Understand the role trading psychology plays in making you a disciplined trader<\/a> who is not driven by gut and emotion<\/a>. The mechanical aspects of trading, like choosing the best forex broker to trade with<\/a> or creating a trading strategy and trading plan, are secondary. <\/p>\n\n\n\n Instead of risking your money, start with the free $30 no deposit bonus<\/a> from Tickmill <\/a>and XM <\/a>to test your strategy on a live account. You can withdraw your profits.<\/p>\n\n\n\n Get your mind straight, and trading will pay you handsomely for your efforts. <\/p>\n\n\nGet your mind straight, and #forextrading will pay you handsomely for your efforts. #forex <\/a><\/span>Click To Tweet<\/a><\/span>\n\n\n Now let\u2019s delve in.<\/p>\n\n\n\n Forex is short for Foreign Exchange. If\nyou’ve exchanged your local money for another country’s money in a forex\nbureau, then you participated in foreign currency exchange.<\/p>\n\n\n\n 2. What is forex trading?<\/strong><\/p>\n\n\n\n All types of trade involve the exchange of\nsomething. A restaurant will exchange a plate of fries for the $5 in your\nwallet or plastic. <\/p>\n\n\n\n In the currency market, you exchange money\nof one country for another country’s money for a profit when the prices of\nthese currencies change. <\/p>\n\n\n\n In the example of the British pound for the\nUS Dollar \u2013 GBPUSD<\/p>\n\n\n\n – a\ntrader who anticipates that the pound will strengthen will sell the dollar to\nbuy the pound. <\/p>\n\n\n\n If the prediction turns out to be right,\nthey will sell all the pounds bought for the dollars.<\/p>\n\n\n\n That way, they make a profit since they\nbought the pound at a lower price and sold it at a higher price.<\/p>\n\n\n\n 3. How forex trading works?<\/strong><\/p>\n\n\n\n First, you open a trading account with a regulated and reliable\nforex broker<\/a>.<\/p>\n\n\n\n You will then deposit money and then start\ntrading.<\/p>\n\n\n\n Trading is basically clicking the buy and\nsell buttons on your broker’s platform. <\/p>\n\n\n\n This sounds easy. Yes, clicking is easy.\nBut the hard part is figuring out when to buy or sell and when to close a\ntrade. The hardest part is managing your emotions while you trade and staying\ndisciplined. <\/p>\n\n\n\n 4. What drives the forex market price?<\/strong><\/p>\n\n\n\n Fundamental economic and geopolitical\nfactors drive forex market prices. In essence, these include activities of\nCentral banks, politics, wars, pandemics, and many others.<\/p>\n\n\n\n Economic calendars are a great place to\nkeep tabs on critical economic events likely to affect a particular currency\npair.<\/p>\n\n\n\n Technical aspects of speculators also move\nthe forex market price. <\/p>\n\n\n\n Because it is impossible to attach forex\nmarket movements to one factor, it is hard to predict price direction.<\/p>\n\n\n\n 5<\/strong>. Where to learn forex trading?<\/strong><\/p>\n\n\n\n There are a lot of resources floating on the internet. But\nthe best place I recommend for every new trader to learn forex trading is from\nwww.babypips.com<\/p>\n\n\n\n Do not skip education; if you do, you will be gambling in\nthe market.<\/p>\n\n\n\n 6<\/strong>. Is forex trading gambling?<\/strong><\/p>\n\n\n\n NO. It is only gambling if you have no clear strategy and\ntrading plan. Don\u2019t gamble with your money. Vegas gamblers will tell you the\nhouse always wins.<\/p>\n\n\n\n 7. Is forex trading legal or legit?