Challenges as a Forex Trader

Discussion in 'Forex' started by PriceAction Ltd, Dec 14, 2020.

  1. the real challenging issue is to keep survive in this volatile trading place with successfully.
     
    #111     Feb 7, 2022
    jenny205 likes this.
  2. jenny205

    jenny205

    hello kelan, I am new here. As a newbie where do you think I should start
     
    #112     Feb 7, 2022
  3. as a new Forex trader i think it is really challenging to control emotions even when trading in a demo account .
     
    #113     Feb 8, 2022
    jenny205 likes this.
  4. jenny205

    jenny205

    how do I trade with a demo account.
     
    #114     Feb 9, 2022
  5. GoAhead

    GoAhead

    There are many brokers in the market, the one which you find suitable as per your needs, can open the demo account with.
     
    #115     Feb 10, 2022
  6. Just get your demo account opened with a broker and start practicing.
     
    #116     Feb 10, 2022
    jenny205 likes this.
  7. jenny205

    jenny205

    oh thanks for this!
     
    #117     Feb 10, 2022
  8. challenge comes from confident which is really expensive.
     
    #118     Feb 10, 2022
    jenny205 likes this.
  9. Phalange

    Phalange

    The biggest challenge I’ve come across during my start as a forex trader was avoiding the streak of losses, which I couldn’t. Thankfully, I knew the concepts of ‘Stop loss’ that saved me from heavy losses. So, all those who are in their starting days of trading should pay attention to their capital. They shouldn’t risk more than 2% of their capital and also incorporate a risk management plan to get out of a losing trade early to prevent heavy losses.
     
    #119     Feb 10, 2022
    jenny205 likes this.
  10. While there are many challenges for forex traders, I think the most challenging part for most traders would be to find out the right point to enter and exit a trade. If someone doesn’t know when to open a position and when to close it, then there is no way he/she could make a profit. There could be a one-off success, but for consistent profits, one has to know the right entry and exit points in a trade along with a concrete risk management strategy to minimise losses in case of an unfavourable trade.
     
    #120     Feb 10, 2022