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Beginners Greed
in
Galvenais
Sep 11, 2020 at 15:23
Yes greed is very destructive emotions for traders. New traders open big lots out of emotions. Then they open a lot of trades at a time. They do not bother about risk management. To reduce greed we need to discipline. We have to make certain rules and follow them.
Trading Lessons!
in
Galvenais
Sep 11, 2020 at 15:20
If we can tame our emotions while trading we can get good success. We also need to patience. We have to wait for a good trade. If we don't have patience we can end up opening trading too early or too late.
How you find Reliable Forex Experts?
in
Galvenais
Sep 10, 2020 at 14:23
First of all an expert do not claim unrealistic profit target. If anyone promising unbelievable returns stay away from him. If he is that much good he won't need to find people on online. Find someone who seems logical by his words. And speak some sense.
High leverage , High risk ?
in
Galvenais
Sep 10, 2020 at 14:20
Yes demo account helps to test us our trading strategy. It is advisable that first we need to test our strategy on demo to find out winning percentage and risk reward ratio. Once we find it profitable we should move to live trading account.
Believes.
in
Galvenais
Sep 09, 2020 at 05:25
Shifting of stop loss happens when a person doesn't know how price works. They remain fearful after opening a trade. A person need to learn how to trade. He also needs to know When to trade when not to trade. Otherwise it will happen again and again.
You Have The Option.
in
Galvenais
Sep 04, 2020 at 11:29
Demo trading is good for testing your knowledge. You can customize your strategy in demo. You need to find out winning percentage of your strategy which you can do on demo. You can risk your money to test your strategy
There is no short cut way.
in
Galvenais
Sep 04, 2020 at 11:24
Yes there is no short cut in forex trading. You have to grow your account gradually over years. You need long term business policy. Otherwise you will be kicked out by the market if you try to do it fast. Have patience and trade.
Range Trading.
in
Galvenais
Sep 03, 2020 at 11:59
Yes you are right. We need skills to trade in both types of market. Being good in certain types of market will not give us constant profit. Support and resistance is very important for any type of market. We just need to know how to use them effectively.
Are you afraid to lose your trade?
in
Galvenais
Sep 03, 2020 at 11:55
Fear is very common emotions among traders. There are two types of fear. One fear of losing a trade. Second, fear of missing a trade. Both are equally destructive. A trade needs to have enough knowledge and skills so that fear doesn't work in him.
Forex Mentor
in
Galvenais
Sep 02, 2020 at 10:48
Having a good mentor is good. But a mentor can not make you profitable. He can just show you some aspect of trading. To be profitable you have to find out your own trading edge. You have to find your strength and weakness and have to work according to that.
Stop Loss Importance
in
Galvenais
Sep 02, 2020 at 10:40
If you are a short term trader stop loss is very important. You can place a stop loss or you can put a stop in your mind but you have to use it. Otherwise in case market goes against you you will get a huge loss. Many new traders get margin call just by not putting any stop loss.
Stop Loss/Margin of Safety
in
Galvenais
Sep 01, 2020 at 14:53
We can't put stop loss just by percentage. Stop loss should be based on your strategy and where the next support and resistance level is. You also need to consider your take profit and what is the possibility of hitting the take profit.
Quit from trading ?
in
Galvenais
Sep 01, 2020 at 14:50
Those who are addicted can never give up fully. Most traders make trading their addiction. But then too there are also traders who never come back again. You should give up when you are making same mistakes over the years.
Complete Trading Life
in
Galvenais
Aug 29, 2020 at 10:46
There is no alternative to learning. It's not possible to make money in forex if you don't have enough knowledge and a discipline way of trading. Most newbie just do random trading. They are not ready to read enough books and articles.
Trade
in
Galvenais
Aug 29, 2020 at 10:43
I am trading for about 5 years. Now I have taken it full time. With my experience I can say it's no matter how long you are trading. What matters it how quickly you are mending your mistakes. Learn from your mistakes.
Best way to avoid the news.
in
Galvenais
Aug 29, 2020 at 08:05
If you are short term trader you should stay away from trading during key news events. You have to be mentally strong. Otherwise you will end up opening lot of unnecessary trades which will cause you a great loss.
Luck is important
in
Galvenais
Aug 29, 2020 at 08:01
Exactly you said it right. A trader has to be skilled and experienced to be successful. Depending on luck is not going to help in trading. You have to spend enough time in learning and researching.
trading strategy nowadays.
in
Galvenais
Aug 28, 2020 at 05:27
Yes you always need to update your strategy according to changing market scenario. You can't use same approach in trend market and in the consolidated market. You need different approach for both.
Loss
in
Galvenais
Aug 28, 2020 at 05:24
Loss is a part of any business. Trading is not exception to it. You have to learn how to minimize your loss. Treat any loss as your operating cost. If it was a physical business, you would have many more fixed cost and operational cost. By this way you can get less pain when will lose a trade.
How much Important of Leverage for Trading
in
Galvenais
Aug 26, 2020 at 09:49
Yes leverage is very important. Without leverage you need a lot of money to trade. For example, to open a 0.05 lots without leverage you need 5000$. But using a lot of leverage and big lot can wipe out your account very quickly. You need to be careful about it.
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