<\/strong><\/p>\n\n\n\n Yes, forex trading is legal in most countries. Some\ncountries, however, have restrictions while others have banned forex trading.\nCountries, where it is illegal to trade forex, include: Israel, Belgium, North Korea, France, Bosnia\nHerzegovina, Malaysia and all countries with strict Sharia laws like Pakistan <\/p>\n\n\n\n 8<\/strong>. Is forex trading worth it?<\/strong><\/p>\n\n\n\n Like every other venture in life, forex trading is worth it\nif you know what you are doing.<\/p>\n\n\n\n 9<\/strong>. When forex do market open and close?<\/strong><\/p>\n\n\n\n Forex markets open Monday at 00:00 GMT and close on Saturday\nat 00:00 GMT.<\/p>\n\n\n\n Once the markets open, they stay open 24\/5 Monday to Friday\nmidnight. <\/p>\n\n\n\n 10<\/strong>. Who trades forex?<\/strong><\/p>\n\n\n\n Anybody with access to a computer or smartphone with an\ninternet connection to a trading broker.<\/p>\n\n\n\n 11<\/strong>. Is forex trading real?<\/strong><\/p>\n\n\n\n Yes, forex trading is real.<\/p>\n\n\n\n 12<\/strong>. Can forex make you money?<\/strong><\/p>\n\n\n\n If you are disciplined<\/a>,\nforex trading can make you money.<\/p>\n\n\n\n 13<\/strong>. What forex pairs to trade?<\/strong><\/p>\n\n\n\n There are more than 80 trading pairs to trade. However, for\na beginner trader, stick with the major currency pairs with the lowest spreads.\nThese include EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD<\/p>\n\n\n\n 14<\/strong>. Which forex broker is best?<\/strong><\/p>\n\n\n\n Exness<\/a>,\nIC Markets<\/a>, HotForex<\/a>, Tickmill<\/a>, and XM<\/a>\nforex brokers are the best\nforex brokers for beginners<\/a>. <\/p>\n\n\n\n 15<\/strong>. Can forex make you rich?<\/strong><\/p>\n\n\n\n Yes, forex can make you rich, but only if you are a disciplined\ntrader<\/a>.<\/p>\n\n\n\n 16<\/strong>. How forex leverage works?<\/strong><\/p>\n\n\n\n Leverage works by enabling a trader with a lot more money\nthan they have on their trading account. <\/p>\n\n\n\n Let’s say you have $100 in your trading account, with\nleverage of 1:1000. It implies that you can trade with volumes worth $100,000.<\/p>\n\n\n\n Leverage helps you make money and grow your account fast,\nbut it will also destroy your account fast. <\/p>\n\n\n\n Only trade with leverage that your trading system and\nstrategy accommodates. Leverage kills.<\/p>\n\n\n\n 17<\/strong>. How many forex trades per day?<\/strong><\/p>\n\n\n\n You can make as many trades as you wish and can in a day.\nBut, overtrading is a bad habit. It is an emotional trigger<\/a> that\ndestroys accounts.<\/p>\n\n\n\n 18<\/strong>. How forex brokers make money?<\/strong><\/p>\n\n\n\n Forex brokers make money from trading costs they charge\ntraders when they make trades. The costs are the spreads and commissions.<\/p>\n\n\n\n 19<\/strong>. What is a spread in forex trading?<\/strong><\/p>\n\n\n\n A spread is a difference between the selling price (Ask) and\nthe buying price (bid) of a currency pair. It is built into the trade and\ncharged when you place a trade.<\/p>\n\n\n\n Because of this, it is vital to trade with forex brokers\nthat have tight or small spreads.<\/p>\n\n\n\n 20<\/strong>. How many forex trading days in a year?<\/strong><\/p>\n\n\n\n There are 250-253 trading days in a year, depending on\nwhether it is a leap year or not. <\/p>\n\n\n\n 21<\/strong>. How many forex trading days in a month?<\/strong><\/p>\n\n\n\n There are 20-23 trading days in a month.<\/p>\n\n\n\n 22<\/strong>. Is forex trading 24 hours?