What is Forex trading?

[Zerologic]

Thanks to that market remains predictable. They are forced to operate under constraints (risk/reward targets, government limitations, speed of making decisions) which creates inefficiencies. But gaining knowledge about that may take years.

Becoming a trading expert is not easy, I mostly use forex trading as an investment learning. Learning to manage capital with strategy, money management, and risk management, traders who have several years of experience are not necessarily profitable. Trading psychology problems often cause traders to lack discipline.

 

[ibexaitech]

Forex trading, also known as foreign exchange trading or currency trading, involves the buying and selling of currencies in the foreign exchange market. The foreign exchange market is a decentralized global market where participants trade currencies. The foreign exchange market, also known as the forex market. It is the largest and most liquid financial market in the world.

Forex trading works through the buying and selling of currency pairs in the foreign exchange market. A "[URL deleted] funded program" typically refers to a trading arrangement where a trader is provided with capital (funds) by a proprietary trading firm or a proprietary trading fund to trade financial instruments, such as stocks, options, or futures.
Here's how a funded program in the proprietary trading industry generally works:
* Traders interested in participating in a funded program typically go through a selection process, which may involve assessments of their trading skills, risk management abilities, and overall market knowledge.
*Traders are allowed to use the provided capital to trade financial instruments.
*While traders have access to firm capital, they are also subject to risk management rules and guidelines set by the proprietary trading firm.
*Some proprietary trading firms offer training and support to traders in their funded programs.
*Traders' performance is regularly evaluated based on their trading results.

Forex trading, also known as foreign exchange trading or FX trading, is the process of buying and selling currencies in the global marketplace. It operates 24/7, allowing traders to speculate on the price movements of different currency pairs like EUR/USD or GBP/JPY. The goal is to profit from fluctuations in exchange rates, which can be influenced by economic news, geopolitical events, or market sentiment. In essence, Forex trading is a fast-paced, high-liquidity market where traders aim to capitalize on currency value changes.

 

[Zerologic]

Oh, it's just an adventure of buying and selling currencies all day! Like a high-stakes bet with your money!

Post automatically merged: Sep 16, 2024

And, funded programs seem to be a good option if you trust your skills but want to avoid using your own money. So, gotta be prepared for their evaluation though!

Funded programs seem to be quite attractive to many forex traders, but it seems that to get funding traders must have qualifications determined by the funding firm, and registering there may require a fee, I have never tried it myself, for traders who have tried it, please share your experiences.

 

[fargana]

Funded programs seem to be quite attractive to many forex traders, but it seems that to get funding traders must have qualifications determined by the funding firm, and registering there may require a fee, I have never tried it myself, for traders who have tried it, please share your experiences.

Funded programs can be attractive because they offer access to larger trading capital, but they often come with strict qualifications and performance requirements. Typically, traders need to demonstrate consistent profitability and follow specific risk management rules set by the firm. The registration fee is common, and while it might be worth it for some, it's important to carefully assess the terms, fee structures, and payout conditions

 

[Zerologic]

I tried one but my prop firm did not ask for any such fee for registration. Would like to hear from traders who've gone through the process too

It's good. How then is your next step on these firms, accepted or rejected?

 

[Zane Brown]

Nice explanation, but I am afraid that real trading is the only way to learn it properly.

 

[Zerologic]

Nice explanation, but I am afraid that real trading is the only way to learn it properly.

Take first demo account remains free without any risk isn't it?

 

[fargana]

Nice explanation, but I am afraid that real trading is the only way to learn it properly.

Unfortunately yes, according to my experience, when I first switched from demo to live account, it was huge difference. Completely unalike trading

 

[Zerologic]

Maybe all traders feel the same thing when switching from demo to real trading, their hearts is pounding, and there is anxiety and hope mixed in their chests.

 

[ronyahmed90]

I think trading is a tough business, and the hardest part is managing and controlling emotions.

Right

 

[fargana]

Maybe all traders feel the same thing when switching from demo to real trading, their hearts is pounding, and there is anxiety and hope mixed in their chests.

Yeah, but when you start from micro account emotional pressure isn't so high and you gradually get used to it, increasing lot size and capital

 

[Zerologic]

Yeah, but when you start from micro account emotional pressure isn't so high and you gradually get used to it, increasing lot size and capital

A good step starts from the micro account, this type of account is less risky compared to a standard account. Remembering my first-time trade use a micro account in Cent, and now already use a standard account.

 

[fargana]

A good step starts from the micro account, this type of account is less risky compared to a standard account. Remembering my first-time trade use a micro account in Cent, and now already use a standard account.

Basically you can choose the risk you want by controlling lot size. Don't see the need to use micro same can be done on regular account if you choose safe lot size like 0.01-0.05

 

[Milo_fx]

Maybe all traders feel the same thing when switching from demo to real trading, their hearts is pounding, and there is anxiety and hope mixed in their chests.

Been there done that

 

[Zerologic]

Basically you can choose the risk you want by controlling lot size. Don't see the need to use micro same can be done on regular account if you choose safe lot size like 0.01-0.05

I mostly use a 0.01 lot size, with this sometimes being able to place several entries at different prices with previously estimated risk tolerance.

 

[fargana]

I mostly use a 0.01 lot size, with this sometimes being able to place several entries at different prices with previously estimated risk tolerance.

0.01 size looks too small lol, 1-2% percent move will yield just 1-2 USD, not counting transaction costs. As for me it looks like a waste of time.

 

[Zerologic]

0.01 size looks too small lol, 1-2% percent move will yield just 1-2 USD, not counting transaction costs. As for me it looks like a waste of time.

Maybe this is considered too small, but I am more comfortable with this size according to the strategy and risk tolerance prepared.

 

[ChelseaR]

I mostly use a 0.01 lot size, with this sometimes being able to place several entries at different prices with previously estimated risk tolerance.

Even I stick with 0.01 lot size especially for scaling and testing my strategies. Helps me stay flexible and manage my risks.

 

[Gito Dinev]

Forex trading involves buying and selling currencies in the global market. A funded program in proprietary trading provides traders with capital to trade, often after a selection process assessing skills. Traders follow risk management rules, and their performance is evaluated. Some firms offer training and support to enhance trading outcomes.

 

[Faillims43]

Forex trading is buying/selling currencies to profit from exchange rate fluctuations. It’s the world’s largest market, operating 24/5. Traders analyze economies, trends, and news to predict price movements.