Does it mean that you are an expert just because you make a lot of profit? The amount of profit cannot be used to measure the value of a trader. Yes, you must be doing something right if you are making a frequent profit. However, that does not determine if you are an expert or not just by your profit. This is quite a common misunderstanding in the forex industry.
Making a large profit is only one side of the forex market. Majority of forex traders tend to lose most of the time after they have experienced profit. But why?
So many traders fall into a fantasy land where they make an endless amount of money at the beginning. Many beginner traders tend to gain profit at the start not knowing the importance of technical analysis of the market.
The experts on the other hand who stayed became wealthy and stayed that way, continue gaining profit, are all knowledgeable when it comes to the basics. Experts have dialed many ways to control their minds to be set right to be a trader.
Understanding of the market is a must know anyway. Expert traders wait patiently until the right opportunity comes. Opportunity comes to everyone.
What differentiates the experts and the beginners is that experts know when the opportunity has come and knows to take advantage of it. Making profit by luck is possible, and yes luck is also very important. But can you profit with luck every time?
How an expert trader is determined is not by how much the person gained, it’s about the precision and the frequency of results. Profit can’t be maintained by luck. It is maintained and is a result of precision and strategical execution. You shouldn’t worry because you’re not gaining any profit right now.
You should be building your skill sets to be a better trader by experiencing many trading situations of losses and wins. If you invest in your time to improve, your results are guaranteed to increase more frequently and will become more stable.
Not at all; our trading result isn’t everything! If anyone is making like 30% monthly return, that doesn’t mean he is the boss! After few years, maybe he’ll face MC once again! So, we should focus on our learning process as always.
You can win being a newbie, it's even more often case at start then when you are some expert or so. As well as you can have losses being a seasoned trading veteran, everyone is a human and making a lot of mistakes here anyway. So be prepared.
wining once or twice does not make you a boss, you can win by chance as well, but what is the point of that winning if you made 10 trades but out of those you win only 2 and lost in rest. winning in trading means consistency in your winning trades. And no one can predict market with 100 percent surety does matter that how many experience he have. so try to be consistent.
You can be a long term winner and still have no skill and be lucky. If there are 100,000 people trading Forex all entering randomly then statistically 1 of those traders will still be making profit at the end of the year. They won't be an expert, they will just be lucky.
ChillBro posted: You can be a long term winner and still have no skill and be lucky. If there are 100,000 people trading Forex all entering randomly then statistically 1 of those traders will still be making profit at the end of the year. They won't be an expert, they will just be lucky.
I don’t think, with an ordinary trading skill anyone can make money here in a long run! It’s all about trading skill.
Everyone can call themselves an expert. For each person, an expert is one who is knowledgeable in one area or another better than you. But my opinion is - as soon as you can give the desired result, you are an expert. It is the same in forex - you can show stable profit within long time? you are an expert.
Trading by using traditional trading systems based on rules or technical indicators and implemented, as single decision trees are increasingly ineffective. If investment is a process, then automation is the logical conclusion. I build Algorithms that are Not base on traditional technical analysis, interpretation or prediction elements or based on signals relying on historical data.