<\/strong><\/p>\n\n\n\n Once it opens on Monday, it is open 24 hours a day up to\nFriday midnight.<\/p>\n\n\n\n 23<\/strong>. What are the best times to trade forex?<\/strong><\/p>\n\n\n\n The best times to trade forex are the times when there is\nliquidity in the market. That usually happens in the UK, US market sessions.<\/p>\n\n\n\n Here are the trading sessions – GMT-4<\/p>\n\n\n\n Sydney Open \u2013 7:00 AM Sydney Close \u2013 4:00 PM <\/p>\n\n\n\n Tokyo Open \u2013 9:00 AM Tokyo Close \u2013 6:00 PM<\/p>\n\n\n\n London Open \u2013 8:00 AM London Close \u2013 4:00 PM<\/p>\n\n\n\n New York Open \u2013 8:00 AM New York Close \u2013 5:00 PM<\/p>\n\n\n\n 24<\/strong>. Why forex is bad?<\/strong><\/p>\n\n\n\n Forex is not bad; it is the traders who fail at trading who\nmake forex look bad. If you are trading within the boundaries of your trading\nplan and strategy, you will always succeed.<\/p>\n\n\n\n 26<\/strong>. How many forex traders are there?<\/strong><\/p>\n\n\n\n It is estimated<\/a>\nthat there are over 10 million forex traders in the world.<\/p>\n\n\n\n 27<\/strong>. How much do forex traders make?<\/strong><\/p>\n\n\n\n It varies from trader to trader. Good traders make a lot,\nbad traders lose.<\/p>\n\n\n\n 28<\/strong>. Which forex pairs move the most?<\/strong><\/p>\n\n\n\n EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, and XAUUSD (Gold)<\/p>\n\n\n\n 29<\/strong>. Which forex pair is the most volatile?<\/strong><\/p>\n\n\n\n Currency pairs with the Japanese yen are the most volatile –\nGBPJPY, AUDJPY, NZDJPY.<\/p>\n\n\n\n 30<\/strong>. Why do forex traders fail?<\/strong><\/p>\n\n\n\n Simple, because they lack trading discipline.<\/p>\n\n\n\n 31<\/strong>. Who created forex?<\/strong><\/p>\n\n\n\n There are wild guesses, but some think it is the Babylonians.\nOthers believe it started over 500 years ago in Amsterdam.<\/p>\n\n\n\n 32<\/strong>. Forex trading when to buy and sell?<\/strong><\/p>\n\n\n\n When the trading strategy signals you to buy or sell.<\/p>\n\n\n\n 33<\/strong>. Who owns forex trading?<\/strong><\/p>\n\n\n\n No one does. Every one is a participant. <\/p>\n\n\n\n 34<\/strong>. Will forex trading ever end?<\/strong><\/p>\n\n\n\n Not unless the world comes to an end. For as long as people\nwill need to trade between countries, forex trading will exist to facilitate\nbusiness.<\/p>\n\n\n\n 35<\/strong>. Will forex trading last forever?<\/strong><\/p>\n\n\n\n If you believe in the apocalypse and the end of the world,\nthen forex won\u2019t last forever.<\/p>\n\n\n\n 36<\/strong>. Will forex trading be banned?<\/strong><\/p>\n\n\n\n No. Individual countries may ban or restrict it, but it is\nunlikely that they will collectively sit down to ban forex trading.<\/p>\n\n\n\n 37<\/strong>. Are forex signals reliable?<\/strong><\/p>\n\n\n\n It depends on the source of the forex signals.<\/p>\n\n\n\n Subscribe to our updates to receive daily forex forecasts<\/a> for the pairs we are trading to guide your trading.<\/p>\n\n\n\n 38<\/strong>. Why is forex trading good?<\/strong><\/p>\n\n\n\n It provides a disciplined trader the opportunity to\nparticipate in the largest and most liquid market in the world.<\/p>\n\n\n\n 39<\/strong>. Can forex trading be profitable?<\/strong><\/p>\n\n\n\n Yes, it can be profitable if you are disciplined and follow\nyour trading strategy.<\/p>\n\n\n\n 40<\/strong>. Can forex trading make you a millionaire?