Precious advice for any forex trader

[AriaS]

Here are some general advice to how to stay informed and safe and hopefully become profitable:

1. Any service or resource you find, search for reviews about it. For example, "trade2win reviews". A good starting place is Trustpilot. Usually it's one of the first links in google search results. Also, social network accounts can give a good insight.
2. Always do a search of anything with adding the word "scam".
3. Never trade real money before you are profitable on a demo account for at least couple months, or more, if your strategy performs a small amount of trades.
4. Search for profitable accounts on Myfxbook (at least 1 year old) and try to see what they do.
5. Analyze your trading on Myfxbook to see how good it is. Both demo and real can be added. It's free.
6. If your strategy trades at slippage times then demo trading or backtesting won't really help. Start trading live with smallest lots and raise them slowly. Check every trade and ideally compare it with the same trade on a demo or a backtest. Ideally, but harder: comparing several brokers in order to choose the best one.
7. Don't trust technical analysis too much.
8. Backtest! If you can't backtest, you will have to forwardtest. But get ready to lose lots of time if the strategy appears to not be profitable.

 

[AriaS]

I would add that it is definitely worth paying attention to the publication of important fundamental news, which at this time can create strong volatility in the market and sharp price fluctuations, which can break any signal from your trading strategy and ensure a loss. It is better not to trade at this time and wait for signals from your strategy in a calmer market

I could not agree more! Thank you for adding this valuable piece of advice.

 

[Zerologic]

Thank you for the advice, just provide a guide to trading forex step by step, indeed when trading on a demo account you haven't found a profitable strategy, you are determined to trade on a real account, and the results are the same trading on a real account is harder than trading on a demo account. It's about trading psychology.

 

[Alchemist254]

The bigger the size without a proven strategy the faster mistakes are made, and psychology gets whacky.

 

[Zerologic]

The bigger the size without a proven strategy the faster mistakes are made, and psychology gets whacky.

This is a problem of greed, and traders should avoid it because greed is the biggest enemy within traders as human nature, forex trading is not an easy way to get rich overnight, even if it happens it is not for the long term.