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UweMoench
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UweMoench
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By trading we can make
in
General
Dec 30, 2020 at 12:45
By trading we can make good return but only if we have enough knowledge, experience and skills. Otherwise making money in forex market is the most difficult task in the world.
Common mistakes
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General
Dec 30, 2020 at 12:45
Common mistakes are those that we make very often. Over trading, revenge trade, fear of missing opportunity and not following any money management policy are the most common mistakes.
By gambling one can get
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General
Dec 30, 2020 at 12:45
By gambling one can get some winning trades here and there. Those few wins give them false hope. And they keep doing it until lose all the money. A trader should focus on learning. Otherwise one should not trade currency.
Both money management and trading psychology
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General
Dec 29, 2020 at 15:02
Both money management and trading psychology are key to success in forex trading. A person will fail with a good strategy if he/she ignores the importance of money management and trading psychology. It has been said that trading is 90% psychological. And it's true.
Confidence is very important
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General
Dec 29, 2020 at 15:02
Confidence is very important. Confidence comes from knowledge and skills. Without proper knowledge and skills if anyone thinks he has lot of confidence, he can make money, then that's overconfidence. We should not be overconfident. Most of the newbies are overconfident. They focus on profit rather than developing skills.
Ready made strategy doesn't
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General
Dec 29, 2020 at 15:01
Ready made strategy doesn't help at to develop your trading skills. As you newbie you have to learn how price works, how an indicator works, why and when an indicator gives any buy or sell signals. When you are newbie, you are like an intern. You work to learn the skills not for money.
All the successful traders
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General
Dec 29, 2020 at 15:00
All the successful traders on the planet are disciplined traders. They may have distinctive trading techniques however one thing is normal which is they are restrained. Taking in the market and being control is trading is the way to accomplishment here.
Trading is not just about
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General
Dec 27, 2020 at 12:37
Trading is not just about a good system/strategy. There is lot more things you need to achieved. It needs time, efforts and dedication to achieve those. First you have to accept the fact that trading isn't easy unless you are skilled enough.
There is no short cut
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General
Dec 27, 2020 at 12:32
There is no short cut to success. In short time anyone can get some temporary success but for sustainable success, it needs time. But most traders do not try to understand this simple fact. They live in fool's Paradise. They want to make quick money without necessary skills and knowledge.
Greed is when your expectation
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General
Dec 27, 2020 at 12:31
Greed is when your expectation and skills do not match. Suppose I am not enough skilled but I want to make unrealistic profit like 5% per day. That's greed. When you know how much skilled you are and act accordingly, then you get rid of greed.
Basics knowledge is not enough
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General
Dec 27, 2020 at 07:07
Only basics are not enough for consistent profit. Forex is a professional work that requires specific knowledge and skills. That's the reason very few people are successful here. Most people treat forex like gambling. They do random trading. They do not have well defined trading system.
Small investment
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General
Dec 27, 2020 at 07:06
You can make profit with small investment. The interesting fact about trading is you can make profit compounded. But for this you have to make a long term profit target. For example, 3 or 4 years plan. But if you want quick huge profit with small investment you are going to end up losing your account.
The secret of trading
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General
Dec 24, 2020 at 13:15
The real secret of trading is knowledge and skills. Success in trading is impossible if you do not have knowledge and skills. There is no holy grail. It takes time to be skilled enough. But most people want to make money quickly without being skilled.
Trading without stop loss
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General
Dec 23, 2020 at 15:57
Trading without stop loss is possible if you have that type of skills and strategy. Many people do hedging as a risk management policy instead of stop loss. Some do not use any of them. It is all about how much skilled you are. And what you are comfortable with. You have to find out your strength by yourself.
To be a gainer
in
General
Dec 21, 2020 at 12:12
The person who has proper knowledge and skills of trading would be gainer. You need good psychology, good money management system and good trading strategy. For all these you need to study a lot. You have to study both different resources and the market itself.
Part time trading
in
General
Dec 21, 2020 at 12:12
Forex trading can be a good part time job. But you have to give dedicated time and effort to learn the art of trading. Trading itself is a part time job. You don't need too much time to do it. And if you know how to make money here, you also don't need to do other fixed job. You can earn good money here. But first you need to acquire proper knowledge and skills.
In trading everyone should have some rules
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General
Dec 20, 2020 at 09:07
In trading everyone should have some rules. And you have to stick to those rules. Like there should have been a fixed risk reward ratio. It could be 1:1 or 1:2 according to your strategy. When you have risk reward ratio, you will open trade if the criteria is met. Sometimes we may need to take instant decision depending on the market situation. But rules should be there. That's the reason discipline is the key to success here.
Opening big lot
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General
Dec 20, 2020 at 09:06
Most amateur traders jump to open big lot size as it brings immense profit. But a big lot size can transform into a bad dream. You can get a margin call. Don't risk more than 2% of your capital.
Indicators are useful but
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General
Dec 17, 2020 at 08:13
Indicators are useful but not the whole thing. Only charts are also very important. There is much more thing than indicator. It is the mind. Sometimes you just know it's going to work. With time you get an understanding of trading. That understanding is beyond everything.
Types of spreads
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General
Dec 17, 2020 at 08:12
In the Forex world, there are two sorts of spreads offered by Forex Brokers towards their traders. This implies they can trade shrink on a Fixed spread or Variable spread as it were. There are numerous traders that will choose to open an account with a particular Broker simply because of the spread sort that the Broker offers.
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