binarysumo22's Posts

Favorite financial markets movies and series? in General Jan 06 at 07:19

The Wolf of Wall Street is the best movie, in my opinion.

Luck or Hard Work? in New Traders Jan 06 at 07:18

Trading success is largely a result of hard work and dedication. This includes educating oneself about the markets, developing a trading plan, and continuously learning and adapting to market conditions.

What is a good business to get into? in General Jan 06 at 07:18

Yes, that's good business. But it is very competitive. One really needs to stand out.

What makes one a Professional Trader? in General Jan 05 at 06:20

Being a professional trader is about more than just making money in the market. It's about having the knowledge, skills, and discipline to consistently make informed and strategic trades. Moreover, it’s also about being able to manage risk and emotions, and having a clear understanding of your trading goals and plan.

Learning and earning in General Jan 05 at 06:19

In order to be successful in forex trading, it is important to have a solid understanding of how the market works and how to analyse and interpret market data. This requires ongoing learning and education, which can help traders to stay up-to-date on market trends and make informed decisions about their trades.

Forex market offers great opportunity in General Jan 04 at 06:40

Yeah, the forex market can definitely offer some good opportunities for traders. It's the largest financial market in the world, with a ton of liquidity and it's open 24/5, which makes it super accessible. Plus, you can trade a ton of different instruments and take advantage of both rising and falling markets

Emotion in Forex trading in General Jan 04 at 06:39

Emotion can have a significant impact on trading, as it can influence decision making and risk taking. It is important for traders to try to remain objective and not let their emotions drive their trades, as this can lead to impulsive decisions that may not be based on logical analysis. In order to be successful, it is essential for traders to develop strategies to manage their emotions and make rational, informed decisions.

There is no short cut in General Jan 04 at 06:38

There is no shortcut in trading because the financial markets are constantly changing and are influenced by a variety of factors. Taking shortcuts in trading can be risky, as it may involve making impulsive decisions that are not based on thorough analysis and understanding of the markets. This can lead to poor investment decisions and potential financial losses.

Money Management Tips in General Jan 03 at 06:45

Some money management tips that you can follow are -: (1) setting clear trading goals and risk management strategies, (2) using stop-loss orders to minimise potential losses, (3) diversifying your portfolio to spread risk, (4) only risking a small percentage of your account balance on each trade, (5) avoiding the temptation to "overtrade" or make impulsive trades, (6) regularly reviewing and adjusting your money management strategies as needed.

Luck is important in General Jan 02 at 09:29

Nope! Luck plays no role in forex trading because it is a skill-based activity that requires knowledge, discipline, and strategy. Forex traders make decisions based on market analysis and their understanding of market conditions, rather than relying on chance.

Successful Traders Mindsets in General Jan 02 at 09:28

A successful trader is more focused, disciplined, and resilient than other traders. Moreover, they are able to manage their emotions and maintain a level head, even in the face of market volatility or losses.

Manual VS Automatic trading in Experienced Traders Jan 02 at 09:28

Both manual and automated trading have their own advantages and disadvantages. Manual trading allows a trader to have more control and flexibility over their trades, as they can make decisions based on their own analysis and judgement. However, it also requires more time and effort to execute trades and can be emotionally challenging. Automated trading, on the other hand, allows a trader to set up rules and parameters for trade execution, which can be helpful for those who don't have the time or inclination to constantly monitor the market.

What is your best tip to set STOP-LOSS in Trading? in New Traders Dec 29 2022 at 10:02

When I apply a stop loss, I take help of technical analysis to identify key levels of support and resistance in the market. These levels can be used to determine where to set the stop-loss, as they can indicate potential areas where the market may experience a reversal.

Demo can not make you well experienced in General Dec 29 2022 at 05:57

It is true that demo trading can be a useful tool for new traders to gain experience and for experienced traders to test out new strategies. However, it is not perfect ; demo trading does not fully replicate the real trading environment and psychology plays a big role in live trading, which is missing in demo trading, so it is important for traders to be aware of this limitation and to be cautious when transitioning to live trading.

Forex is not like gambling in General Dec 29 2022 at 05:56

Short answer: No!A successful forex trader makes informed decisions based on market analysis and economic conditions. And this doesn’t happen as luck. While trading does involve some element of risk, forex traders use strategies and risk management techniques to help mitigate potential losses and improve results.

Books or Videos - Which one is better for learning? in New Traders Dec 29 2022 at 05:56

Both books and videos can be useful for learning about forex trading. It ultimately depends on the individual's learning style and preferences. Some may prefer the in-depth, written explanations and examples provided in books, while others may find videos more engaging and easier to understand. Both resources can offer valuable insights and information for those interested in learning about the forex market.

Greed is poison in New Traders Dec 28 2022 at 06:29

Too much greed can lead to impulsive or risky decisions. Moreover, when traders are driven by greed, you may be more likely to take on excessive risk or to ignore potential warning signs in the market. This can increase the chances of losing money, and can ultimately undermine the long-term success of a trading strategy.

How long on a demo account in New Traders Dec 28 2022 at 06:28

It is generally recommended for traders to spend a sufficient amount of time practising on a demo account before transitioning to live trading. This can help traders get a feel for the market and build confidence in their abilities. But what may work for you may not work for me. Some traders may choose to use a demo account for a few weeks or months, while others may use it for longer periods of time. Ultimately, the length of time a trader spends on a demo account will depend on their individual goals, needs, learning approach, etc.

Patience is best tool to get success in New Traders Dec 27 2022 at 07:56

Without a doubt! Patient is a valuable tool for traders, as it can help them avoid making impulsive decisions and stick to their trading plan. In the forex market, it is important to wait for the right opportunity to enter a trade and not get swayed by short-term market movements. This is only possible by maintaining patience and discipline.

Time Management in New Traders Dec 26 2022 at 11:57

If traders can manage their time well, then not only they can make the most of their time, but they will also be able to focus on the most important tasks. This can help to increase efficiency and productivity, and can ultimately lead to better results in the forex market. I keep track of my time with the help of a stopwatch to see how much time I am trading or not. This could help you plan your trading day in a better way.

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All Quotes
AUDUSD	0.66685	USDCHF	0.92224
EURJPY	142.603	EURCHF	0.99304
EURGBP	0.88137	GBPJPY	161.754
EURUSD	1.07669	GBPUSD	1.22132
USDJPY	132.441	USDCAD	1.37112

EURUSD	1.07669	GBPUSD	1.22132
USDJPY	132.441	USDCAD	1.37112

Posts by binarysumo22