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Money Management Systems.
in
Galvenais
Feb 14, 2022 at 04:33
Planning your money is an important thing in forex trading. But there isn’t one unique way to do it. It may differ according to the trader’s trading style, risk tolerance and other factors. You may not be able to find a money management system specific to your requirement. A better advice would be to create one yourself by analysing your trades.
Which pair do you use?
in
Jauni treideri
Feb 11, 2022 at 06:29
There are more than 60 currency pairs that traders can choose, but not every pair is equally profitable.The pairs with high liquidity are more stable but the profit potential is lower. On the other hand, the pairs that are volatile can be risky but the chances of making huge rewards are more. Personally, I trade EUR/USD and USD/CAD the most.
You need sound mind
in
Galvenais
Feb 10, 2022 at 04:42
Emotions play a key role in trading because they impact trading decisions of a trader. Successful traders have full control on their emotions. They follow strict trading plans which help them stay focused during trading hours.
Is trading hard?
in
Galvenais
Feb 10, 2022 at 04:36
True! Forex trading is hard and can be extremely volatile. More than 95% of the traders lose in the forex market. Mostly, it is because of greed and lack of proper trading psychology. It is like any other profession where you get better with practice.
Luck is important
in
Galvenais
Feb 09, 2022 at 05:19
Luck may be important, but a lot can be achieved even without it. If a trader learns risk management and is able to control the emotions while trading, consistent profits can be earned. Luck may not always work but knowledge and experience will always work.
Forex is not scam
in
Galvenais
Feb 08, 2022 at 08:13
Forex isn’t a scam, it is a legitimate financial market. There are scammers though who set up traps for traders to fall into. The people who fall prey to these scammers lose money. These traders then use the word “scam” for the forex market as a whole. If a trader is careful, there is no way that the money can be lost easily.
How to Avoid Forex Losses In Forex Trading?
in
Jauni treideri
Feb 01, 2022 at 05:53
Things to do to avoid loss in trading-1) Calculate risk reward ratio for your trades.2) Risk small percentage per trade and set 2-6% stop loss.3) Set a profit order. 4)Avoid overtrading5) Do not use very high leverage.6) Backtest8) Maintain a trading journal9) Understand psychology and learn from your trades.
Which pair do you use?
in
Jauni treideri
Jan 29, 2022 at 11:15
Mostly eurusd but have recently started experimenting with exotics as well because of the lower spreads on coinexx. Let’s see how it goes
To shine in forex
in
Galvenais
Jan 24, 2022 at 05:06
Well said! Consistency is what makes a profitable forex trader.
Demo can not make you well experienced
in
Galvenais
Jan 17, 2022 at 04:37
Demo trading is beneficial for inexperienced traders to develop trading skills and create trading strategies. However, it doesn’t make any trader an experienced trader because you require good risk management and emotions to become a good trader, which only the live market is capable of teaching. Therefore, after attaining some trading skills, traders need to start trading with small risks. For that purpose, a micro trading account is suitable.
Risky business
in
Galvenais
Dec 31, 2021 at 05:30
Exactly! The purpose of risk management is to minimise risks and increase profits. If traders can apply the right methods to minimise risks, then they can easily increase the chance of making profits. Some of the risk management methods include use of stop loss and take profits, allocating reward risk ratio to trades, and risking small percentage of capital which you can afford to lose
Basic mistake we make
in
Galvenais
Dec 30, 2021 at 06:05
I can relate to this. When you are new to forex trading, you become very impatient and want to make money quickly. But forex is complicated and you need to have requisite skills to become a profitable trader, which gets better each time you trade. As a newbie we should focus more on learning and developing skills, rather on profits. Forex is like wine, it yields better results as time passes.
Beginners Greed
in
Galvenais
Dec 29, 2021 at 06:36
If you understand psychology and money management, forex can become much easier for you. It’s greed that makes us impatient and take risky decisions, whose outcomes make us the part of the 96% traders who lose money.
There is a proverb that practice
in
Galvenais
Dec 28, 2021 at 06:52
Not only in forex trading but this applies everywhere in life. Trading gets better with time and practice. There is no fixed strategy that will work every time. Developing a quality analysis takes time and it only comes with practice.
Forex trading is easy for
in
Galvenais
Dec 28, 2021 at 06:47
Not a doubt! If you have the knowledge and skills, then forex trading can be very rewarding; Otherwise, the chances of losing are more common.
Most traders are impatient
in
Galvenais
Dec 28, 2021 at 06:35
Yes, most traders are impatient because they want to see quick results, but that is not possible in a short period of time. Trading has ups and downs, and if you are inexperienced, then you are more likely to lose money. With only persistence and small risks, you can become a better trader.
Many traders think stop loss
in
Galvenais
Dec 27, 2021 at 05:52
I don’t see trading without a stop loss a problem. The purpose of a stop loss is to minimise risk. It’s part of risk management. All beginners shouldn’t trade without a stop loss.
Control your greed.
in
Galvenais
Dec 24, 2021 at 04:54
Greed is what takes all traders down. In forex, we need to place calculated risks. Do not think about how much you can make from one trade, but how much you can lose from a trade. This mindset will help traders to take thoughtful steps.
By trading we can make
in
Galvenais
Dec 24, 2021 at 04:35
Nothing is difficult if you are ready to learn and invest time. Trading follows the same rule. It becomes profitable and easy if you learn and gain experience in trading. It would seem to be very difficult to anybody not having any knowledge about trading.
When a trader is a newbie
in
Galvenais
Dec 23, 2021 at 06:39
No wonder that demo is a good platform for practising. But practising without learning is time consuming and may result in losses in future. I recommend newbies to read and learn as much as you can before getting your hands on demo. It is sitting right there and can be accessed whenever you want. But being patient and acquiring the required knowledge before getting there is going to help you a lot.
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