Extracted Posts

Try to understand the basic concepts before moving onto the advanced topics. Babypips is the best website anyone can recommend for a beginner. It is not only informative but the topics are written in a very engaging form with little jokes in between to keep a reader involved without getting bored. Then for advanced stuff you can go for free online courses first. There are a lot of them on YouTube. Learning from the free sources will help you choose a quality course which is suitable for you.

I prefer trading as a side-gig which you can comfortably do in your off hours. There’s no need to quit your job and depend on only one source of income because it will create stress. When you know that you are financially stable and have money flowing from other sources to pay your bills, then you can also better manage your emotions.

Most people lose money because they do not set rules or if they do, they do not follow them. Another reason is lack of knowledge. Some people just start trading to try their luck without the required knowledge. This results in big losses in most of the cases. You need to learn, practice, plan and then start trading.

I trade with a goal in mind with a planned stop loss and take profit while monitoring the support and resistance levels to help in buy and sell.

This is a good piece of educational information. I would suggest every trader to at least read this once to learn efficient reading of the markets and better trading.

There are so many factors that contribute towards making Forex a risky affair. The very first factor is money. Wherever money is involved, there’s always a risk associated with it. Considering the high volatility and unpredictability of the market, the risk becomes even more dangerous. Secondly, excessive use of leverage. Traders use high leverage without looking at the worst side of it which sometimes makes them lose their money in a single trade. The third is the country's risk. When traders do not properly assess the stability of the country issuing a particular currency, they suffer from a risk which could’ve been easily avoided.

One advice for beginner traders is to define their objective before they actually start trading. It’s always a good idea to know about your destination before you set out on any journey and it's the same for trading as well. Having goals helps them to understand whether what they are doing is taking them to what they want to achieve and whether their trading style fits their trading personality.