What advice would you give to a beginner Forex trader?

[Uzzal Sheikh]

I’d say that beginners must develop and remember two factors - ‘consistency’ and ‘patience’. As beginners, many traders are initially full of enthusiasm and zeal that they’ll become successful one day and live off their dream. But, after nearly a couple of years, when traders fail to make consistent profits, they eventually start losing interest and give up. What I’d like to advise is that, in order to be profitable in forex trading, being consistent with your strategy and being patient with the market go a long way. It is mentally challenging to develop our strategy and stick to it. Many times the market conditions are not favorable for our strategy, so it is better to refrain from trading in such times. Being patient and waiting for the right time is more profitable than trading in unfavorable market conditions.