From the trading data it is possible to determine risk management and using data trace the pattern in opening and closing deals. If nothing could be understood from the transactions, then the system of calculation and data in the Myfxbook would not make sense.
UweMoench posted: Trading forex is complex and requires a level of patience that is off the charts if you want to be extremely successful. When you first start trading, the amount of patience required is beyond most people's understanding. You can't gain that level of patience unless you have experience. You can have all the trading talent in the world, but w/o experience you are at a disadvantage to a more experienced trader.
Completely agree with this. Its important to patient with yourself, the strategy and then the entries. Patience is key overall
I think all traders want to get profit in every single trade, but how to manage the risk is very important because market forex full uncertainty, if traders only chasing profit without pay attention to the risk in trading, one mistake may cause big loss in single trades and will make lost all previous profit.
Yes you can definitely do well in forex, but I have come to the conclusion that you need to be persistent and also a hard worker. I think it is a mistake to think you will get money easily ad while you can gain profits, you need to be careful with the amount of risks you take on.
Aubrey22 posted: Can a beginner in forex trading make consistent profits without any live trading experience?
Definitively no, trading without experience like as want to drive a car without skills, instead of experienced traders still possible to facing with loss in trades, even worst get margin call account, forex trading is business, no exact profit will be in everyday trading.
Making a profit in forex is very easy if you have good knowledge and skills. So always develop your skills before start real trading and demo trading will be helpful for getting some experience in forex to make a good profit with real investment later.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.