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HeavLeighGill26
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Posts by
HeavLeighGill26
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High Leverage
in
General
Oct 18, 2021 at 12:38
Don’t think it’s a good idea for newbies to trade with high leverage. Many experts say they use around 1:100 as well. Of course, it’s always an option if you’re prepared for the risk.
Which Broker is Best for High leverage ?
in
General
Oct 18, 2021 at 12:37
I’d recommend mine but it’s an MT4 broker, guessing you’re sticking to MT5.
New Trader
in
General
Oct 12, 2021 at 17:30
Personally I don't really like to use robots because I just don't trust it. Of course, I do think there are some legit ones out there so a lot of research and verified user reviews would make me feel more confident if I were to decide to use one.
MetaTrader4 (MT4) vs MetaTrader5 (MT5) for beginners
in
General
Oct 12, 2021 at 17:29
I prefer MT4 and think it's navigable, plus there are tons of tutorials on YouTube. However, I think MT5 is also a good choice for beginners so it really comes down to preference.
Forex trading offers high leverage
in
General
Oct 12, 2021 at 17:28
I prefer a leverage of around 1:100, although my broker offers up to 1:500. It's nice to have the higher option available but personally avoid it for the time being.
How much should you invest in trading
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General
Oct 12, 2021 at 17:26
Depends on how much you want to invest. If you'd prefer to start small, you could open an account with a broker that only requires a $10 deposit or so and deposit more money later on or build on that. On the other hand, you could deposit hundreds or thousands if you're very confident. I think the most important rule is not to go into debt when it comes to depositing in your trading account, meaning that you shouldn't borrow money or take out a loan, and to only invest money that isn't designated for important things like groceries or bills. That will help you avoid going into d...
We should not think
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General
Oct 12, 2021 at 17:20
I originally thought you meant that we shouldn't think while trading based on the title, lol. Having unrealistic goals just sets you up for disappointment when you don't meet them. Instead, I think it's important to celebrate the small victories and to start by patting yourself on the back for *not* losing money.
The beauty of forex trading
in
General
Oct 12, 2021 at 17:18
The risk is worth it for me because I'm a stay at home mom with 3 kids. I could afford daycare off of my husband's salary to go to work, but probably wouldn't make much money and don't see the point when I can trade from home and be with my kids instead. I love the flexibility and especially not having to worry about things like sick days or planning around vacation since I can decide those things for myself. There's also the added bonus of not having to deal with people because I'm more of an introvert and have had horrible experiences with people when I used to work r...
Making consistent money
in
General
Oct 12, 2021 at 17:13
There's definitely a lot that goes into becoming a profitable trader, from having the right mindset at a psychological aspect to being well-educated and informed about different strategies. If you don't spend enough time on each subject, you are likely to lose money.
Purpose of demo trading
in
General
Oct 12, 2021 at 17:05
I think demo accounts serve a great purpose and those that use them long enough and actually focus on strategies are much more prepared when they switch to a real account. It's true that you don't get the emotional aspect of trading from a demo, but that doesn't mean that one should skip over them.
Forex is not a bad business
in
General
Oct 12, 2021 at 17:03
I think a lot of people get the wrong idea about forex trading and think it's a scam or impossible to really make money due to all the failed traders out there. Of course it's possible to make money, it's just that it's more work than most people expect. You wouldn't take a regular job and expect to become rich without putting in effort, yet people expect that from trading or else they classify it as a sham.
Emotional Trading
in
General
Oct 12, 2021 at 17:01
Sorry to hear about the bad luck! I think it's normal to feel some emotion while trading but the important thing is to manage it and not allow it to affect your trading plan. If you need to, step away and take a breather when this sort of thing happens or do something that makes you feel relaxed, then come back with a clear head.
How long it takes to learn
in
General
Oct 12, 2021 at 16:58
If you're wondering how much time is required for education before you're ready to open a live account, I'd say that the answer is subjective. Some may learn very quickly and understand all the info, while others may struggle with some of it and have to spend more time on certain subjects. Whenever I got stuck on something, I went to Babypips or YouTube and that seemed to help. It also depends on how much time you devote to learning at a time, as obviously someone that's spending time each day learning would be prepared before someone that only does so once or twice a week. Fro...
what kind of spreads do you look in a broker
in
General
Oct 04, 2021 at 00:50
Typically, it seems like you get high spreads and low commission costs or low commission costs and high spreads. My broker doesn’t charge commission and they also have lower than average spreads, so that’s what I’m sticking with from here on out.
When a trader uses small
in
General
Oct 04, 2021 at 00:48
It’s better to deposit more if possible, but some may not have a lot of funds to start with. It also ain’t advisable to take out loans for trading. Fortunately, some brokers do cater to those that would like to start with a small investment. I also think that low entry barriers make more timid traders feel confident enough to make that first deposit whereas a minimum in the thousands would be intimidating.
Every newbie should practice
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General
Oct 04, 2021 at 00:26
True. I’ve seen a lot of people try to discredit demo accounts lately. It’s true that you don’t get the psychological experiences of trading with emotions or losses but it can still offer a lot of valuable lessons. Definitely think I would have blown my first account if I didn’t have experience from the demo.
Manual trading
in
General
Oct 04, 2021 at 00:24
I’ve always been too skeptical to use any EAs. I’m sure there are good ones out there, but I have too much anxiety to just walk away and trust it.
Profit target?
in
General
Sep 20, 2021 at 14:31
I don’t exactly give myself goals to make x amount of money. I try to focus more on self-improvement and it seems like that helps to improve my profits over time. Also don’t rely on trading as a main source of income, so everything I make is looked at as extra money.
Both fundamental and technical
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General
Sep 20, 2021 at 14:29
Like many others, I think it’s important to combine the two to get the best results. Having as much information as possible undoubtedly helps us to make better, more informed trading decisions.
To learn the art of trading
in
General
Sep 20, 2021 at 14:27
I think a lot of newbies underestimate just how much time and effort go into trading, from learning to getting a strategy and so on. If you don’t have the patience to wait to open a live account when you’re truly prepared, you’re basically bound to lose your deposit. When beginners realize that this isn’t as easy as they thought, most abandon it and believe that trading is just too hard or that it’s a scam.
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