Whenever anyone heard about forex risk always comes in the mind and this is true that risk in forex is inevitable. But forex also offers ample opportunities to make money and risk can be minimized with proper risk management. though I know it is not that easy but i must say that it also not impossible.
Forex is not for all people, worse yet, not for those who needs money from Forex. It requires high quality skills that is needed to run the consistent profit. Be it strong analytical skills, good in numbers, physical and mental stamina, record keeping, and most importantly, focus. It requires and consumes lots of your time.
Forex is without a doubt a very risky place to trade. So traders need to be very careful about how they want to navigate such tricky waters and be extremely careful. But its risk element is what makes it have such huge potential for massive gains and profits. So learn to manage your risk
My7book posted: Forex is not for all people, worse yet, not for those who needs money from Forex. It requires high quality skills that is needed to run the consistent profit. Be it strong analytical skills, good in numbers, physical and mental stamina, record keeping, and most importantly, focus. It requires and consumes lots of your time.
I second that. One of the prerequisites of successful forex trading is an analytical mind that can see patterns and easily crunch the numbers. And on top of that patience is another quality that helps traders in sticking out in the long run. It is not possible that all these qualities can be mastered by everyone. This is why it is said that forex is not everyone's cup of tea.
There is nobody who can predict the real faction of this market with certainly, that’s why for making profit with certainly we the traders have to depend on our trading strategies that we select according to our trading experience , we have to choose the platform that is more appropriate to the concept of trading that will be used , if you love scalping should choose the broker that allows trading concept such as this.
There are a lot of comments in this thread from the first post till this conclusion by the author Mohammadi... But the second comment should be 'there is no business without risk. Forex is the most risky business but the most profitable. There is no way to reduce the risk. The all things on forex happen by the fate, unknown regularity. No way to change it, just go with the flow.'
Ok. I just disappointed by these methods of risk management. I' looking for a something new and extraordinary. Moreover, all systems and strategies will be broken by the market at the end. In conclusion, trader should be in time every one time when the market gives the opportunity to earn.
TaloR_11 posted: There are a lot of comments in this thread from the first post till this conclusion by the author Mohammadi... But the second comment should be 'there is no business without risk. Forex is the most risky business but the most profitable. There is no way to reduce the risk. The all things on forex happen by the fate, unknown regularity. No way to change it, just go with the flow.'
I agree with this part: 'There is no business without risk. Forex... but the most profitable.' I studied economics when I was at the university, we call the profit from risks 'Risk Premium'. High profit usually means high risk. If the risk was not so horrible, everyone would do their best to reach this profits. More and more people come in, the benefits would eventually be eliminated.
Thus, the reason that you could earn excessive profits is you dare to take more risks than others.
But I disagree with the second part although I understand what he would like to express.
He would like to say: If you attempt to change something's risk in this market, it is unlikely to happen. Because everyone would have done the same thing. The only thing people are afraid and avoid to do is taking the risk.
However, it is possible to reduce the risk by making strategies and customizing your investment combination, But NOT fix the risk itself.
For example, 'take profit', 'stop loss', 'lock position'....., and so on. If you are professional, you even can do an ETF. There are many ways to manage your risks, depends on how we do.
Hope my ideas help. If anyone has questions, please feel free to ask me ) All success to everyone!
You just cut off part of trading plan and dissect it. If you want to trade you have to create good trading plan and follow it. Such plan needs to precisely define trade entering and exiting trade size risk!!! etc...
Knowledge is the key to success in Forex. There is nobody who can make success from here without knowledge . so we have to emphasis on acquiring real trading knowledge and we can get most powerful analyzing trade knowledge by passing a long time. Otherwise that’s not possible at all.
FastAudi posted: What resources do you find best to get your knowledge? Books, websites, courses etc etc?
Books and websites are good, but in my opinions, the experience is more practical for you, even just a demo or test account. But if you are new to here, you need to acquire some basic knowledge from anywhere or a tutor. I think people here are all willing to share their experience. But being neutral is important. You might hear thousands of ideas, there is no the best buy only the most suitable for you.
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