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Most traders don't get success
in
General
Nov 05, 2021 at 11:44
@Vozil559 Yes you are right. Success depends on mostly how we approach to forex. Most people come here with a thought that there is easy money in forex. For this thinking, he waste time on trading before before learning.
Fundamental stuff
in
General
Nov 05, 2021 at 11:12
Both fundamental and technical analysis are important. If you want to trade purely based on technical, you need to avoid trade around big news events.
Stop loss is a killer if
in
General
Nov 05, 2021 at 11:07
Not to use stop loss, you need very good skills and mindset. And also in your mind you should have an SL. It also depends the type of trading you do. If you are a short term trader, you should use SL.
How to increase trading skills ?
in
New Traders
Nov 05, 2021 at 10:53
Write down all your entries. Do not open any trade if can't explain to yourself why you want to open that trade. Write down the mistakes you did and find a way not to do same mistake again.
What is your trading schedule?
in
New Traders
Nov 05, 2021 at 10:49
I usually trade in London and New York session. In other two sessions I usually don't watch the market. Everyone has their own comfort zone.
Why 90% of retail traders fail...
in
New Traders
Nov 05, 2021 at 10:47
Forex trading is not just about technical and fundamental analysis. It's more than that. It has huge emotional impact. Without a solid mindset it's not possible to be successful. Most people fail here.
Greed, the destruction
in
General
Nov 04, 2021 at 14:01
Greed leads a trader to destruction. You have to be realistic as much as possible when you are trading. There's no option for over expecting than the skills you have.
The demo account is the master
in
General
Nov 04, 2021 at 13:59
@skihav Yes demo account is for learning and developing trading strategy and experimenting our skills for better development. It's not just to learn how to how to operate MT4 or other platforms.
No one should depend upon luck
in
General
Nov 04, 2021 at 13:42
@jonathandaniel Yes there is no option for luck. Luck can't favour us in every trade if we not have skills. It's the skills that bring luck. Not the other way around.
There is a proverb that practice
in
General
Nov 04, 2021 at 13:40
@skihav There's no option to underestimate the role of practice in forex trading. No one can develop his own strategy without practice. Even to get familiar with an existing strategy one needs to practice.
Leverage
in
General
Nov 04, 2021 at 13:37
@RobSchiz Yes you are right. But it is also right that without leverage, it would be for people with small capital. It's the leverage that help them to trade with small amount of money.
METHOD OR DISCIPLINE?
in
General
Nov 04, 2021 at 12:27
Both method and discipline is important. First we need a good method then we need discipline to get success. Only method or discipline alone is not enough.
Strategy and Forex
in
General
Nov 04, 2021 at 12:25
@CraigMcG2020 Yes it takes time to find the right strategy that is aligned with our psychology. But unfortunately most don't want to spend that time in working on his skills and psychology.
Forex market is an unpredictable
in
General
Nov 04, 2021 at 12:21
@sebking1986 Yes it's a probability game. That's why risk management is so important. But most people don't care about risk management. They come with unrealistic expectation.
Looking for Broker
in
New Traders
Nov 03, 2021 at 13:21
To find a good broker, you can do some research on Google and broker's website. First thing you need to check is the regulation of broker. Then you check the other facilities that you need according to your trading style.
Newbie wannabe Trader
in
New Traders
Nov 03, 2021 at 13:18
@blackChelsea Yes that's a good website to start with for beginners. I would say to read books on technical analysis and trading psychology. There are some really good books that a trader should read.
Strategy and Forex
in
General
Nov 03, 2021 at 13:02
Having a working strategy is the first thing a trader needs. Secondly he needs a mindset for trading. Without a proper trading psychology, even a good strategy fails.
We should not think
in
General
Nov 03, 2021 at 12:59
@forextrader777 Yes forex is not for quick money. But problem is people come here with an unrealistic expectation. That's why they think to make account double in few days and some people even think make double in a day. Problem is in the psychology.
How to choose a regulated forex broker?
in
General
Nov 03, 2021 at 11:22
Yes it is not that difficult to choose a broker but for that one needs to do research to find out a regulated broker. Broker website mentions the regulatory authorities name and you have to check their website to recheck.
There is a proverb that practice
in
General
Nov 03, 2021 at 10:48
Yes practice is important but most people price just for few months then jump into live trading without developing any trading and mindset strategy. That's why at the end they never learn.
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