Dora Wi

It's good advice that every trader should know their own limits. Something that is attainable for one trader might not be for another one. Setting realistic goals and not overtrading is important.

This is a very good explanation, thanks for posting it!

It's important to note that the forex market is not 24/7, it's more like 24/5 - there is some break over the weekend and on bank holidays. As for indicators, I think the most important thing is to test it before you use it and don't just trust any indicator you find on the internet.

Yes, I do like trading. I learned mostly from online sources (BabyPips, Investopedia for example) and books (Trade Your Way to Financial Freedom by Van K Tharp and One Good Trade by Mike Bellafiore are some of my favourites).

I'm sure a mentor can be very helpful but I don't think it is necessary. You can find solutions to your problems yourself if you put in the time to analyse your mistakes and search for solutions. Online communities can provide help, too.

Well, that's true for every strategy out there. Without skills, it's not possible to make trading work.

You can still make profits from a sideways trend if you trade on support and resistance. If you are an investor, though, a sideways trend will not benefit you.

I like the book Trade Your Way to Financial Freedom by Van K. Tharp, and if you already have some basic knowledge about the stock market, One Good Trade by Mike Bellafiore is also useful. You can learn a lot from these. Then start to practice what you've learnt on a demo account.

I've never used more than one brokers at the same time. Do you copy your trades between the different brokers, or do you use them for different strategies.

I would say there is no set time limit on it, how long you stay on demo should be determined based on how long it takes you to get consistent. Many recommend several months because if you have data over a longer time period, it gives you a clearer picture about how profitable you really are.

My vote is on cryptocurrencies for now. I have seen many NFT's emerge lately that just don't seem like very worthy investments.

The Wordpress website itself has a hosting service, maybe you could check that out. Bluehost is also a very popular option, though I haven't tried it myself.

I think they didn't mean to complain, but rather say that the amount you lose in forex can influence the amount of taxes that you need to pay. I agree, though, that excessive losses are most often because of mistakes a trader makes - while there are also losses that are inevitable.

I agree, there are different things to look out for, not just spreads but also commissions to make sure they are suitable for achieving your goals.

You can also use a trailing stop loss, it is a good tool for maximizing your profits if the price moves in the direction you want it to move.

Losses are inevitable to some degree, but it is important to notice when we suffer unnecessary losses through our own fault. Risk management can help minimize our losses.

Yes, this is a very common mistake, many people are way too trusting when it comes to promises of returns.

I think that daily profit should not be the primary goal of trading. Losses happen, and if we want to know if our trading activity is truly profitable, we have to look at larger time periods. Focusing too much on daily profits can make you greedy and makes it harder to tolerate losses.

Definitely, and it's also worth looking at what company regulates a broker - not every regulatory body provides the same guarantees.

I think some of the most important things to check when choosing a broker are regulation, spreads and fees, reputation and whether it has all the functions you are looking for in a broker platform.

Totally agree, gaining knowledge has to be the very first step when it comes to trading. Without knowledge, you don't have proper control over your results.

I think leverage is one of the things that should come after some other considerations, such as regulation, spreads and fees and reputation.

If you find yourself with some extra time on your hands during lockdowns, trading can indeed be a useful think to learn about for making money. Just be extra careful to not risk your livelihood if you are not an experienced trader.

Regulation is always important in my opinion, if you are choosing a broker, you should check whether it's regulated - and find some information about the regulatory body they refer to if you don't know it, not all regulatory bodies are made equal.

There is for sure a lot of information available, and you don't have to know all information that has ever existed about finance. Part of the learning process is finding the information that is relevant and useful for us.