 1:50. Many people limit the amount of leverage you can use at 1:500.
  19. Dora Wi
    Using a demo account is a good suggestion but before you do that you also have to acquire some theoretical knowledge. Finding a free online course or reading some books on the topic can be a good starting point.
  20. Dora Wi
    I think there are a good selection of online sources for education on trading and investing, such as BabyPips and Forex Military School, as well as books on the topic. In my opinion, it is useful to take advantage of sources like these.
  21. Dora Wi
    I suggest following a few different news sources. If you want to make it especially convenient, you can subscribe to newsletters or follow news sites on Twitter or Facebook. It's also worth reading sources that do fundamental analysis.
  22. Dora Wi
    I don't feel comfortable making any specific recommendations, but I would suggest googling popular brokers and check out some of them - whether they are properly regulated, reputable, and don't have a history of scamming people.
  23. Dora Wi
    I"m not sure about this, a lot of brokers will require KYC verification even if it is just a demo account and as long as the broker is trustworthy, there shouldn't be any issues with that.
  24. Dora Wi
    What the best broker is will be different for different people. The most important is that the broker is regulated by a legitimate entity and is reputable and trustworthy. Once a broker meets those requirements, you are free to choose based on your preferences and trading strategy.
  25. Dora Wi
    Definitely, you are right about this. And we also have to factor in our lifestyle, such as how much time we are able to set aside for trading and how out schedule can be brought in line with our goals.
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