General advises and experiences sharing for forex traders

[Callahan Sinclair]

I think that the main reason for failures among beginners is greed and inflated expectations. That is, many people come to Forex quickly and earn a lot, thinking that it is very easy. In fact, correct market analysis requires a long time to study, gain the necessary skills and experience, learn to control risks and your emotions.

That will come with enough experience.

 

[Callahan Sinclair]

I’ve been paper trading for months, but still feel shaky when live markets move fast. How did you gauge when your knowledge was solid enough to trade live?

You don't have to be a pro before you enter the real market. It takes practice and time.

 

[RainbowRain]

How did you gauge when your knowledge was solid enough to trade live?

When you have been able to make money on a demo account for at least three months in a row using your trading strategy, then I think you can move on to a real account.

 

[RainbowRain]

Very often, many people want to take revenge on the market after losing trades and do not know how to wait for the right conditions for this. Therefore, the desire to quickly recoup, while at the same time with inflated risks, leads to even greater losses.

 

[RainbowRain]

Fear of loss makes Forex intimidating for many traders. Overcoming this fear is essential for success.

Fear of loss will be much less if these losses are minimal. Therefore, it is important to control risks in order to minimize your losses during unsuccessful trades. In this way, trading will be much more comfortable and without unnecessary fear.

 

[RainbowRain]

Also, a demo account gives you the opportunity to check the performance of any forex robot, of which there are quite a lot in the free network and which often require optimization or adjustment for trading for a certain trading pair.

 

[RainbowRain]

In order to make a practical and well-founded decision, a trader must have a trading strategy. Only it can show when and under what conditions and rules to make trades, and when to wait. And if a trader has the discipline to strictly follow all the rules of his strategy, then his decisions will not be emotional and impulsive, but will be practical and profitable.

 

[sunar14]

As a beginner I treated HFM demo like a game and got a rude shock live - slippage and emotions trashed my “perfect” strategy. Now I run demo with the same rules, a time limit, and a small live account in parallel to build discipline before scaling

 

[RainbowRain]

It is also important to be able to wait and not try to immediately recoup your losses. After all, very often revenge on the market and the desire to immediately recoup leads to even greater losses, stress and disappointment.

 

[Callahan Sinclair]

It is also important for a trader to have a strong psychology, to be able to control their fear, greed, passion and to have discipline. Without such self-control, even the best strategy will not help to earn. It is also important to choose the right broker so as not to worry about your financial investments, about the withdrawal of profits and about the quality of trading conditions and execution, which directly affects the results in trading. Therefore, I chose the regulated company FXOpen with an FCA license.

I don’t usually check regulatory details before choosing a broker, just hearing from various sources that a company is doing a good job is enough for me.