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Tips To Being A Successful Trader
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villaintrader

Member Since May 10, 2019  14 posts villaintrader Jun 22 at 08:34
WHAT IS FOREX

1. Forex is a scam. The markets works as follows. The major banks like JP have one big (or multiple) client that needs to buy or sell a huge amount of a foreign currency; be it for business acquisitions or whatever else.

2. Bank provides the foreign currency to the client at a mark up. Which is their available offer. Usually hundreds of pips higher or lower. E.g., BOA is offering to sell you EURUSD at 1.1802 (as of today, June 22 4:06 am). EURUSD price now is 1.1211. 600 Pip difference.

3. After selling to client, the bank goes to the forex market to create the liquidity it needs to bring its portfolio back to normal. Since it had sold to the client. It needs to buy the currency it sold.

4. To do so, bank moves market up and down bouncing off Stop Loss Orders of us the retail traders. When we buy, the algo pushes price down. When we sell, it pushes price higher. Etc. Etc. Etc.
     
     - Not setting a SL doesn't help you as you have one anyways. The moment you open a trade, Algo already knows what is the price
      where your account reaches the -50% liquidation level. Here your broker closes your trade automatically. At a loss of course.

5. Bank does this all day long, 365 days a week. In a $7 Trillions / Day Market. So imagine how much they're making off of us gamblers. Because that's what Retail traders are.

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WHY PEOPLE LOSE MONEY

1. Come to forex because they already struggle financially and are desperately looking for a solution to their problem.
        - They come across a YT video of some moron claiming to turn $500 into $20k in a week lol. And the gambler's mentality takes
          over from there

2. They do not have enough money to make forex trading worth while. Case of 99% of people. You need a lot of money. At least $100k to consistently make a living off this market.
        - Two traders sit down in the market. One has a $1 mln acct. And you have a $1 k account. Who do you think is going home
          without money that day?

3. People do not want to buy a course from someone who is transparent and has obviously proven to be making money in the market. Even if the trader is asking for just $10, people feel as though that's a million. As if the trader will take from his own time to invest it into someone that will definitely not give him any reward even if what the trader teaches him/her makes them a lot of money. But yet, people are willing to risk all their $, just like when they go to the Casino, with the little knowledge they got from watching a couple YT video lol. Then blow.


NOT TO BE NEGATIVE. I'M PROFITABLE IN FOREX BUT IM BEIGN REALISTIC WITH YOU. YOU HAVE +90% CHANCE OF LOSING MONEY IN THIS BUSINESS. IF YOU WANT TO GAMBLE FOR THE OTHER 10%, THATS ON YOU. If not, you're making the smart decision. You can always work and save. Then find something that pays you 1-10% a month as passive. Not easy to find but there are plenty of opportunities out there.


IF YOU WISH TO BE A GOOD TRADER

1. Phycology is more important than technical or fundamental analysis if you are a day trader.
- Phycology is not what you think. But the outside factors causing you to feel and behave in a certain way.

2. Before making the deposit. Ask yourself. Can I lose this money?


VillainTrader

RomanFalkowski

Member Since Jun 22, 2020  3 posts RomanFalkowski Jun 22 at 10:37
I think along with strategies, risk management, trading plans, capital to be invested - Consistency is the main thing that will prosper you in trading.

smtrader86

Member Since Mar 31, 2018  21 posts SMtrader86 (smtrader86) Jun 28 at 14:42
There's RULES TO THIS GAME!

1. Preserve your Capital 'Capital Preservation'
2. Robust Risk Management system
3. Plan your Trade & Trade your plan
4. Apply trades Systematically
5. Know when to trade and when to relax
6. Don't lose BIG, etc..... when you lose 50% of your equity, YOU NEED TO MAKE 100% TO BREAK EVEN SO GO BACK RULE 1 & 2
7. Don't chase the money, the money will come with a Statistical Edge/Strategy + These rules
8. With compounding growth you can increase your size incrementally

Characters of a Successful trader

1.Being Open-Minded
2.Critical and Eager for self-development (Be honest and improve on your weakness)
3. Keeps journal and learns from them
4. Persistent & Patient
5. Master your Emotion & Psychology
6. Knowing that we always have something to learn


As traders, we need to Adapt, Develop, and hone into our skills. There are no shortcuts! This game has no luck in the long run, only rules and Trader who survives lives by them...



EllisParker

Member Since Jun 24, 2020  12 posts EllisParker Jun 29 at 06:21
saleh86 posted:
There's RULES TO THIS GAME!

1. Preserve your Capital 'Capital Preservation'
2. Robust Risk Management system
3. Plan your Trade & Trade your plan
4. Apply trades Systematically
5. Know when to trade and when to relax
6. Don't lose BIG, etc..... when you lose 50% of your equity, YOU NEED TO MAKE 100% TO BREAK EVEN SO GO BACK RULE 1 & 2
7. Don't chase the money, the money will come with a Statistical Edge/Strategy + These rules
8. With compounding growth you can increase your size incrementally

Characters of a Successful trader

1.Being Open-Minded
2.Critical and Eager for self-development (Be honest and improve on your weakness)
3. Keeps journal and learns from them
4. Persistent & Patient
5. Master your Emotion & Psychology
6. Knowing that we always have something to learn


As traders, we need to Adapt, Develop, and hone into our skills. There are no shortcuts! This game has no luck in the long run, only rules and Trader who survives lives by them...




That's got almost everything covered. Good tips!

Dictiony

Member Since Apr 01, 2020  61 posts Dictiony Jun 30 at 00:12
You never compromise on your knowldge and experience and should keep learning.

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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.