Some believe in mental stop loss placement. meaning that when they feel that a trade is not going their way, they will then cut it off. That is so terribly wrong. Stop loss placement is one of the most crucial keys if you want to make forex trading profitable. Another mistake traders make is that they shift their stop loss. They shift it backwards, thinking that the trade will just go back a little more and will come back their way.
45656 posted:
Some believe in mental stop loss placement. meaning that when they feel that a trade is not going their way, they will then cut it off. That is so terribly wrong. Stop loss placement is one of the most crucial keys if you want to make forex trading profitable. Another mistake traders make is that they shift their stop loss. They shift it backwards, thinking that the trade will just go back a little more and will come back their way.
Basically, I always wait for the final result; don’t close my trade in the middle path! That’s my trading rule!
45656 posted:This shouldn’t be done. The basic motive of setting a SL is to cut out the emotional interference in trading, but if a trader does all this, he definitely is getting affected by his emotions, that is why they doing all this. So the main motive of setting a SL is gone.
Some believe in mental stop loss placement. meaning that when they feel that a trade is not going their way, they will then cut it off. That is so terribly wrong. Stop loss placement is one of the most crucial keys if you want to make forex trading profitable. Another mistake traders make is that they shift their stop loss. They shift it backwards, thinking that the trade will just go back a little more and will come back their way.
Trading should be done with proper technical knowledge , demo account trading experience , good capital on hand ,good risk management skills and trading goals should be very clear trader should cut off on the basis of market conditions.
Revenue is vanity, profit is sanity, but cash is king
45656 posted:
Some believe in mental stop loss placement. meaning that when they feel that a trade is not going their way, they will then cut it off. That is so terribly wrong. Stop loss placement is one of the most crucial keys if you want to make forex trading profitable. Another mistake traders make is that they shift their stop loss. They shift it backwards, thinking that the trade will just go back a little more and will come back their way.
I don’t close any trade position randomly; in my trading I use stop loss trading tool & always wait to face the TP/SL after opening any trade position; that’s it!
practice can make you perfect , but in Fx we practice at random in demo and got nothing ultimately. si, i recommend micro account for practicing.
Dec 01 2019 at 14:31
Imamul posted:
practice can make you perfect , but in Fx we practice at random in demo and got nothing ultimately. si, i recommend micro account for practicing.
Whatever is it; traders need have a long-term plan on practice. It’s a long term process! There is no shortcut way of learning!
For newbies I can agree that, but experienced and professional traders really can predict stop loss and such stop loss changes is the key for their profit. It just depends on whether trader is skilled enough to be guided not by emotions, but mind and analytical thinking.
Dec 02 2019 at 18:38
Every trader has his own approach. I know a lot of people who have done just that. If the day is not yours, it is better to stop. And I saw the stories of those who fought to the last and were not going to let their luck out of their hands. I can't say that one of these approaches is good and the other is bad. Everyone chooses what suits him. Each of us has one goal - to earn money. It is not a big deal that the generally accepted rules do not bring you success if you have found the approach that suits you and helps you to get a positive result.
That's where technical and fundamental analysis can come to your help with anything being done perfectly simply. Are you ready for that or not? Ready to take over? Forex is not simple game, so be prepared please if you really can do it.
Baazex posted:Nice Explanation! You have basically summed up everything in one line which is required for trading.
Trading should be done with proper technical knowledge , demo account trading experience , good capital on hand ,good risk management skills and trading goals should be very clear trader should cut off on the basis of market conditions.
Yea, I can see that happening but sometimes the outcomes can be right but that is very low. Trading should be done when you are confident but not too overconfident and having a proper understanding on what is going to happen. Basically you have to clear your head and have a clear trade.
Feb 02 2020 at 14:46
Success in trading depends on a large number of indicators, but if you are willing to work on yourself and learn new strategies, if you are not afraid to make a mistake and try again, then you will definitely succeed and have a good income.
Wrathdragon posted:True, that passion and determination is a prerequisite to succeed as a trader.
Success in trading depends on a large number of indicators, but if you are willing to work on yourself and learn new strategies, if you are not afraid to make a mistake and try again, then you will definitely succeed and have a good income.
This resource has a lot of interesting things. But each trader needs to choose a specific strategy and try to remake it to his own style.
Feb 25 2020 at 14:48
Johannes33865 posted:I support your thought
This resource has a lot of interesting things. But each trader needs to choose a specific strategy and try to remake it to his own style.
Johannes33865 posted:That's totally correct. Trading as per one's own style and identity and not merely following someone, is very important in forex
This resource has a lot of interesting things. But each trader needs to choose a specific strategy and try to remake it to his own style.
Sep 08 2020 at 22:13
Stop loss is important factor in trading. Trader should have good understanding of support and resistance level to place good SL order.
Shifting of stop loss happens when a person doesn't know how price works. They remain fearful after opening a trade. A person need to learn how to trade. He also needs to know When to trade when not to trade. Otherwise it will happen again and again.
