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Demo Trading Advantages
in
Galvenais
Feb 02, 2022 at 17:41
I agree that it's essential to gain some experience on a demo account before going live. I've seen several posts where traders want to skip demo trading completely and some traders give the advice that there's no point because it misses teaching psychological and risk management related lessons, but I don't understand why someone wouldn't take advantage of the ability to practice the mechanics of trading, test their strategy, and so on just because of that. I spent quite a while on demo in the beginning.
5 Things I have learned in 5 years of trading!
in
Galvenais
Feb 02, 2022 at 14:48
Agree with you there! I've seen so many posts where beginners are eager to skip demo trading and never understand why you'd opt out when it's free and the best hands on tool for traders to use.
There is no short cut
in
Galvenais
Jan 10, 2022 at 15:53
Becoming consistently profitable definitely takes time. It's never a good idea to rely on forex gurus or to listen to anyone that claims to have found the holy grail. Nothing can be guaranteed either.
Is trading for living possible?
in
Galvenais
Jan 10, 2022 at 15:52
It's definitely possible, but not something you can jump straight into. You'd need a sizable investment, to be well-educated, have a great trading plan, etc. I see a lot of people looking to quit their jobs and do this, but I'd recommend trading and working for some time until you're sure you can bring in enough profits. It's also important to have money in savings since you don't get a guaranteed paycheck for trading if you have a bad month.
Greed is dangerous
in
Galvenais
Jan 10, 2022 at 15:49
Greed-based trading never ends well.
Choosing a new broker
in
Galvenais
Jan 10, 2022 at 15:46
I think there would be a lot of reasons to potentially move. If the previous broker disappointed me in any way, for example, by dealing out bad customer service, problems with my account, hearing that others are having withdrawal problems or dealing with it personally, and the list goes on. Another good time to switch is if you realize you're getting a bad deal. There are so many brokers out there, so if yours is charging $7 a withdrawal, high spreads and costs, inactivity fees, or anything similar then why wouldn't you switch?
Loss
in
Galvenais
Jan 10, 2022 at 15:43
I agree. Loss will happen and we shouldn't lose our minds over it, but it isn't such a big deal with risk management precautions in place.
The fear of losing opportunity
in
Galvenais
Jan 10, 2022 at 15:42
I kind of had the opposite problem as a beginner because I was anxious to enter trades in case I would lose, but can definitely see how this is a problem.
Trading is not just about
in
Galvenais
Jan 10, 2022 at 15:41
There are a lot of factors that go into trading and whether one will be success or not, from discipline, to the broker that's selected, strategy, knowledge, and so on.
Gold broker recommendations
in
Galvenais
Jan 10, 2022 at 15:39
What are their fees like? I'm not totally familiar with IC Markets in terms of cost. Do you pay commission there?
Money and skills
in
Galvenais
Jan 10, 2022 at 15:38
I feel like a lot of beginners want to skip over the beginning steps, like practicing on demo, putting effort into their education and go straight to live trading with consistent profits. Sadly, there are a lot of steps in between that you can't just skip over or else it just isn't going to work out.
Learning is a nonstop procedure
in
Galvenais
Jan 10, 2022 at 15:36
Always be open to obtaining more knowledge in this field. There are things that even the best traders can learn, so education is definitely something that should be continued indefinitely.
Forex Community
in
Galvenais
Jan 10, 2022 at 15:32
Look up forex forums on Google. Of course this is a good one, as well as Babypips and Earn Forex.
Successful trading
in
Galvenais
Jan 10, 2022 at 15:31
You need to be well-educated about trading, have a good trading plan, practice risk management, etc. AND have an account with a reliable broker with decent costs in order to truly be successful. Without one or the other, you're bound to fail.
Best Broker
in
Galvenais
Jan 10, 2022 at 15:20
If you're still looking you should check out CedarFX. I've been there for a while and the minimum is just $10. You can also trade forex, crypto, and more with up to 1:500 leverage and so on. There's more info about their 0 commission account, spreads, etc. on their website.
Mistakes.
in
Galvenais
Jan 10, 2022 at 15:18
Everyone loses money at some point in this industry and I think most of us look back and wish that we would have done some things differently at points in our trading career, especially the beginning. Best thing to do is learn from those mistakes and not dwell on them.
Emotion in Forex trading
in
Galvenais
Jan 10, 2022 at 15:15
You can always try to risk more money to reduce emotions. Risk less, use SL, only deposit a small amount at first, etc. so that you aren't able to lose as much money. That tactic helped my anxiety when I first started.
Day Trading for living..?
in
Jauni treideri
Dec 21, 2021 at 16:58
I think it's possible to trade for a living but would take a lot of time. Also, being that a paycheck isn't guaranteed, you would need some savings to fall back on in case you had a rough couple of weeks. It would also take a sizable investment to make enough to live on, although everyone's lifestyle is different so some would need to make more money than others to make a sustainable wage.
Hey everyone!
in
Jauni treideri
Dec 21, 2021 at 16:56
I'm 2 and a half years in now and starting to make some improvements. Looking to add crypto to my portfolio in the coming year and to spend more time reading trading books.
Is a demo account really neccassary?
in
Jauni treideri
Dec 21, 2021 at 16:41
Don't agree with this. Demo accounts are one of the best hands on tools out there and while they may have blind spots in regards to risk management and psychological aspects, they still teach valuable lessons and stop us from incurring losses later on. You can also test your strategy on demo. Why rush into a live account with real money at risk (no matter how little) when you have no idea if you have a good strategy and have no experience? My advice is to trade on demo, hold yourself accountable for wins and losses (for example, reward yourself with dinner at your favorite restaurant for m...
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