In the adrenaline world of forex day trading, anything can happen in a blink of an eye.

Forex day trading can be a very profitable business (as long as you do it the right way). However, it can be difficult for beginners, especially those who aren't fully prepared with a well-planned strategy.

Even the most experienced day traders will run into trouble and lose money.

So, what exactly is day trading and how does it work? Let’s try to find out!

Digging deeper into forex day trading

If you are new to forex trading, then an obvious question that would pop in your head is what is a forex demo account, and how can you trade with it? 

Many beginners don't have a clue about demo accounts and how they work. 

In this guide, we are going to answer these questions and reveal why you should start trading with a demo account. 

Nowadays traders have access to a growing number of trading instruments, from FAANG (Facebook, Apple, Amazon, Netflix, and Google) stocks to the fast-paced world of forex.

Choosing between which of these markets to trade can be complicated, and a lot of factors should be considered to make the best choice.

Therefore, it's essential to know the difference between the two markets and which one you should opt for trading.

If you are a newbie looking to start your trading journey, this guide will help you.

With so many pairs to choose from, how can you pick the best forex pairs to trade?

Well, this is what we are going to find out in this guide.

We’ll break down different types of currency pairs, and which of them can soar your profits.

So, let’s get started!

Wondering what is the best forex trading platform?

Speculate no more, as in this guide; we are going to tell you the best forex platforms and which one you should select for your trading ventures.

If it's your first time using the MT4 platform, the sheer number of tabs, windows, and buttons can be overwhelming.

But don't worry, as, in this guide, we are going to breakdown how to use MetaTrader 4 and how you can take advantage of its features.

Many newcomers jump right into the forex market. They keep an eye on different economic calendars and trade intensely on every data update, seeing the forex market, which is open 24 hours a day, five days a week, as a convenient place to trade all day.

This technique cannot only easily deplete a trader's reserves, but it can also burn out even the most persistent trader.

If you have just started forex trading, you probably came across the term "Scalping." In this guide, we are going to discuss what is scalping in forex and why it means to be a scalper.

Scalping is a term that refers to the practice of skimming small profits on a daily basis by entering and exiting positions several times per day.

Probably, you have heard the term "price action" in your day-to-day trading activity, but for some, it can be like solving complex algebraic equations. Don't fuss; as in this guide, we are going to hone in on what is price action in forex. So, if you are a beginner, you'll find this guide interesting.

If you are interested in forex and read analytical and news articles, you probably came across the term point or pip. This is because pip is a common term in forex trading. But what is pip and point in Forex?

In this article, we will answer the question of what is a pip in forex market and how this concept is used in Forex trading. So, just read this article to find out what are pips in forex.

Spread is one of the most commonly used terms in the world of Forex Trading. The definition of the concept is quite simple. We have two prices in a currency pair. One of them is Bid price and the other is Ask price. Spread is the difference between the Bid (selling price) and the Ask (buying price).

With the business point of view, brokers have to make money against their services.

Among the many investment instruments, Forex trading is an attractive way to increase your capital conveniently. According to the 2019 Triennial Central Bank survey by the Bank for International Settlement (BIS), statistics showed that Trading in FX markets reached $6.6 trillion per day in April 2019, up from $5.1 trillion three years earlier.

But how does all of this work, and how can you learn forex step by step?

In the trading world of Forex, you must learn the charts first before you can begin trades. It is the basis on which most exchange rates and analysis forecasting is done and that is why it is a trader’s most important tool. On the Forex chart, you will see the differences in currencies and their exchange rates and how the current price alters with time. These prices range from GBP/JPY (British pounds to Japanese yen) to EUR/USD (Euros to US Dollars) and other currency pairs you can view.

Without a doubt successful retail Forex traders come in all shapes and sizes, from all corners of the planet. Some take to the task very quickly, some take longer, some do it part time, others full time, some are fortunate to have the time to dedicate towards what is a very complex challenge, others don’t.

Only a tiny percent of retail traders will ever make it

There’s lots of information, data and opinions on this subject, but none of it is conclusive or definitive. We read that 95% of traders fail, that only 1% of forex traders make a living trading and that the vast majority of traders give up after three months and an average €10k loss. These figures may be true, but they require further analysis before accepting them as truth.

Whether we discover the activity of retail forex trading by accident or design, we’re social animals and in the social media world we now inhabit, we’ll eventually discover forums and other social media methods, to share and discuss our trading ideas. As we discover forums and other discussion venues, we’ll note that certain biases take over. A form of group think eventually develops and overcomes certain subjects; “this works, this doesn’t, do this, don’t do this, ignore that, pay attention to this”...

As traders we pride ourselves on creating a bullet proof trading plan that has strict money management/risk control and discipline. And yet, the suggestion from the title, is that there are times when we watch profit escape us, we knowingly let it happen, without trying to capture that extra profit.