fxeconomist

The best trading course I tried is Hotforex webinars with Janne Mutta learned a lot from it especially regarding technical analysis and how to use its tools properly.

Can you please suggest any safe broker to start with?

It can be risky or it can be safe depending on the money management rules you set. Tight stop loss like 10-20 pips will make your trading quite safe.

Thank you for the advice. Being a new trader which just have started its journey with Hotforex, its really helpful and will look forward to study the market even more.

Apart from ETFs I also like to invest in stock using CFD contracts at Hotforex. This contract doesn't pay dividend but well you don't need US broker access to which could be quite complicated due to regulation, also transaction costs seems to be lower.

I love to use candlesticks when analysing prices at my Hotforex platform, I found that candlesticks patterns statistically meaningful on some pairs and during certain times, the only problem is precise definition of candlestick pattern which I try to develop currently to put it into my automated trading algorithm.

You can try PAMM services, for example from Hotforex, you can build diversified portfolio investing in strategies of the managers presented there with different risk and expected returns. I managed to achieve 7-10% monthly return with good sharpe ratio.

Agree that's why I watched first Hotforex webinars to learn thoroughly emotional and psychological aspects of trading in order to avoid gambling

I use MT4 and when I'm on the go I use their iOS app to check my trades.

I consider myself a winning trader with one reservation: I don't focus on short-term gains or losses which is inadequate in terms of measuring performance or ability of a trading system to generate profits but instead focus on yearly returns which are so far positive.

I said farewell to binary options after I noticed that conditions in forex trading is much more beneficial. You can exit at any time and manage your risk more flexible. Also some brokers like Hotforex offer really low, almost zero spread which makes it similar to BO transaction costs but with additional features in risk management.

How is this possible bro? Do you mean they learn the lessons from their losing trades?

Agree they mastered the art of cutting losses short and controlled drawdown is part and parcel of successful trading.

If there is a risk there must be reward too, our goal is determined when probabilities are on our side so we get positive expectation of gain. It suffices to make correct predictions on average, not every time.

Yeah that's why I tend to trade fixed lot size I increase or decrease it periodically depending on account equity. It helps me to avoid mood swings because I don't go into gambling by raising stakes, hence I can avoid large losses.

Yeah, locking positions is the worst thing that traders can do to limit risk. Unlocking positions usually end badly because at least you pay double costs at worst volatility doubles your loss.

Agree I also started from Hotforex demo and after some practice move on their live account with small deposit. I think it is essential to keep your demo trading time short so you don't get used to "easy" trading conditions.

Trading can be whatever you want to make it. You can start small and grow as large as you want. The biggest difficulty with trading is that a person has to make all of the decisions and mistakes cost capital. There is a tough road ahead if you allow your capital to erode. My approach is to study, test, learn using various sources - books, forums, Hotforex technical analysis webinars as sometimes Mr Market decides to change the game and steal our money.

Yeah Hotforex is quote EA-friendly broker, welcomes scalping traders, nowadays not many brokers tolerate such type of traders.

Why only 5%? According to Hotforex around 20% of traders are winning. I think it depends a lot on broker and its services.

Actually starting with small amount of money if you don't have trading skills is the only way to avoid large loss because during initial stages of studying you will have more losses than wins and it's important to reduce exposure during this time by trading small lots.

Not sure you can find worthwhile trading course online, most of the teach basics... you can get the same on Hotforex webinars for free, something more advanced need self-study and research.

Of course you can turn trading into source of stable income however I don't know ways to make it quick. I spent three years with Hotforex before I found the system that has positive edge, however it was thorny path had to lose some money which I consider as essential investment.

Agree I also started from Hotforex demo and after some practice move on their live account with small deposit. I think it is essential to keep your demo trading time short so you don't get used to "easy" trading conditions.

I would not advice to keep all eggs in one basket, at least you can compare execution if you use several brokers and choose the fastest and your choice will be justified.