<\/strong><\/p>\n\n\n\n Yes, forex trading can make you a millionaire, but only if\nyou are disciplined and ready to trade for some years. Forex trading is not a\nget rich quick scheme. If you have that attitude, you will lose.<\/p>\n\n\n\n 41<\/strong>. Where forex money come from?<\/strong><\/p>\n\n\n\n It is a pool of the money of all the traders participating\nin the market. This includes retail traders like you, institutional traders\nlike hedge funds, and banks.<\/p>\n\n\n\n 42<\/strong>. Can forex trading be a full-time job?<\/strong><\/p>\n\n\n\n Yes, it can be a full-time job.<\/p>\n\n\n\n 43<\/strong>. How many forex traders are successful?<\/strong><\/p>\n\n\n\n There are very few successful traders. Why? Because most\ntraders lack the discipline to create a trading strategy or to follow it if\nthey have one.<\/p>\n\n\n\n 44<\/strong>. Are forex gains taxable?<\/strong><\/p>\n\n\n\n It depends on your country. You can consult your local tax\nauthority.<\/p>\n\n\n\n 45. How forex pairs work?<\/strong><\/p>\n\n\n\n Forex is happens when there is an exhcange between two currencies. <\/p>\n\n\n\n For example, you have the Euro and you want to buy the Great Britain pound.<\/p>\n\n\n\n An exchange will happen between the Euro and the Pound.<\/p>\n\n\n\n We write this as EURGBP or EUR\/GBP<\/p>\n\n\n\n 46<\/strong>. How many forex brokers in the world?<\/strong><\/p>\n\n\n\n There are at least two hundred active and regulated forex\nbrokers. But, they could be in thousands that are unregulated.<\/p>\n\n\n\n 47<\/strong>. Why forex is important?<\/strong><\/p>\n\n\n\n Because forex enables global trade, to buy goods and\nservices from another country, you have to use a common currency. Meaning you\nhave to buy or sell your local currency to purchase goods and services.<\/p>\n\n\n\n 48<\/strong>. Which forex trading platform is the best?<\/strong><\/p>\n\n\n\n MT4, MT5, cTrader. <\/p>\n\n\n\n 49<\/strong>. How much is a forex trading course?<\/strong><\/p>\n\n\n\n It depends on who you are buying a trading course from. But,\nfree course from babypips.com is better than most of the courses you will shell\na lot of dollars on.<\/p>\n\n\n\n 50<\/strong>. Where to study forex trading?<\/strong><\/p>\n\n\n\n From www.babypips.com<\/a><\/p>\n\n\n\n 51<\/strong>. How much capital for forex trading?<\/strong><\/p>\n\n\n\n It depends on the broker you are trading with. Some accept\nas low as $1. Others require a minimum of $50,000. I recommend one starts\ntrading with over $1000 so that you don’t over-leverage your account, trying to\nturn $5 into a million in a week. <\/p>\n\n\n\n 52<\/strong>. Why is forex trading better than stocks?<\/strong><\/p>\n\n\n\n I wouldn’t say it is better. Both can make you money. <\/p>\n\n\n\n The only advantage forex has over stocks is that it is open 24 hours, five days a week. <\/p>\n\n\n\n Plus, there is more liquidity – money – in the forex market than the stock market.<\/p>\n\n\n\n 53<\/strong>. Why is forex trading hard?<\/strong><\/p>\n\n\n\n Because it is hard to tame and master the psychological aspects<\/a> of trading.<\/p>\n\n\n\n 54<\/strong>. Can forex trading be self-taught?<\/strong><\/p>\n\n\n\n Yes. Go to babypips.com, then select a broker<\/a> and download their demo to start practicing forex trading.<\/p>\n\n\n\n 55<\/strong>. Forex, where to set, stop loss?<\/strong><\/p>\n\n\n\n This depends on your trading strategy. But, it is good to\nplace it just below the previous low for a buy order and above the previous\nhigh for a sell order.<\/p>\n\n\n\n 56<\/strong>. Who controls the forex market?