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Thread: What Do You Think Is Forex Trading Real Or Scam?

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    Default What Do You Think Is Forex Trading Real Or Scam?

    At present Forex or foreign exchange trading has become very popular and for that reason, many people are getting involved in it. But when the join the Forex market they find themselves with various types of questions. Here are the deets...


    Is Forex trading real or scam?


    Should you risk 1% of your account per trade or 5%?

    Does RSI work better than stochastic?


    Indeed, some of the topics will always be debated, but with the help of expert analysts, we can uncover what Forex trading really is and it will also be helpful to understand the Forex market.


    Another important thing is before you join the market always KEEP this in mind that you can both gain or lose your capitals.


    So, if you want GREAT results from Forex trading then you'll have to study the market.

    Now, I'll try to give some explanation to a few questions (with the help of experts) which confuses the newcomers in Forex trading.


    Here are few that sort of question that troubles a newcomer-


    -Do Traders Need Financial Background

    -Is Trading Easy

    - Are Forex Signals Fully Reliable?

    -Can you Be Successful With A Small Trading Account

    -Does A successful trader wins most trade

    -Do you need to spend a lot of time monitoring

    -Does Success comes from the trade market with tight spreads

    -Is It Important To Have Expertise In Economic Analysis

    -Is That True That Trading News Presents The Greatest Opportunities

    -Is it important to Manage Emotions While Trading


    Therefore, Let's get right into it.

    Do Traders Need Financial Background


    Trading has little to do with' financial 'and more to do with understanding what is involved in activities related to the performance of' -Paul Robinson, Currency Strategist.


    A financial background can be useful to understand how Forex and other markets work. However, the more profitable is a skill in mathematics, engineering, and the hard sciences, which better prepare traders to analyze and act on economic factors and patterns of the chart.


    No matter how much awareness you have about the financial markets - if you are not able to process new data quickly, methodically and in a focused manner, the same markets you think you know well can eat you alive.


    Answer: LIE


    EXPERT TIP: To prepare for trading, focusing on the development of analytical skills rather than boning on financial knowledge.


    Is Trading Easy?


    'Trade must be easy. Being profitable is where the difficulty lies -Peter Hanks, Analyst


    Trading is like running a business. To be successful, you need to learn from mistakes and have rules in place to help protect your capital. As a business, it is important to have the right strategy in hand for a variety of market conditions.


    Setting up a business is easy, and equally, trade is also easy.


    Developing a successful strategy and making money? That's the hard part.


    Answer: TRUTH


    EXPERT TIP: It would seem easier if your initial trading went well, but the long-term benefits are a different matter altogether. Make your life easier by researching your trade, using the proper position size, setting stops and keep a grip on your emotions.

    Are Forex Signals Fully Reliable?


    'Always use accurate signals in Forex, if you don't have any then follow experienced traders', Paul Robinson, Currency Strategist.


    Answer: IT DEPENDS


    Forex signals are very effective and helpful these days. If you use the accurate signals then trading will be a lot of easier. But if you don't use accurate signals then things will get complicated.


    EXPERT TIP: Always use accurate Forex signals. Follow the experienced traders and try to get their signals and it WORKS most of the time.


    Can you Be Successful With A Small Trading Account?


    'A 20% return is 20% back regardless of the size of the account' - Paul Robinson
    You can be successful with a small trading account? It depends on your definition of success. Account should be large enough to accommodate the appropriate risk parameters.


    But the relative success; high rate of return based on a percentage and not the monetary amount.


    For example, a 20% return is a return of 20% regardless of the size of the account. However, if you are 20% return is not quite worth the cash, it may be hard to push yourself to improve as a trader.


    Answer: IT DEPENDS


    EXPERT TIP: the size of your account will depend on your goals and your success befo*****d. Of course, an experienced trader will have a larger account but to start with, concentrate on the percentage rate of return.


    Does A Successful Trader Win Most Trade?


    'Think of trading quality and not the quantity of trade' -Nick Cawley, Analyst
    accursed bragging rights: the number of trades you win irrelevant. profitable traders only make more money than they lose.


    Let's say you win five trade and made $ 5,000, but the loss of one trade and lost $ 6,000 - you have won over your trading has been lost but still down overall.


    Profitable trader would set rigid parameters for the risk-reward trade - for example, they may be at risk $ 500 to make $ 1,000, a risk-prize ratio of 1: 2.


