Forex trading is for expert people

Oct 25, 2020 at 12:59
1,536 Views
29 Replies
Member Since Jul 19, 2020   751 posts
Oct 25, 2020 at 12:59
Forex trading is for expert people. It requires specific knowledge and skills. Without learning that you can not have consistent profit in forex trading. An expert trader knows when to open or close a position and how to manage risk. He also chooses his broker wisely.
Member Since Jul 19, 2020   318 posts
Oct 25, 2020 at 19:30
Yes. You are right. Without proper knowledge, you can not survive in this risky and volatile market.
Member Since Jul 19, 2020   788 posts
Oct 26, 2020 at 01:35
Yes, you are right, there is a lot of knowledge to be gained in Forex trading. It is not possible to survive in trading without knowledge. The more trading skills you develop, the more profit you can make.
Member Since Sep 12, 2017   238 posts
Oct 26, 2020 at 02:31
I believe one becomes expert with time and learn from the mistakes. Until and unless one does not know the reality he/she can never become an expert.
Member Since Oct 09, 2020   28 posts
Nov 05, 2020 at 11:31
Forex trading is for anyone who has the passion to learn.
Member Since Jul 19, 2020   298 posts
Nov 06, 2020 at 12:52
Yes without being skilled it's not possible to make money here. It's very normal to lose many initially. A new trader should remember that it takes time to learn. There is no short cut for success in trading. They need passion for learning.
Member Since Mar 16, 2020   54 posts
Nov 17, 2020 at 10:01
I think anyone can be an expert in forex with knowledge, practice and skills
Member Since May 25, 2020   20 posts
Dec 09, 2020 at 10:16
And how to get experience?
You have to start with something and move forward - make mistakes, correct them, find new ways and solutions - this is how it works.
Member Since Nov 01, 2020   10 posts
Dec 16, 2020 at 21:25
You just have to love this case. Just like any other business. When you like what you do, it's easier for you to cope with fatigue and the fact that something is going wrong.
Member Since Dec 16, 2020   2 posts
Dec 17, 2020 at 02:35
Anyone can learn and be consistent in Forex trading or any type of trading at all. It does not require specific skills or some type of 'Special Knowledge'. All it requires is Top-Notch risk management (risking a maximum of 1% of your account CONSISTENTLY) and the RIGHT trading mentality (not giving into the urge of 'ahh I lost $200 I'm just gonna make it breakeven and I'm out' novice mentality etc...). These kind of mentality is what turns into revenge trading and will blow your account. And I feel the best way to improve mentality is to learn from other successful individuals by reading their works on psychology and so on. If you can nail your risk management and mentality, consistency in your trading is just around the corner.
Member Since Dec 16, 2020   2 posts
Dec 17, 2020 at 02:48
But if I'm really honest, Its really not for most people. Being successful as a trader will require you to position yourself part of the 5% of the whole world (the 5% are traders who can do it consistently in this industry, not just a few months or years trading 'high risk') and being part of the 5% of the world just isn't easy as you will need to change yourself completely before anyone can achieve anything significant. I myself am also just starting to experience these significant changes in my routine and keeping a Personal Goal of only losing a max of 4% Drawdown in my capital and achieve 4% monthly, 50% yearly. I hope this helps anyone who came across this.
Member Since Sep 12, 2017   238 posts
Dec 17, 2020 at 06:07
how do one becomes an expert?no one is expert by birth.he/she learns the skills and then become the expert.
Member Since Jul 19, 2020   298 posts
Dec 17, 2020 at 06:53
Forex trading requires great trading psychology. It has been said that trading is 90% psychological. Individuals battle in forex trading since they overlook the significance of psychology in trading. Even a good strategy fails because of trading psychology. You have to get control over your mind if you want to be successful in forex trading.
Member Since Aug 03, 2019   38 posts
Dec 17, 2020 at 11:22
I agree with all here. Expertise is something which comes with time and practice and nothing is impossible if we work on it.
Member Since Dec 15, 2020   13 posts
Dec 18, 2020 at 06:21
I would say everyone can become experts in forex. It is just about how much efforts you put into it and how you use your knowledge practically into this field. Without hard work and good research, nobody can win here.
Member Since Oct 30, 2020   21 posts
Dec 18, 2020 at 07:23
UweMoench posted:
Forex trading is for expert people. It requires specific knowledge and skills. Without learning that you can not have consistent profit in forex trading. An expert trader knows when to open or close a position and how to manage risk. He also chooses his broker wisely.

https://funds-money.com/top-10-forex-indicators/
Member Since Feb 07, 2020   5 posts
Dec 18, 2020 at 10:33
Successful Forex trading requires a lot of effort and time. This is a profession in which you need to devote a lot of time to your development.
Member Since Nov 02, 2020   34 posts
Dec 18, 2020 at 10:48
Any person can go ahead in trading with confidence, proper knowledge and discipline.
Member Since Jul 23, 2020   759 posts
Dec 19, 2020 at 17:57
Brel posted:
I would say everyone can become experts in forex. It is just about how much efforts you put into it and how you use your knowledge practically into this field. Without hard work and good research, nobody can win here.
Right. New trader should focus on learning instead of making money.
Member Since Nov 04, 2020   13 posts
Dec 21, 2020 at 10:19
Analytics.
Technical Analysis.
Demo.
High-quality trading terminal.
Error handling.
Statistics.
Profit.
Sign In / Sign Up to comment
You must be connected to Myfxbook in order to leave a comment
*Commercial use and spam will not be tolerated, and may result in account termination.
Tip: Posting an image/youtube url will automatically embed it in your post!
Tip: Type the @ sign to auto complete a username participating in this discussion.