<\/strong><\/p>\n\n\n\n Regulatory organizations and central banks around the world\nhave the most significant control over the forex market.<\/p>\n\n\n\n 57<\/strong>. How many forex traders lose?<\/strong><\/p>\n\n\n\n More than 20% of retail traders lose.<\/p>\n\n\n\n 58<\/strong>. How forex robots or EAs works?<\/strong><\/p>\n\n\n\n They automate the manual process of entering and exiting and\neven managing trades.<\/p>\n\n\n\n 59<\/strong>. How many forex pairs are there?<\/strong><\/p>\n\n\n\n There are as many currency pairs as are the number of countries in the world. <\/p>\n\n\n\n But, most brokers offer between 40 \u2013 80 currency pairs on their platforms.<\/p>\n\n\n\n 60<\/strong>. How often do forex rates change?<\/strong><\/p>\n\n\n\n Ever second, for as long as the markets are open forex rates change<\/p>\n\n\n\n 61<\/strong>. Which forex markets are open on weekends?<\/strong><\/p>\n\n\n\n All forex markets are closed on weekends.<\/p>\n\n\n\n 62<\/strong>. Are forex demo accounts rigged?<\/strong><\/p>\n\n\n\n No, demo accounts are not rigged. What happens is that\ntrading on a demo account is different from an emotional standpoint from\ntrading a live account. You make fewer mistakes on a demo account, but when\nreal money is on the line in a live account, the demons in your head jump out.\nSo, it feels like demo accounts are rigged.<\/p>\n\n\n\n 63<\/strong>. Are forex courses worth it?<\/strong><\/p>\n\n\n\n Most forex courses are not worth it. <\/p>\n\n\n\n You are better off sticking with the free education programs your forex broker<\/a> provides or take one for free from babypips.com then practice and practice with a demo account before you invest your money.<\/p>\n\n\n\n 64<\/strong>. When to invest in forex trading?<\/strong><\/p>\n\n\n\n You can invest any time in the forex trading. The markets\nare open Monday to Friday, January to December, except on Christmas day \u2013 25th<\/sup>\nDecember and New Year\u2019s Day \u2013 1st<\/sup> January.<\/p>\n\n\n\n 65<\/strong>. Which forex trading app<\/a> is the best?<\/strong><\/p>\n\n\n\n All brokers provide you with a trading platform and mobile\napps. Right now, MT4 is what most forex brokers use.<\/p>\n\n\n\n 66<\/strong>. When are the forex trading sessions?<\/strong><\/p>\n\n\n\n Here are the forex trading sessions – GMT-4<\/p>\n\n\n\n Sydney Open \u2013 7:00 AM Sydney Close \u2013 4:00 PM <\/p>\n\n\n\n Tokyo Open \u2013 9:00 AM Tokyo Close \u2013 6:00 PM<\/p>\n\n\n\n London Open \u2013 8:00 AM London Close \u2013 4:00 PM<\/p>\n\n\n\n New York Open \u2013 8:00 AM New York Close \u2013 5:00 PM<\/p>\n\n\n\n 67<\/strong>. Where to open a forex trading account?<\/strong><\/p>\n\n\n\n You can open a forex trading account with Exness<\/a>, IC Markets<\/a>, HotForex<\/a>, Tickmill<\/a>, and XM<\/a><\/p>\n\n\n\n Tickmill<\/a>\nand XM<\/a> will give you $30 \u2013 for\nfree \u2013 no deposit bonus for just signing up. You may also want to learn why\nthese are the best\nforex brokers to trade with<\/a>.<\/p>\n\n\n\n That\u2019s it. Answers to 67 frequently asked questions about forex trading. <\/p>\n\n\n\n Haven’t I answered your question? Leave it in the comments below or ask it on Twitter <\/a>or Facebook<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"![\"Forex-trading-questions](\"http:\/\/thetraderinyou.com\/test\/wp-content\/uploads\/2020\/04\/Forex-trading-questions.png\" "\\"\\"")
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