Practically despite of good trading knowledge there is nobody who can predict the real faction of this market with certainly. So, obviously this is a most risky trading place form any other business platforms and for keeping survive in a proper way we have to acquire proper trading knowledge , most accurate risk management pan ETC. otherwise we can fall a great loss when trading practically.
Generally we think by using most powerful analyzing trade knowledge it is possible to achieve success in this volatile trading place, but practically despite of good trading knowledge that’s not possible at all to make profit with great consistency without having a reliable support from a credible trading broker, because the broker can affects the result of our trading with certainly.
There is no certainty in business including Forex, even this is the most challenging profession where we traders can lose all of our trading capital just within a minute, that’s the importance of money management policies! By the way, I have already reduced my risk reward ratio so smartly according to my long-term trading knowledge and experience!
leverage always contains risk and Leverage can everything negative as well positive. It depends on your trading approach and risk management policy. If you have real risk managing plan if you can make money very rapidly by using leverage despite of small balance.
Proper risk management is vital for any forex trader. Here is a basic explanation how to manage one’s risk (https://www.forexbrokerz.com/news/forex-risk-management) After all, no matter what one’s trading strategy is, it is bound to run in a series of losing trades. If a trader does not control their exposure during them, they may end up with serious losses. And here is the principle which some beginners may not understand: The first step towards making money in the forex market, is to stop losing.
Honestly speaking, Earning is Forex is not easy at all. There is too many who loses money simply because they take it lightly. They think knowing minimum knowledge about Forex is good to kick off trading right away. They think they can earn good amount of money in here. But one thing I want to say in order to my trading experience , in Forex trading you like digging a hole, the deeper you dig the more chance its can turn into a well and get water.
Even though mostly traders are loser form this volatile trading place but I can consider this as a reliable source to earn money very rapidly and for that the traders we have to ensure best source to acquire proper market Principe as well a reliable support from a trading platform because the trading platform can affect the result of our trading with certainly.
TiffanyK posted: Some people trade until they lose everything, however smart traders do not do this. No decision in trading should be emotional. We all know that bad emotions lead to bad results. Stay positive!!!
It is soooooooooooooooooo easy to talk about controlling ones emotions but it is something that you already have to have. If you don't, greedy will more than likely cause you to chase a order against you system and the rabbit hole keeps deeper.
It is good to give a bet to what they offer you in the commercial business, what is not good is that if you have a total of 5000 USD, you can not invest all your savings wallet / investments in a single product and remain at zero, it would be something unprofessional
We need to take risks to make money. But we need to take calculated risks to make consistent profit. Sometimes even with calculated risks, a black swan event can do a lot of damage to our account which can leave a scar on our psychology. The main thing for me is trying to learn not to attach myself to the profit I've made.
Some traders say that you have no emotions to trade the market properly. I personally think that we are humans and humans naturally have emotions. So I don't try to fight my own nature. I also know that I can't predict the market, so I don't try to. One thing that I can predict, is my own behaviour. It actually took me a few months to figure myself out, but I observed my own behaviour and try to manage them.
I now know how I react when I make/lose money, I know how I react when I win 3-5 times in a row or when I lose 3-5 times in a row. So I plan what to do when it happens. I know how I feel when I start to get greedy and I think of ways to deal with it ahead of times. I also know how I react when I'm fearful. Unfortunately, I haven't mastered fear as well as I mastered greed. But I am trying to deal with it. If people reflect on their actions and try to be proactive towards their own behaviour, then they will probably do be better traders. I personally don't try to get rid of my emotions, I just try to manage them.
In my opinion, the biggest risks in trading is our behaviour when we are emotional about a particular trade. This is the number 1 reason for my failures.