Arrogant advice

Bansheedo posted:
I thought that 'Elliot Wave, Wolfe Wave, Gann Theory' are strategies? Please correct me if I am wrong

In general you can think of them as complex patterns that appear in the markets.

When those patterns manifest, then you would trade based upon your strategy.

With Elliott and Wolfe you are looking for somewhat similar setups for your points of entry.

How you trade those setups is the strategy.

Confidence is needed but over confidence is will harmful, sometime because over confidence then leading trader being greedy in trades, and dare to take high risk in trading witch actually the market very dynamic and not always after trader open trades then will directly get profit

I think the advice was too harsh. But it's still true... It is true that most traders lose money on trades, but it is their own conscious choice. For most traders, it's a learning process. After all, think for yourself, what would be the motivation to learn from your mistakes, if there was no fear of losing your own money?

Having some real money in the game is necessary to make us aware that this is not a video game--it's a business just like any other but you don't have to worry about all the expenses like rent, insurance, salaries, inventory, etc. like a retail business.

On the other hand, if you treat it like a casino, subject only to the whims of chance, you will never learn how to make it a successful business. Get into a solid learning program that will teach you why the market moves as it does. You can pay someone now, or pay a lot more later as you lose your stake on 'hunches'.

Trade safely and well

Mnegamand posted:
I think the advice was too harsh. But it's still true... It is true that most traders lose money on trades, but it is their own conscious choice. For most traders, it's a learning process. After all, think for yourself, what would be the motivation to learn from your mistakes, if there was no fear of losing your own money?

You can learn to trade on demo,
no need to waste real money,
which you can use for your family.

togr posted:
You can learn to trade on demo,
no need to waste real money,
which you can use for your family.

Good advice!

ReaderTrimble33 posted:
Forex cultivates greed. It is one of the arrogant pieces of advice that I came across. While working on forex, it is important to have your intentions and emotions in check to make sure that you focus on growing and learning with it and stay prepared for losses and risks.

That is of course important
but 90+% people lose money trading forex because they dont have good trading plan
that's why the advice is valid though it is arrogant.

You can and should listen to the tips, but you should always leave the last choice for yourself.

Duktilar posted:
You can and should listen to the tips, but you should always leave the last choice for yourself.

Exactly. Listen to everybody but do as you feel like.

The point is
if you are not long term profitable and stready on demo
 then you should never trade for real
      else you waste your money.

Duktilar posted:
You can and should listen to the tips, but you should always leave the last choice for yourself.

Very true. Opinions are shared and listened, but the final choice is always on you

Duktilar posted:
You can and should listen to the tips, but you should always leave the last choice for yourself.

True.

IvanMelnik posted:

Duktilar posted:
You can and should listen to the tips, but you should always leave the last choice for yourself.

True.

Guys,

I see you have followed my advice and you do not trade at all.
That is wise to preserve your money
However I do encourage you to trade on demo. Perhaps you will find some profitable strategy one day and start trading for real.

I advise you to be as careful as possible and record all the details of the trading process

Don’t be greedy. At first aim for learning rather than earning.

Actually , demo trading service is available here and there! So, you can start your demo from anywhere! But try to use transparent Forex brokers! Then you can start your live trading with the same broker! But I would suggest to use multiple demo accounts for standard judgement! Happy learning!

Using multiple brokers will show you that the the price movement and spread on different brokers can vary massively

You gotta invest money to make money. My family spends around $80 a week eating out and we buy our kids toys weekly and pay for other extra things, so why not put something towards something that could actually make you more money? I think it's silly to never try to find other sources of income but I do understand that a lot of people lose money doing this. Also know that a lot of those people don't really know what to do and they think this is an easy way to make money.

Yes lots of traders lose money and don't make it. That is because they don't educate themselves and do not have the patience to learn correctly.