    If a trader makes five tradings using this method, losing three of them and won two of them, traders are still $ 500 profit ($ 2,000 to $ 1,500 profit and loss).


    Do not be afraid to take some hits: If your process is sound, a big winning trade can reverse your fate.


    Answer: LIE


    EXPERT TIP: Many successful traders will lose more than they were winning trades, but often it will not bother them. Focus on getting the right setup rather than worrying about the ones that got away.


    Do you need to spend a lot of time monitoring?


    'Spending too much time monitoring of trading can work against you as a temptation to micromanage be too big' - Paul Robinson
    How much time do you spend trading, and trade monitoring will depend on the style of your trading.


    They use scalping strategy, for example, will create a large number of transactions per day, in and out a lot of positions, and will need to pay close attention to their trade in the shortest time period.


    However, the position of the monitoring traders won't need to spend a lot of time, because their transactions can take weeks, months or even longer - which means long-term analysis will take into account the short-term fluctuations.


    Answer: IT DEPENDS


    EXPERT TIP: Ask yourself what type of trader you are. a shorter period would mean monitoring and analysis continues - to be 'always on'. If you favor a more relaxed approach you will probably be better suited for trading positions.


    Does Success Come From The Trade Market With Tight Spreads?


    'The best chance not to be sufficiently brittle at the potential benefits are larger than normal spreads will make or break the ability to benefit' - Paul Robinson
    Spread may represent the main cost of trading, but they are not the be-all-end-all when it comes to choosing your market. You may find assets that have extensive deployment but it is a strong chance for its volatility.


    Similarly, you may find assets with high liquidity and tight deployment, but it does demonstrate the potential trade deal.


    Above all, you should let your trading decisions is governed by the setup presented by the market, not the size of the spread.


    Answer: LIE


    EXPERT TIP: Spread can represent a significant cost to the trader - but do not let that be the only factor dictating the asset of your choice.


    Is It Important To Have Expertise In Economic Analysis?


    'The economic analysis is only one part of the trade. economic analysis and technical analysis go hand-in-hand '-David Song, Currency Strategist
    Key economic analysis for the fundamental approach to help give traders a broader view of the market. knowledge about the underlying strength of the economy, industry and even individual companies may allow traders to forecast price and future development.


    This is different from technical analysis, which helps to identify key price levels and historical patterns and provide confidence to enter/exit the trade.


    It is true to say that expertise in economic analysis is essential. However, as well as expertise in technical terms.


    Many successful traders will look to combine fundamental and technical analysis so as to be in a position to attract as wide a range of data as possible.


    Answer: TRUTH


    EXPERT TIP: It may be beneficial to devise a strategy for the feel-good accounting technical and fundamental analysis.


    Is It True That Trading News Presents The Greatest Opportunities?


    'True capturing broader themes can be much more helpful than' trading the news 'per se' - Paul Robinson
    News can make great strides in the market, but it does not mean trading that new leads for the greatest opportunities.


    To start, the volatility of important news events often create a wider spread, in turn, increases the cost of trade and hitting your bottom line.


    Slippage, or when you get filled at a different price than you'd like, you can also hit profitability in volatile markets. On top of this weakness, traders can get locked out, making them powerless to correct the trade move against them.


    Answer: LIE


    EXPERT TIP: 'Trade' news can seem like a fashionable thing to do, but the market movements can not be predicted at the time of a major release. It is often best to avoid high volatility like.


    Is It Important To Manage Emotions While Trading?


    "Negative emotions such as fear and greed can be managed without pressing a positive '- Paul Robinson
    Excluding emotions from trading is a business that is impossible. This can lead to internal conflict over benefits, which is why managing emotions is a better way to look at it.


    Like fear you have negative emotions and need to be managed without pressing greed that positive as the belief that helps propels you toward the best opportunities.


    Answer: TRUTH


    EXPERT TIP: Even the most experienced traders feel the emotion in the heat of the market, but how they utilize emotion makes all the difference.


    In the end, anything I did not mention? If yes, then please let me know and give your own perspective about Forex trading.

    Also read: Introduce With The Best Automated Trading Platform Of The Era

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    Very cool list of advices for basically any newbie who wants to get there totally and completely for basically any means out there. What should it mean it's answer directly for you, but I bet we already have all this. It's just repeating itself for seasonal player.
    fxfarmerashik likes this.

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