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Author Topic: What does it take to be a forex trader?  (Read 7039 times)

Offline Thyplaymaker

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What does it take to be a forex trader?
« on: December 11, 2023, 01:15:12 AM »
I don't really much or have much  knowledge about forex trading though the little I've comes from my friends that are doing it and the little I've made about it. Because I mainly specialize on crypto trading, so if I may ask with the knowledge I have in crypto trading can it help if I wanna learn forex too?

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What does it take to be a forex trader?
« on: December 11, 2023, 01:15:12 AM »

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Re: What does it take to be a forex trader?
« Reply #1 on: January 16, 2024, 06:30:30 PM »
The forex market is a complex market, only professionals who have developed their own trading system trade there and of course they will not share their strategies. 
Forex trading takes a lot of time, practically the whole day. You will need to follow all the economic news and analyze many different currency pairs that are correlated with each other otherwise the situation will not be completely clear.
For example, if you are going to trade the EURUSD currency pair, it is necessary to analyze the opposite pair USDCHF and the Dollar index (USDX). In addition, it is necessary to watch how the GBPUSD pair behaves, as they move in most cases synchronously with the EURUSD pair.
Crypto trading is much easier than Forex trading.

Offline Gormicsta

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Re: What does it take to be a forex trader?
« Reply #2 on: January 23, 2024, 02:56:47 AM »
Well.... In my opinion, I will first you will need to understand forex market and how it works, then you have to be disciplined and patient in your trading decision as well as to control your emotions when the market has ups and downs.

Offline Thyplaymaker

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Re: What does it take to be a forex trader?
« Reply #3 on: January 27, 2024, 02:38:47 PM »
Well.... In my opinion, I will first you will need to understand forex market and how it works, then you have to be disciplined and patient in your trading decision as well as to control your emotions when the market has ups and downs.
so btw Forex and crypto trading which you think is more risky? or are the risk attached to both the same. I know in Forex there's no spot trading only leverages or future trading. While crypto if you still learning more about trading you could base on spot first.

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Re: What does it take to be a forex trader?
« Reply #4 on: January 29, 2024, 11:40:18 PM »
Well, forex trading usually deals with some forex brokers which usually have different trading tools that may look a kind of sophisticated to you but if you actually put your attention, you will learn how everything work in no time. Forex trading is just like crypto future trading where you are to set your trading leverage and take a position. If you think the price will drop, then you will go short but if you believe that the price will surge high, then you will enter a long position.  It might look easier said than done.

Offline Alston Liu

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Re: What does it take to be a forex trader?
« Reply #5 on: January 31, 2024, 10:26:08 AM »
well. I think trading crypto and trading forex are kind of similar. all of them are associated with high-risk because of contracts, leverage, and all that stuff. Before you get into forex market. You need to do your research. Set your expectations. And form a risk management plan. try demo account before you actually put your money in. You can test your strategy through months of trading in demo account. If the success rate looks great then you can start putting a little money in. Once again, trading forex is not suitable for everyone. The volatility of this market and the power of leverage can blow your account easily and drive you crazy. So having a strong mindset is also important.

Offline Thyplaymaker

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Re: What does it take to be a forex trader?
« Reply #6 on: January 31, 2024, 10:39:05 AM »
well. I think trading crypto and trading forex are kind of similar. all of them are associated with high-risk because of contracts, leverage, and all that stuff. Before you get into forex market. You need to do your research. Set your expectations. And form a risk management plan. try demo account before you actually put your money in. You can test your strategy through months of trading in demo account. If the success rate looks great then you can start putting a little money in. Once again, trading forex is not suitable for everyone. The volatility of this market and the power of leverage can blow your account easily and drive you crazy. So having a strong mindset is also important.
The little  different between Forex and crypto Trading is that in crypto trading you can also base on spot trading (that's trading without any leverages or liquidation triggering)  is like holding but is mostly for short term is like buying when dump and sell when plumbed but if yah funds went dip with a particular coins you won't got liquidated like as that of future trading so if the coins experience increase in price so as your funds.

The reason why I ask this is because have alot of people who later gaveup in Forex trading due to certain amount of losses. It was actually because of the habit of trading with  half-size knowledge. And have also encountered alot of people Forex trading changed their lives the better. That why I ask what does it take to be a fotex trading?

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Re: What does it take to be a forex trader?
« Reply #6 on: January 31, 2024, 10:39:05 AM »


Offline bisdak40

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Re: What does it take to be a forex trader?
« Reply #7 on: February 09, 2024, 03:56:11 AM »
Well.... In my opinion, I will first you will need to understand forex market and how it works, then you have to be disciplined and patient in your trading decision as well as to control your emotions when the market has ups and downs.
so btw Forex and crypto trading which you think is more risky? or are the risk attached to both the same. I know in Forex there's no spot trading only leverages or future trading. While crypto if you still learning more about trading you could base on spot first.

Crypto trading has more risk than forex trading because of its characteristic, volatility. You can be easily liquidated when you are trading crypto though the same with forex but at least the latter is not so volatile, unlike crypto.

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Re: What does it take to be a forex trader?
« Reply #8 on: February 11, 2024, 05:11:03 PM »
Being a successful forex trader requires a lot of work. For me, understanding all of this is the first step towards being a forex trader because it requires a great deal of patience,  along with understanding of forex, as well as knowledge of both the advantages and disadvantages of trading currencies and capital for a start.

