Believes.

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:
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.

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.

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.

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.

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!

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.

Set and forget is the way to go

Baazex posted:
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.

Nice Explanation! You have basically summed up everything in one line which is required for trading.

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.

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.

Johannes33865 posted:
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.

I support your thought

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.

A stop-loss order eliminates emotions that can impact trading decisions. This can be especially handy when one is not able to watch the position. Stop-loss in Forex is critical for a lot of reasons. However, there is one simple reason that stands out - no one can predict the exact future of the Forex market. It does not matter how strong a setup may be, or how much information might be pointing to a particular trend.

SofieAndreasen posted:
Stop loss is important factor in trading. Trader should have good understanding of support and resistance level to place good SL order.

I agree. Many traders dont use it at all. I believe its one of the most underestimated things but is a great way of keeping your losses limited.

Especially professional traders don't use a stop loss. Because they are confident with their strategy. But every new trader should use stop loss to control their losses as mc as they can.

Mental stop loss is okay for them who glue their eyes to trading platform until trade is closed. It's all about what you are comfortable. As long as you are making consistent money everything you do is best for you. We have to change what needs to change.