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For Newbie
in
Jauni treideri
Dec 21, 2021 at 16:37
Self-improvement is a good thing for beginners to focus on and the money usually follows. I personally started with a low balance but went back and made a larger deposit once I felt confident enough to do so. It is helpful to be able to start small if that's what you'd like to do.
Expert Advisor...good for beginners?
in
Jauni treideri
Dec 21, 2021 at 16:36
Personally, I always steered clear of EAs. I'm sure there are some decent ones out there, but I didn't trust it and read too many stories of other traders getting burned.
Tips To Being A Successful Trader
in
Jauni treideri
Dec 21, 2021 at 16:32
Good tips
When a trader is a newbie
in
Galvenais
Dec 21, 2021 at 16:30
Studying everything beforehand definitely leads to a higher success rate. Too many beginners are looking to make a quick buck and they jump in way too soon, which accounts for a large percentage of failed traders.
Most people fail because
in
Galvenais
Dec 21, 2021 at 16:29
I have noticed more and more beginners signing up on other forums. It's good that there is a lot of interest in trading, but I can't help but assume that many of them are trying to rush into it without the knowledge that comes with it. I've also seen a lot of posts saying that they are trying to make money quickly, which never works in this market without the proper knowledge or time investment.
Control your greed.
in
Galvenais
Dec 21, 2021 at 16:27
I kind of had the opposite problem being that my anxiety made me too hesitant to enter trades or I'd enter too late or pull out to early, which kept me from earning as much as I could have. Greed is definitely a big problem for forex traders and often leads us to keep risking, only to lose it all. It reminds me of when a gambler wins a big sum of money but continues playing and leaves with nothing. Playing it safe is more my style but I know a lot of traders that have made big mistakes getting greedy.
Broker and regulations
in
Galvenais
Dec 10, 2021 at 17:49
I’m from the US as well and wound up going with an offshore broker because options were limited and I was able to trade with higher leverage. In this case, I’d also recommend CedarFX to you because they seem to fit the criteria you’re looking for as far as low costs and high leverage. You can open a 0 commission account there with decent spreads, no extra fees, and leverage up to 1:500. Hope this helps!
Do you prefer fixed spreads or dynamic spreads?
in
Jauni treideri
Dec 09, 2021 at 17:00
Every offer for dynamic spreads that I've ever seen has been outrageous. I opened a 0 commission account with my broker and while that typically would mean that the account would have higher than average spreads, they actually wound up being quite low and no withdrawal fees. There are good deals out there but it takes effort to search for them but I don't think that you're going to find any of those life-changing deals in regards to floating spreads.
Spreads
in
Jauni treideri
Dec 09, 2021 at 16:57
I know a lot of new traders set out looking for a broker with a high deposit bonus or other type of promotion going on, but I've found that these are often there to distract you from other terms offered by the broker or terms & conditions surrounding the promotion make it difficult if not impossible to withdraw. In many cases, the brokers that don't offer this can be better. For example, if I decide to open an account with a broker primarily because they offer a $30 deposit bonus, but they have a $7+ withdrawal fee, high spreads, high commissions, and hidden charges (like inact...
Can forex trading make you rich ?
in
Galvenais
Dec 09, 2021 at 16:43
People have gotten rich from it, but it isn't likely. Meanwhile, the chances of winning the lottery are extremely low but some have won it. I think with trading, there's more of a likely chance that you could wind up profitable, but maybe not to the definition of being rich. However, if you think like a rich person by investing the money you make, having other businesses, etc. then your chances of becoming rich increase drastically.
Newcomers and demo trading
in
Galvenais
Dec 09, 2021 at 16:41
There are some blind spots with demo accounts in terms of money management and trading from a psychological standpoint, but that doesn't cancel out all the other benefits of having such a hands on tool available. I definitely think beginners can avoid a lot of early losses by practicing and having that experience and being educated about other things that the demo doesn't cover.
There are lot of common mistakes
in
Galvenais
Dec 09, 2021 at 16:39
Very true. You mentioned a lot of the most common mistakes...also, overtrading, revenge trading, etc. can wreak havoc on our profits if we get carried away.
Who's making money in here?
in
Galvenais
Dec 09, 2021 at 16:38
I started out losing some money but managed to start bringing in profits over the past few months. Definitely not a ton of money but enough to help with some things around my house and I made a decent withdrawal for Christmas. The goal is to increase the amount to cover my mortgage and to get my husband into trading over the next year or so, but only time will tell how that goes.
Best forex demo account brokers
in
Galvenais
Dec 09, 2021 at 16:35
You can trade on MT4 using a demo with CedarFX. If you decide to open a live account with them later on, a 0 commission account is available with a $10 minimum to sign up.
By trading we can make
in
Galvenais
Dec 09, 2021 at 16:30
You have to be educated in order to make money as a forex trader in the same way you'd need to be educated to be a lawyer, doctor, or to have any other type of job. Even fast food workers need training. Yet, for some reason many people want to jump right in and open a trading account to get rich without putting in the effort to learn first. When those people fail, they assume it is the most difficult thing and impossible.
Account Security?
in
Galvenais
Dec 09, 2021 at 16:28
Reach out to your broker's customer support team and they should be able to advise you on this. I think the passwords are pretty safe but you can never be too careful these days.
Most traders don't get success
in
Galvenais
Dec 01, 2021 at 19:38
I hate that so many beginners fall for the while get rich quick idea about forex trading. It's definitely an avenue to make money but a lot of people overlook the effort it takes to really make money.
New traders should be content
in
Galvenais
Dec 01, 2021 at 19:37
I think it's helpful to focus on self-improvement and not losing money in the beginning, but a lot of us are so focused on making money quickly.
Types of spreads
in
Galvenais
Dec 01, 2021 at 19:29
Every broker that I've ever checked out with fixed spreads was insanely pricey, I always stick to variable spreads.
Some of the traders who fail
in
Galvenais
Dec 01, 2021 at 19:27
A trading journal can help with this
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