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Frequently Asked questions
How much time do I need to dedicate to forex trading?
This depends on your trading style. Scalpers need to be active for hours daily, while swing traders may only need 30-60 minutes per day to analyze markets and place trades. We recommend starting with swing trading as it's more beginner-friendly.
What is risk management in forex trading?
Risk management is the most important aspect of trading. Never risk more than 1-2% of your account per trade, use stop losses, and never trade with money you can't afford to lose. Proper risk management is what separates successful traders from unsuccessful ones.
Which currency pairs should beginners trade?
Beginners should start with major currency pairs like EUR/USD, GBP/USD, USD/JPY, and USD/CHF. These pairs have the tightest spreads, highest liquidity, and most predictable price movements. Avoid exotic pairs until you gain more experience.
What is the difference between demo and live trading?
Demo trading uses virtual money to practice without real financial risk, while live trading involves real money. Demo accounts help you learn the platform and test strategies, but live trading involves real emotions and pressure that can affect decision-making.
How do I choose a reliable forex broker?
Look for brokers regulated by reputable authorities like FCA, ASIC, or CySEC. Check for low spreads, fast execution, good customer support, and a user-friendly trading platform. Read reviews and start with a demo account to test their services before depositing real money.
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