To use chat, please login.
Back to contacts

Learning Forex Trading

BaldoN (BaldoN)
Mar 06 2017 at 13:03
522 posts
Hello,
'Learning Forex Trading' - is not just a kind of step following matter (do this as step1, then 2 etc.) and after a time you will be successful trader. This is a long journey and there are not mathematical definition how to be successful, because this is a complex from many different thinks: proper education, training, acquiring screen time/experience, strict discipline, proper psychology and mind set, willing to beat the losses and not to get desperate and also many other smaller points.
Just everyone needs to be loaded with enough patience... and many, many power to willing to reach the target :)

darrengreg (darrengreg)
Mar 09 2017 at 13:29
37 posts
BaldoN posted:
Hello,
'Learning Forex Trading' - is not just a kind of step following matter (do this as step1, then 2 etc.) and after a time you will be successful trader. This is a long journey and there are not mathematical definition how to be successful, because this is a complex from many different thinks: proper education, training, acquiring screen time/experience, strict discipline, proper psychology and mind set, willing to beat the losses and not to get desperate and also many other smaller points.
Just everyone needs to be loaded with enough patience... and many, many power to willing to reach the target :)


Yes Forex trading is profitable only if you know how to trade. No doubt it has a great profit potential but at the same time it is very risky and requires experience, skills to earn such profit. Forex trading is not just about, you decided and start trading. Forex trading seems very simple but you actually need to put a lot of efforts to be a good trader. You can simply start with understanding the market, have the knowledge of the market, how it works, how to implement trading strategies, market psychology.

BaldoN (BaldoN)
Mar 10 2017 at 10:37
522 posts
Hello,
After gaining of experience, trading FX looks simple. The complexity is coming from the traders, for example by adding so many indicators on the chart some time, that the price itself (which must be the guideline) disappear.
Other complexity came from the point that we cannot control the market - we just have control over our funds, but this many traders miss when start to fight with price direction - because of their ego and inability to accept the loss, while it is still small.
There are many other examples confirming that if it simple it would works better and would have much more chance for success :)

jackwilliams
Mar 17 2017 at 08:50
22 posts
It is rightly said that learning forex trading is not at all an easy task. It can be profitable for some but can also ruin the financial condition for the others. Entering the forex world in the lure to earn more and more profits would not help much, instead true passion to become a successful trader can help one become profitable. Learning is a very essential part whether a person is a newbie or an expert, as it is a never ending process. Proper trading plan, hardwork & knowledge of the market, determination and true desire to succeed can help one achieve goals.

darrengreg (darrengreg)
Mar 20 2017 at 10:53
37 posts
BaldoN posted:
Hello,
After gaining of experience, trading FX looks simple. The complexity is coming from the traders, for example by adding so many indicators on the chart some time, that the price itself (which must be the guideline) disappear.
Other complexity came from the point that we cannot control the market - we just have control over our funds, but this many traders miss when start to fight with price direction - because of their ego and inability to accept the loss, while it is still small.
There are many other examples confirming that if it simple it would works better and would have much more chance for success :)


Agree with you mate! Simple is always effective! One should adopt such a strategy which makes it easy to understand the underlying concepts.

mlawson71
Jun 05 2017 at 12:35
1487 posts
The more you complicate your strategy, the more chances you will have to do something wrong. Keeping it simple, in a way, lowers your risk.

BaldoN (BaldoN)
Jun 09 2017 at 11:14
522 posts
Craden20 posted:
AliKhan1 posted:
1:100 would be okayy aswell ... People go crazy with 1:400++

The truth is that extreme leverages are not the best for the new trader. Leveraged trading might seem attractive as it could be amazing controlling $40000 with just $100 when you use a leverage ratio of 1:400. But with what I have seen in the forex practically, leverages might seem lucrative with the possible profit you could make from a leveraged account but the true reality is that it requires good experience to properly operate a highly leveraged account and eventually not get a margin call. Especially as there is no guaranty that prices wouldn't go against your direction. On the highest end, I think a leverage of 1:20 is almost enough if well done with proper risk management.


The trader who knows what is doing and how to trade does not care whether the leverage is 100:1 or 400:1 or 1000:1. He is just following his trading style and position size and keep control over the risk.
That is why does not really matter if the required margin based on the leverage is 1000 or 500 or 2000 currency units.

camerongill (camerongill)
Jun 10 2017 at 06:01
110 posts
Still there are many people entering forex trading with the concept that after a bit of training they can make a full-time living. This is not the case.

The analogy I like to us is that of professional golfers, only a fraction of a percent of golfers make the big dollars, a couple of percent make a decent living, 5% to 10% break even and the remainder and majority lose money (after costs). Same with forex trading.

Even after doing courses that cost thousands of dollars they find that only 50% make money and the majority do not make much.

The other thing I think of is that during the gold rush, the people who made money are the ones selling the shovels - perhaps the people making money in forex trading are the brokers, the education providers and system/signal/indicator vendors!?

It is important that people are realistic. The dream that people portray of the forex trader lifestyle of expensive watches, luxury boats, mansions, bikini clad girls, fast cars is just not the case...

snapdragon1970 (snapdragon1970)
Jun 11 2017 at 17:28
1944 posts
Most professionals trade forex futures ,the index, stocks, etc. If you want to build wealth that's the route they take ,retail forex is not the best place to start, the Gold rush analogy is correct although I would advise people to get educated .

"They mistook leverage with genius".
mlawson71
Jun 13 2017 at 11:54
1487 posts
True. I'm an amateur trader and trading indices is very daunting to me, but I have been trying to learn lately, with varying success.

Please login to comment .