forex newbie

[techwormi]

Do check brokers credibility before starting to work with them high brokerage is better then fraud

INDFX

[Guest Siyan jheel]

Hello and welcome to this forum, it is a nice place to learn more about the Forex Market, so do share your knowledge in here.

[samesheet]

I don't like to trade long-term because I feel I don't get enough experience from trading, also uncertainty inevitably greater so even if you are good in forecasting you will be disadvantaged compared to short-term trader.

[Investfox]

• Know the Markets. We cannot overstate the importance of educating yourself on the forex market. ...
  
• Make a Plan and Stick to It. ...
  
• Practice. ...
  
• Forecast the “Weather Conditions” of the Market. ...
  
• Know Your Limits. ...
  

[samesheet]

 

I agree. Newbie can't devote himself entirely to Forex. It needs somewhere else to work, do business,have an extra income except Forex. This can be arranged for long-term trading.

 

So does it mean that investment style of strategies are best for part-time trading? Scalping is not a good fit due to time constraints.

[samesheet]

Simple trading strategies can work in Forex, but it depends on various factors such as market conditions, risk management, and the trader's skills and experience. A simple strategy that is based on a few technical indicators or price action patterns can be effective if it has been tested and proven to be profitable over a reasonable period. However, it's important to note that Forex is a highly competitive market, and simple strategies may not always be effective in all market conditions. Traders should also be aware of the risks involved in trading and use proper risk management techniques to minimize losses.