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HeavLeighGill26
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HeavLeighGill26
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Demo accounts
in
General
Oct 21, 2022 at 16:21
Demo accounts are the best hands on tool that traders have at their disposal. I think it's crucial to use one in the beginning. You can also use it to test strategies - don't see why anyone would skip it and put real money on the line before testing!
Do forex Expert Advisor robots ever work?
in
General
Oct 21, 2022 at 16:18
I'm not a big fan of EAs, just think manual trading is the best option
Is investing in the forex market risky?
in
General
Oct 21, 2022 at 16:12
The is risk in trading but there's also risk in other investments and business opportunities as well. You have to spend money to make money and sometimes you have to put money on the line hoping for a better outcome. The thing I love about trading is that there are ways you mentioned to lessen those potential losses, so you do have a degree of protection over your assets.
New trader looking for your help!
in
General
Oct 21, 2022 at 16:09
If you're looking to make money through trading, I would say that it's going to take some time and probably won't be a quick solution. Plus, you need money to make money with trading, if you don't have money to invest then that isn't going to solve the problem in the short-term.I would probably consider other options. What sort of skills do you have? Perhaps you could do in-person services (babysitting, cut grass, cleaning, etc.) for people you know or who live nearby. Or, go online and get into Freelance work. Fiverr is a good place to start.
How to choose a regulated forex broker?
in
General
Oct 21, 2022 at 16:04
There are a lot of things to consider when choosing a broker, and different traders will have different needs. Some things to consider:Account types/minimum depositAll costs (spreads, commission, withdrawal fees, inactivity or other hidden fees)Deposit/withdrawal methods and timeframeLeverageAvailable assets for tradingPlatformCustomer serviceOn another note, regulation is just an illusion of safety. I had a lot of friends that got burned by Veracity and they thought they were safe because they were regulated. In some cases, offshore may be better. I think the best thing to do is read customer...
Strategy-based trading
in
General
Oct 21, 2022 at 15:59
It's crucial to find a good strategy that works for you, I would never trade without a solid plan in place or else it would be reckless.
What are some of the best brokers with good rebates
in
General
Oct 21, 2022 at 15:57
If you're thinking of bonuses and that sort of thing, I would advise checking out all associated costs with the broker first. A lot of the time, they advertise them to get you to look away from other unfavorable terms. A $30 welcome bonus isn't really worth anything if you're trading with a broker that charges high spreads or ridiculous withdrawal fees, for example. Not saying it's always a bad thing, just that you should be mindful of that and don't choose a broker *just* because they have bonuses. Honestly, a lot of the better brokers don't have bonuses, but they give...
Looking for reliable ECN brokers...
in
General
Oct 21, 2022 at 15:53
I'd suggest looking on Forex Peace Army for feedback before making a decision!
For Beginners
in
General
Oct 21, 2022 at 15:52
I've never gotten into the PAMM account stuff...or EAs or anything like that. It's hard to rely on others when you never know what the outcome will be.
Broker Recommendation- low slippage brokers
in
General
Oct 21, 2022 at 15:50
Not really possible for 0 slippage...but Hugosway is really good about it
Do you use MT4 or MT5?
in
General
Oct 21, 2022 at 15:49
MT4 for me. Always liked it better, just the look and feel of it, plus I picked a broker that offers MT4 so it all worked out.
Money Management Tips
in
General
Sep 22, 2022 at 16:35
Good tips! Super important for not blowing your account.
Is it better to invest or save money?
in
General
Sep 22, 2022 at 16:34
This is really good advice!
Is Forex risky?
in
General
Sep 22, 2022 at 16:33
A lot of people are weary about trading because it is risky but a lot of other business ventures involve risk as well. Maybe you open a business and it loses money and eventually gets closed down. All the money you put into it is lost. Or you might get into investing in real estate and lose money that way. I think you have to spend money and take risks to make money in a lot of cases like this. The difference is in forex the process goes a lot quicker, where other things take more time to unravel.
How much should you invest in trading
in
General
Sep 22, 2022 at 16:29
Agree with this 100%. I would not want to sink thousands into it in the very beginning. It's much easier to work your way up and to get a feel for trading before you start putting large amounts of money on the line.
Can forex trading make you rich ?
in
General
Sep 22, 2022 at 16:25
I've always heard that wealthy people have income from multiple sources. I would start by trying to make money in forex, then use some of that money on business ventures or investments, like real estate or whatever interests you. In that sense, forex is like a stepping stone and one of your sources of income, but you can increase your potential to make life changing amounts of money if you use your profits wisely.
Choosing the Right Broker
in
General
Sep 22, 2022 at 16:19
If you run a survey over the problems that forex traders are suffering from, most ones will come out regarding scam broker issues. I've seen so many scam reports lately. The bad thing is that these scams can be avoided, but most people just don't take the time to do the research to figure out what is and isn't trustworthy. Too many are eager to fall for those too good to be true promises and wind up losing thousands. So true for all of fx trading. sadly most people want to get rich quick with little effort and it is these people that fall for the scams. Nothing come...
When a trader is a newbie
in
General
Sep 22, 2022 at 16:16
True. I feel like beginners often focus more on dollars than self-improvement and confuse long-term goals with short-term ones.
Demo trading
in
New Traders
Sep 22, 2022 at 16:09
It's very similar. One of the main differences is the psychological aspect of it, because real money isn't on the line on a demo account so your mind is more clear and it's easier to follow your plan. A lot of people get anxious or greedy once they switch to a real account and therefore they make decisions based off of those emotions.Some traders also argue that demo accounts are manipulated by the broker, but that's more speculation in my opinion.
Bonus and broker
in
New Traders
Sep 22, 2022 at 16:05
This is so true. I also feel like a good bonus is there to get you to look the other way from unfavorable terms. Everyone wants to get that bonus money but what does it really matter if the broker charges high fees on everything else? Even if you manage to meet their terms & conditions you just funnel that money back into the broker + more when you could have traded with a more cost efficient broker in the first place.
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