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MichaelEX
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Posts by
MichaelEX
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Importance of Fundamentals
in
General
Feb 08, 2021 at 12:06
Forex fundamental analysis focuses on the overall state of the economy through various factors like interest rates, employment rate, GDP, international trade and manufacturing which can affect the value of a currency.However, traders mostly ignore the fundamentals when trading currencies and focus only on the technical analysis.For a broad market view, understanding both is very important in successful trading.
Overconfident
in
New Traders
Feb 08, 2021 at 12:05
After entering the trade market, new traders become overconfident and jump directly into it. As a result, most of them face a massive financial loss. A common reason behind this is the lack of knowledge about the market. When beginners become overconfident, they start thinking that they have become the forex expert. This kind of attitude is a big problem among newbies, rather they should analyze and spend time improving their trading skills.
Timing is important
in
General
Feb 08, 2021 at 12:05
As a matter of fact- yes!It is really hard to imagine trading separated from time. Right entry and exit time gives us a better scope to maximize our profits.
Not gambling
in
General
Feb 08, 2021 at 12:04
Forex trading is only profitable with learning and practicing. You can win some trades by gambling, but ultimately this can lead you to lose all money.
Scalping is good
in
General
Feb 08, 2021 at 11:26
Scalping is not easy, a person must be good at technical analysis as the time frame is low. New traders should avoid this trading style as it tends them to do over trade and they can lose hard earned money.
The beauty of forex trading
in
General
Feb 08, 2021 at 11:25
Beauty of forex is you are your own boss and you can do it from anywhere. But this is not so easy, forex trading demands knowledge, experience, consistency and patience.
what kind of spreads do you look in a broker
in
General
Feb 08, 2021 at 11:25
Tight spread with low commission.
No system works all the time
in
General
Feb 08, 2021 at 11:24
Strongly agreed. I believe no strategy is fully safe in trading.Strategies may vary with investment amount, trade time, instrument in which amount is invested and buy/ sell decisions made by investors and market conditions.
Confidence is very important
in
General
Feb 08, 2021 at 11:22
I agreed. Self confidence naturally helps you to become stronger and stronger over time. It comes from knowledge and experience, if you want to trade without fear or hesitation you have to build confidence first.Some newbies jump into trading with a little idea of it or after winning a few trades and in the end, they lose their money.This is overconfidence, people are in this market for a long time and are still learning. First, acquire good knowledge and real experienceand then start trading.
Steps to Mental Success in Trading
in
New Traders
Feb 05, 2021 at 03:52
Trading is 90% mental work. A trader must master their trading psychology in order to become successful.
By gambling one can get
in
General
Feb 05, 2021 at 03:51
Forex trading is only profitable with learning and practicing. You can win some trades by gambling, but ultimately this can lead you to lose all money.
It has been said that
in
General
Feb 05, 2021 at 03:50
Rightly said, practice is the key to success. More you get involved in it, the more you will learn. This is not a game for those who think to get rich overnight.
To shine in forex
in
General
Feb 05, 2021 at 03:49
Agreed. Forex demands hard work, consistency and self confidence to shine
Unnecessary trade
in
General
Feb 05, 2021 at 03:48
Unnecessary trades is a problem for those who are still struggling with self confidence. This can be solved only with knowledge, practice and experience.
Luck or Hard Work?
in
New Traders
Feb 03, 2021 at 11:40
No luck, it's pure hard work which can drive you to success. Avoid gambling, forex trading takes time and effort. Learning consistently and continued practice is the only right way.
Greed is poison
in
New Traders
Feb 03, 2021 at 11:39
100% TRUE, too much desire to obtain more money from trading is a poison.This makes you to over trade by choosing impractical trading strategies and may lose a huge amount. Avoid gambling, the forex trading doesn’t work like that.
Books or Videos - Which one is better for learning?
in
New Traders
Feb 03, 2021 at 11:38
Actually, it depends on you. If you have enough time to read, you must choose books first. Books are well structured and can provide you a solid understanding . If you don’t have enough time, you may choose to watch the video , try to watch successful traders.
What is the best strategy used as a new trader?
in
New Traders
Feb 03, 2021 at 11:37
No strategy is the best strategy, I believe every individual has their own trading style and trading strategy as per their investment and their expectations.Most of the people change their strategies very quickly, it takes time and effort to make the best strategy. Test your strategy before investing. Stick to your plans, learn from mistakes and keep improving till you succeed.
Choosing the Right Broker
in
General
Feb 02, 2021 at 09:59
The first and most important thing we should check is the regulation of brokers.Also, before choosing any broker for making investment be knowledgeable about various fees charged to get the services offered by that particular broker.
Unrealistic expectation causes
in
General
Feb 02, 2021 at 09:58
Unrealistic expectations are just emotions. People expect to get rich over the night through trading, but unfortunately, markets never work like that.
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