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Willowerno
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Posts by
Willowerno
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Those who can't learn will be eliminated by the market
in
Experienced Traders
Nov 26, 2021 at 04:35
I don’t know why but the title reminded me about the basic law of survival, that is, “ It’s not the strongest that survives, nor the most intelligent but the one that is most adaptable to change” I am impressed how it goes perfectly well with the market. It’s important to learn and evolve to be able to survive in this challenging market.
In trading everyone should have some rules
in
General
Nov 24, 2021 at 06:00
Rules are important to keep traders disciplined. When we set some rules and strictly follow them, it can save us from making some most obvious mistakes and helps us to remain consistent in following our trading plan.
Can you leave Forex Trading?
in
New Traders
Nov 24, 2021 at 05:54
The ultimate purpose of every forex trader is to make money, if you are doing it then carry on but if you are losing then you need to remind yourself that you didn’t enter the market to go bankrupt. It’s better to move on to something else which suits you instead of trading only to lose your money.Most of the traders who don’t leave the market even after losses are stuck in what ifs. In their fear of missing out, they end up failing miserably.
Fundamental Education
in
New Traders
Nov 11, 2021 at 05:10
Economic reports are really helpful to know whether the nation’s economy has improved over time or not and the broadest measure of it is GDP. Moreover, the strength of a currency is the true indicator of a country's economic health which can be analysed by factors such as CPI, Inflation, Retail sales, industrial production and many more. These factors can be used to perform fundamental analysis of a currency pair.
Are you afraid to lose your trade?
in
General
Nov 10, 2021 at 05:14
Definitely yes when it’s a high risk and reward trade but most often I keep my risk to reward ratio lower. Initially it was a big deal to me and I used to be so disappointed with my losses but now I’ve made peace with it and am trying to focus on improving my trading skills.
Every newbie should practice
in
General
Nov 10, 2021 at 04:41
Studies have shown that you need to practice something for 10,000 hours before you become an expert in it. The same applies to trading. Practice is the only way to improve yourself in a skill. With practice you will realise what works for you, what is your trading style and what mistakes you should avoid which ultimately leads to making money.
Confidence is very important
in
General
Nov 10, 2021 at 04:29
Trading can break you if you don’t have the confidence to withstand the stress and pressure in the market. I think the biggest advantage of being a trader is that you are the one who needs to decide when to enter the market and when to exit. If you are not sure about the trade, just don’t open the position and if you think things are not working in your favor you can exit. Knowing that the power is in your hands can keep traders confident.
How long it takes to learn
in
General
Nov 09, 2021 at 04:26
It’s different for every person. Although to learn the basics it may only take a few weeks but you need continuous practice to hone your trading skills. It takes sometimes two or three years before you actually start seeing some positive results.Some traders try to run before they could actually walk. However I feel that a newbie should never rush into things and take sufficient time to learn.
Basic mistake we make
in
General
Nov 09, 2021 at 04:10
I believe the biggest mistake we, as traders, make is that we rely too much on our strategies and forget to modify them when they're going against the market.
METHOD OR DISCIPLINE?
in
General
Nov 02, 2021 at 03:53
I would say follow the methods with discipline. Trading is all about patience, discipline, and focus, so when you are planning a strategy and creating some methods, follow them with discipline.
The demo account is the master
in
General
Nov 01, 2021 at 05:31
New traders who do not practise demo trading are doomed to fail. Although demo trading is not exactly the same as real trading, it does prepare traders with good trading skills and strategies.
Demo can not make you well experienced
in
General
Nov 01, 2021 at 05:22
Demo trading is an excellent way to enhance your trading skills and strategies. However, it can’t make you a pro in trading because real trading involves emotions and requires proper risk & money management, which comes with practise and after a few trades.
When to stop.
in
General
Oct 29, 2021 at 05:48
Setting up a stop loss is an individual preference because everyone's trading style is different. However, that doesn’t mean traders should put it blindly. You should do a proper analysis and follow your risk & money management plan.For instance, when the market is more volatile, a narrow stop loss is preferred.
Purpose of demo trading
in
General
Oct 28, 2021 at 06:38
Demo trading is not mandatory, but it is essential to test and enhance your trading skills. The purpose of demo trading is to strategize and develop practices that can make you a trader who knows how to minimise risks.
Making consistent money
in
General
Oct 28, 2021 at 06:09
Yes, making consistent profits in forex is possible, but it is not easy to do so. In order to make consistent profits, traders need to have flexible strategies because the market changes rapidly.
Trading without stop loss
in
General
Oct 27, 2021 at 04:58
Trading without a stop loss is the same as trading without a plan. Stop losses prevent traders from blowing up their accounts. You should always trade with a plan: how much I can bear to lose, and how much I wish to lose. So, in future, you have money to trade and grow. There are some traders who trade without SL, but they have more knowledge too.
Gambling type of forex games? Is that true?
in
General
Sep 02, 2021 at 12:41
I don’t understand why people compare trading to gambling. I’ve never seen any gambler working on strategies or trading plans. Neither there is any fundamental or technical analysis involved.
Having a mentor
in
General
Sep 02, 2021 at 10:38
As it is commonly said that life is too short to make all the mistakes yourself. So it’s good to learn from other people’s experiences. A mentor can give you valuable insights and can save you from making so many wrong decisions while trading. But a mentor should be chosen wisely, the one who is honest and doesn’t say what you want to hear but say what you need to hear.
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