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Candlestick charts and patterns are best to identify the market sentiments. But they don’t guarantee anything for 100%. Therefore, traders should verify their predictions with other tools and indicators before initiating trading.

There is no specific number of trades that you need to do to become a professional trader. Rather, it has to do with your learning approach and hard work. If you can trade consistently with proper strategy, then you might get desired results a lot quicker.

That’s 100% correct. You can’t become a trader if you are not passionate about trading. However, it doesn’t mean you have to trade for 18 hours a day. It means that you’re consistent and can trade with full dedication, even if it is for 2 hours.

@Tomfoolery Yes, they do.

There are many forex coaches who offer online classes. Take help from your friends and family members who have taken such classes because not all forex mentors are reliable. Moreover, these classes are expensive. So only avail them if you’re serious about forex trading.

I like to trade after my office hours because that’s when I can concentrate on my trades completely.

Never trade with an amount that you can’t afford to lose. I always keep aside some amount from my earnings to trade and forget about it since losses are a routine for us, traders.

Thanks for sharing these tips. Some of the tips that have helped me become a better trader- 1) Learning from my trades 2)Maintaining a forex trading journal 3) Backtesting trading strategies 4)Reading books on trading psychology an implement the learnings 5) Avoid revenge-trading and...

Some of the books useful for new traders- 1) The Art of Currency Trading: A Professional's Guide to the Foreign Exchange Market- by Brent Donnelly 2) Market Wizards- by Jack D. Schwager 3) Currency Trading For Dummies by Brian Dolan and Kathleen Brooks

Whilst all the points that you’ve mentioned are quite useful, I would also like to add that new traders should take ‘Risk management’ into account because initially, trades are most likely to go in the opposite direction.

I use Coinexx because of low spreads, customer support is good too.

There is no ‘one-strategy-suits-all’ kind of thing in trading, so you will have to devise a trading strategy by practising on a demo account. More than that, you should focus on having a concrete ‘Risk Management Strategy’ to mitigate your losses.

Try to figure out a time slot for yourself that has the most liquidity. It will allow your orders to execute smoothly.

Even experienced people look for profits in forex trading. You should be looking for ways to not make losses in the beginning because that is what a lot of new traders are not able to figure out. If you have already learned risk management, try using it in the real market but with a low amount...

I love trading and that is the reason why I have been doing it for the last few years.

I don’t think any book can teach you trading psychology better than constant practice. You can take some time daily to test your patience, anger, frustration, and other emotions that will probably become a hurdle for you in the live market.

Yes, of course you can. There is a lot of valuable content on the internet that you can use. The most common and popular among traders is Babypips. It’s a forex forum where you can interact with new traders and register for a free, in-depth foundational course on forex. This will help you...

Without a doubt, money management is important for traders to minimise their losses and maximise their profits. The basic rule is to risk money which traders can afford to lose. Some of the steps that traders can include in their money management are- 1)Assign a risk reward ratio to their...

A feasible trading strategy. In the end, that’s what matters. Traders should also know about risk management and how to control emotions during trading.

Try Coinexx, their spreads are mostly between 0.1 to 0.4 pips, depending on the pair you are trading.