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Re: What does it take to be a forex trader?
« Reply #9 on: February 11, 2024, 10:26:08 PM »
so btw Forex and crypto trading which you think is more risky? or are the risk attached to both the same. I know in Forex there's no spot trading only leverages or future trading. While crypto if you still learning more about trading you could base on spot first.
Both have their own risk level; what matters is the trader and which one is easier for him or her to understand. But as I have viewed the market, it's very difficult for me to succeed on the forex market because it's hard for me to understand how that market works. I'm more comfortable with my crypto trading, especially on a less volatile token, which I trade on a daily basis.
 
In my own sense, the forex market is much more risky than crypto trading, unless for those who trade on the futures market, which is one part of crypto trading and can liquidate a user's asset within a short period of time with just a slight market change.

Offline Thyplaymaker

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Re: What does it take to be a forex trader?
« Reply #10 on: February 11, 2024, 11:42:29 PM »
so btw Forex and crypto trading which you think is more risky? or are the risk attached to both the same. I know in Forex there's no spot trading only leverages or future trading. While crypto if you still learning more about trading you could base on spot first.
Both have their own risk level; what matters is the trader and which one is easier for him or her to understand. But as I have viewed the market, it's very difficult for me to succeed on the forex market because it's hard for me to understand how that market works. I'm more comfortable with my crypto trading, especially on a less volatile token, which I trade on a daily basis.
 
In my own sense, the forex market is much more risky than crypto trading, unless for those who trade on the futures market, which is one part of crypto trading and can liquidate a user's asset within a short period of time with just a slight market change.
I would advise newbie to focus on crypto trading, because there they will be able to understand more about trading with trading spot. That would reduce their risk they won't be any fear of liquidation. And they can also help them to build confidence in it too

Offline bisdak40

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Re: What does it take to be a forex trader?
« Reply #11 on: February 12, 2024, 12:23:01 PM »
I would advise newbie to focus on crypto trading, because there they will be able to understand more about trading with trading spot. That would reduce their risk they won't be any fear of liquidation. And they can also help them to build confidence in it too

Yeah, spot trading in cryptocurrency is best for newbies as it can't be liquidated and it is like you are holding coins only. Learn and earn experiences from spot trading as you can use it when you are already ready to do future trading.

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Re: What does it take to be a forex trader?
« Reply #12 on: February 12, 2024, 06:10:33 PM »
I would advise newbie to focus on crypto trading, because there they will be able to understand more about trading with trading spot. That would reduce their risk they won't be any fear of liquidation. And they can also help them to build confidence in it too

Yeah, spot trading in cryptocurrency is best for newbies as it can't be liquidated and it is like you are holding coins only. Learn and earn experiences from spot trading as you can use it when you are already ready to do future trading.
yeah that was what I was basing on and was pretty helpful till I jump into future trading and I made losses countless times, so have to stop for a while and learn more. But I guess was the weak or poor knowledge I had back then but now am focusing most of my earning percent in holding but I would soon resume my trading and I would need all the help I could get from more experience trader's here

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Re: What does it take to be a forex trader?
« Reply #13 on: February 12, 2024, 06:17:30 PM »
yeah that was what I was basing on and was pretty helpful till I jump into future trading and I made losses countless times, so have to stop for a while and learn more. But I guess was the weak or poor knowledge I had back then but now am focusing most of my earning percent in holding but I would soon resume my trading and I would need all the help I could get from more experience trader's here

When I see trades posting images of the profits they make from isolated margin trades they make from trading, I fee jealous but when I tried futures trading, it wasn't worth the hype because you will make more lose than profits especially when the market is not greenish, it's even worse than making a bet in a casino, few minutes you are into trading and the next one, you are already reading negative PNL from your dashboard.

However, upon learning spot trading proper, my confidence in trading grew up and I no longer fear trading again but I have limited myself to futures training. Most of the forex traders that are always making mouth and posting profits are margin traders which is always risky but they don't tell people about that and it's the reason why many don't make it in forex, in crypto a coin is enough to change your life for good.
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Offline Thyplaymaker

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Re: What does it take to be a forex trader?
« Reply #14 on: February 12, 2024, 06:30:46 PM »
yeah that was what I was basing on and was pretty helpful till I jump into future trading and I made losses countless times, so have to stop for a while and learn more. But I guess was the weak or poor knowledge I had back then but now am focusing most of my earning percent in holding but I would soon resume my trading and I would need all the help I could get from more experience trader's here

When I see trades posting images of the profits they make from isolated margin trades they make from trading, I fee jealous but when I tried futures trading, it wasn't worth the hype because you will make more lose than profits especially when the market is not greenish, it's even worse than making a bet in a casino, few minutes you are into trading and the next one, you are already reading negative PNL from your dashboard.

However, upon learning spot trading proper, my confidence in trading grew up and I no longer fear trading again but I have limited myself to futures training. Most of the forex traders that are always making mouth and posting profits are margin traders which is always risky but they don't tell people about that and it's the reason why many don't make it in forex, in crypto a coin is enough to change your life for good.
your point is nice and clear too. Yeah doing Forex trading with no proper knowledge may lead to greater losses. The funny thing is that you would just open a trade at first you will be seeing green and some nice percentage because of the crazy leverage you might have huge. You be like let me just wait till hit a certain nice percentage so that I could gain more profits. At the end every would just turn red due to the high leverages the losses would be much to extents that your cross funds may be the one holding it from being liquidated which may lead the individual to sell in loss.
Well using spot trading would definitely help in building good confidence in trading because when you trading a nice coin you already know that the coin would undergo a certain correction that would lead to decrease in price of that same coin due to fact that there's no fear of being liquidated you can just leave till it pumb again.

 

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