Beginners - Kill your emotions
Mitglied seit Dec 11, 2015
1462 Posts
Apr 25, 2017 at 11:47
snapdragon1970 posted:mlawson71 posted:
I didn't know that was a thing, but I am not surprised. I guess it's a good way to train oneself to stay calm.
Its actually an interview question at many interviews
I was referring to people playing poker at their trading desks. Or do you mean that people get asked about that?
Mitglied seit Sep 12, 2015
1933 Posts
Apr 25, 2017 at 14:31
You get asked about what games you like to play ,Poker is quite common among traders, you need some distraction from trading otherwise you will over think your decision. Sometimes during lunch and after close card games is a nice break from looking at a screen.
"They mistook leverage with genius".
Apr 26, 2017 at 06:42
I suggest all new traders watch this. All thought myfxbook is an excellent tool and is free of charge, you have to know how to read into the stats, in order to find out how good a trader's system is.
@GJscalper for more information
Apr 26, 2017 at 06:46
prakash104 posted:
Only 5% traders are making money in any financial markets(stocks,commodities and forex).If you are new to online trading my first advice is not to believe any websites that claim for 100% accuracy in trading.It's absolutely impossible.
My question is can we predict our future?The answer may be we can guess.That's it, we cannot tell exactly what our future will be tomorrow.Same concept is applicable to trading.Nobody cannot predict exactly about what will happen next in the markets.
So forex trading business is all about probability and not exact or accurate.
Sorry, you can't simply this to probability.
It's not about probability.
It's about identifying trend continuation or reversal.
Mitglied seit Mar 20, 2017
14 Posts
Apr 30, 2017 at 06:58
yes but you cannot say for sure whether there is a trend continuation or reversal, only that it is more probably that it is a continuation / reversal.
Apr 30, 2017 at 10:58
PipAKazi posted:
Although this 5% stat is not entirely wrong, yet i will personally disagree to it. It just scares the new traders. If you plan on going to moon without any training, what are you expecting? but if you are trained then stats are just to scare you. This Forex is the biggest financial market, everyone can join in, everyone can earn their bread through it. But train well and you can own the whole bread factory if you know what i mean.
I agree, it maybe a little more there are exactly no consolidated figure regarding the matter, but it only give emphasis on the fact that it is difficult to be a successful trader, it may take years of constant practice and tweaking before you can finally say hey I am a forex trader.
Mitglied seit Dec 11, 2015
1462 Posts
Apr 30, 2017 at 11:17
ToryBiggins posted:
yes but you cannot say for sure whether there is a trend continuation or reversal, only that it is more probably that it is a continuation / reversal.
Forex trading is generally a matter of probabilities. There's never 100% certainty, one just has to accept that.
Mitglied seit Dec 11, 2015
1462 Posts
May 02, 2017 at 12:22
Jits2020 posted:
There are some things that are 100% certain that can tell you when NOT to trade e.g. high volatility at news events, markets closed at weekends etc etc
You wouldn't be able to trade during the weekends even if you wanted due to the markets being closed.
Mitglied seit Apr 12, 2017
5 Posts
May 07, 2017 at 06:20
I don't trade on NFP day
Mitglied seit Dec 11, 2015
1462 Posts
May 07, 2017 at 11:57
FernandoDemata posted:
I don't trade on NFP day
I mostly don't either. Nor do I trade on FOMC announcement days.
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