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having a losses
in
Galvenais
Dec 01, 2021 at 19:25
You can't just deviate from your strategy and start trying to make up for losses immediately or it's just going to cause even more. Best thing to do is take a breather and think about what went wrong.
When loss occurs
in
Galvenais
Dec 01, 2021 at 19:23
I don't think that revenge trading ever truly ends well. The best traders keep calm and figure out where things went wrong.
New traders become restless
in
Galvenais
Dec 01, 2021 at 19:20
I think that it definitely is made out to be that money comes easy to forex traders when it's really a lot harder. In the beginning, it's actually more important to focus on not losing money versus making a certain profit. Too bad that everyone can't start with that knowledge because it would save some heartache.
Fear makes you
in
Galvenais
Nov 16, 2021 at 17:06
Anxiety and fear was a big one for me. If you look up analysis paralysis in trading it explains in more detail and there are tips that can help those struggling with it.
To be a successful trader
in
Galvenais
Nov 16, 2021 at 17:05
I think you explained it simply and that's a good thing, but people do need to realize that it isn't as easy as 1,2,3. It does take a lot of work, often more than people realize but the reward is worth it in the end.
zero spread brokers needed
in
Galvenais
Nov 16, 2021 at 17:03
I don't know of any 0 spread brokers but have you considered a broker that doesn't charge commission? I have a 0 commission account through CedarFX and they have low spreads, so they're a good low-cost option and might be the closest to what you're looking for.
Is forex trading really worth it?
in
Galvenais
Nov 16, 2021 at 17:01
It's possible to make good money by forex trading, but I think whether it's worth it is a personal decision. If you're willing to put in the effort to figure out what's going wrong, change your strategy, etc. then it will likely payoff for you in the end. It's a lot of work to become consistently profitable, so you need to decide if this is something that you're willing to work for.
What should be the risk percentage?
in
Galvenais
Nov 16, 2021 at 16:58
Really does depend on your own risk tolerance. Personally I only risk 1-2% on a single trade. Maybe 3% if it's something I'm extremely confident about.
Online source of income
in
Galvenais
Nov 16, 2021 at 15:11
The flexibility that trading offers is amazing. We have the chance to teach ourselves, which means we can learn at our own pace and practice on demo for as long as we'd like. Then being able to set our own schedules is another huge perk. Online jobs are scarce and forex trading is one of the only ones I've ever found that really pays well. I'm a stay at home mom and my youngest won't be in school for another 4 years, so I use it as a way to make income while my husband also works.
Basic mistake we make
in
Galvenais
Nov 16, 2021 at 15:09
Best thing to do is focus on self-improvement and the money will follow.
Are you afraid to lose your trade?
in
Galvenais
Nov 16, 2021 at 15:08
I struggled with this in the beginning, money was tight and I felt that I was wasting it if I lost any. I wanted to be able to tell my husband that I was successful, not that I was losing the investment that we struggled to come up with. Over time, I suppose I got more confident and things started to go well for me. I think that time and success helped me to build confidence, but I still struggle with trading anxiety at times.
Trading without stop loss
in
Galvenais
Nov 16, 2021 at 15:03
My anxiety would never allow me to trade with no SL, not that I would want to. I'd much rather be safe than to take big risks and lose it all.
Basics knowledge is not enough
in
Galvenais
Nov 16, 2021 at 15:02
It takes a lot to become consistently profitable as a forex trader. I think a lot of aspiring traders just want to put in little effort and get rich quick, but that never works. If it were a regular job, we would expect to work for the money but for some reason trading isn't taken as seriously. Perhaps it's because we can sit at home in our pajamas or have a flexible schedule so it feels less like a real job.
What works?
in
Galvenais
Nov 16, 2021 at 14:59
Very true. Certain strategies can be more complex or time consuming while others are less. Some of us may excel with one particular strategy but be horrible when using another. If there was one proven way to trade that would work for everybody, we'd all be doing the same thing.
Why demo is easy?
in
Galvenais
Nov 16, 2021 at 14:58
It's true that there are differences and a demo account can't prepare you for the psychological aspects of trading on a live account. However, demo accounts still have a lot to teach us and they're the best hands on tool for traders. I also think we can all avoid some early losses by practicing on one. The best way to avoid being affected by the changes is to do research on psychological trading problems (like analysis paralysis, ego issues, etc.) so that you have knowledge of them and to trade with good risk management precautions, as that can take away some of the anxiety.
MT4 or MT5
in
Galvenais
Nov 16, 2021 at 14:53
I've always preferred MT4 and never felt any pressure to switch. Always had a good experience with MT4 brokers as well so I'm not interested in MT5 or other platforms at the moment.
Bonus and Brokers
in
Galvenais
Nov 16, 2021 at 14:52
I do think there are some good bonus offers out there, but it does make me suspicious, especially if the bonus seems to good to be true. You always have to read the terms and conditions carefully, as many bonuses have terms that make withdrawing your profits difficult, you typically need to trade a high lot size or something along those lines. It also seems like many beginners rush to sign up for the broker with the best bonus, but they often overlook other conditions that are unfavorable. What's a $30 bonus really worth if your broker charges $7 per withdrawal or more, high commission, an...
In trading everyone should have some rules
in
Galvenais
Nov 16, 2021 at 14:47
Agreed. My biggest rules concern risk management, especially with how much I'm willing to risk on each trade. Guess I play things more on the safer side and it makes me feel a lot better knowing that there's a safety net. It's never a good idea to just go out there winging it.
hi. I'm new to forex trading.
in
Jauni treideri
Nov 05, 2021 at 15:15
Started to comment on this post and realized how old it is. Just curious how things have been going for you? Are you still actively trading? I love to follow up on these posts to see if others became successful over a period of time.
Looking for Broker
in
Jauni treideri
Nov 05, 2021 at 15:14
I also trade with an offshore broker so can't really help with this one. Still think there are a lot of advantages to using one, like higher leverage and so on but I can understand being nervous and changing if you're willing to give up some of the perks.
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