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Common mistakes
in
Galvenais
Mar 23, 2021 at 13:04
We should try to control our emotions and avoid our emotions from influencing our decisions. This is not easy and may take long time and experience to make our trading emotion free. Emotional control is more essential when one loses money in Forex trading because this is the time when many people behave irrationally and take hasty decisions with a view to recover their losses.
Most traders are impatient
in
Galvenais
Mar 20, 2021 at 13:12
Yes most traders do not have enough patience. They want to get rich in a short period of time. As a results they become restless and open so many unnecessary trades and lose money.
About news trading
in
Galvenais
Mar 20, 2021 at 13:08
News trading is nothing but gambling. Out of assumptions many traders specially new traders open trade during major major news event. Many people blow their account this time.
New Trader
in
Galvenais
Mar 20, 2021 at 12:38
I think first they should focus on learning. Most newbies start to run for strategy. They ignore the fact that for successful trading one needs deep knowledge and understanding of the market.
Profit targeting
in
Galvenais
Mar 17, 2021 at 13:59
Profit targeting should be based on your ability. How much my ability is allowing me that's important. If I can predict a 20 pips movement that should be my profit target.
Money management is an integral
in
Galvenais
Mar 17, 2021 at 13:58
Money management is an integral part of forex trading. If anyone is not having any money management policy, he/she is never gonna be a good trader ever. You need to follow some good and realistic money management system.
Only a small percentage
in
Galvenais
Mar 17, 2021 at 13:57
Only a small percentage of traders can sustain in the market for the long run. Those are the people who are highly skilled and have very discipline minds. We need to be like them to survive here.
Placing stop loss
in
Galvenais
Mar 17, 2021 at 12:47
Setting up an stop loss is an art. You need to have a good idea of support and resistance. And how price work in support and resistance area. Focus on increase your knowledge and skills. Slowly you won't keep checking the chart.
Money Management Systems.
in
Galvenais
Mar 13, 2021 at 13:21
We need risk management system so that we can minimize our risk. Without proper risk management it's not possible to survive in the market. We need a good winning percentage and a sustainable risk management policy.
Strategy and Forex
in
Galvenais
Mar 13, 2021 at 13:20
We need to customize or personalize our strategy. Every person needs his own understanding of the market and price. That's why we don't get success by following other's strategy.
Indicators are reliable but
in
Galvenais
Mar 13, 2021 at 13:12
Ready made strategy doesn't help much in trading. We need personalized strategy to get success. Every person think differently. I can take someone's strategy but can't think like him. That's why it doesn't work.
Forex is profitable ?
in
Galvenais
Mar 13, 2021 at 13:11
You need knowledge and capabilities to use that knowledge effectively. You also need a sound and composed mind that can remain emotionless while trading.
Many traders think stop loss
in
Galvenais
Mar 10, 2021 at 14:58
Many traders think stop loss is a problem. But I think placing stop loss in the right area is the problem. Many place SL by counting pips not by seeing levels. Again it depends on the type of trading style.
News trading is very tempting
in
Galvenais
Mar 10, 2021 at 14:58
News trading is very tempting but for good for everyone. For news trading you need good knowledge on both technical and fundamental analysis. Otherwise most of the time you would lose money in news trading.
The beauty of forex trading
in
Galvenais
Mar 10, 2021 at 13:07
If you are a day trader it's not possible to make pips everyday. In some days you won't get any trades. You have to sit on sideline bench. If you want to keep a goals make it 3 months 6 months or yearly goals.
There is no way to take revenge
in
Galvenais
Mar 10, 2021 at 06:42
There is no way to take revenge on market. Forex market is not so easy to understand but one can easily adapted to the market by applying good skill and knowledge. If the traders want to take revenge over market, they surely face problem and it is not feature of a good trader.
Every newbie should practice
in
Galvenais
Mar 09, 2021 at 13:02
Yes practicing in demo is very beneficial. It is the place where we can develop our strategy and test our strategy without losing money.
Choosing a pair
in
Galvenais
Mar 08, 2021 at 12:12
I don't like to follow too many pairs. For my trading I just trade EURUSD and GBPUSD pairs. I comprehend these two pairs more as I have done good research on them. To me it is a smart thought to trade a couple of pairs. I figure each trader should begin with a single pair.
Forex trading is easy for
in
Galvenais
Mar 08, 2021 at 12:12
Truly most traders don't get success in forex. The reason is their trading decisions are not based on sound research and learning. They think forex is a cash machine. You trade and procure immense cash. They don't consider it as a business.
Fear makes you
in
Galvenais
Mar 02, 2021 at 12:52
If you are afraid to loss when you are trading then its only means one thing and that is your not ready yet. In forex trading we need to practice in order to earn and we can only become successful in trading if we practice in demo account and boost our trading skills and confidence in their.
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