Beginners - Kill your emotions

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?

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.

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.

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.

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.

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.

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.

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

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.

I don't trade on NFP day