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Common mistakes
em
Geral
Aug 18, 2021 at 12:12
There are lot of common mistakes every trader do when they are new. I also did the same. Like opening trade position before big news events and after the news events. Opening too many lots is another mistakes. Risking more than 1% of the capital is also a mistake. Another big mistake is unrealistic expectation. We come here to make double, triple of our capital over night. But it's the biggest mistake one can have. We also make mistake in choosing broker.
Acquiring knowledge is basic
em
Geral
Aug 18, 2021 at 12:10
@Akasuki Yes knowledge becomes effective or powerful when it is applied properly. Without proper use of knowledge, making money in trading is not possible.
No alternative to learning
em
Geral
Aug 05, 2021 at 14:19
@croisssan Exactly, but many people do not want to understand to this. They think few days of demo with some ready made strategies is enough to make money in trading.
Forex is not like gambling
em
Geral
Aug 05, 2021 at 14:13
@LukeRachel Yes forex is not gambling but many treat it like gambling. As a result, they do not able to make regular profit. They lose more than they win.
profits in forex trading
em
Geral
Aug 05, 2021 at 14:10
@croisssan Yes possibiloty of good profit that what arracts people in forex trading. But due to this many set unrealistic profit goal which bringd their downfall.
Forex is an investment business
em
Geral
Aug 05, 2021 at 13:36
To increase consistency, trading psychology is very important. In most cases, after a good profitable trade, people lose more due to poor trading psychology. Most traders do not focus on improving his mindset.
Exotic pairs.
em
Geral
Aug 05, 2021 at 13:26
New trader should not go for exotic pair. They are so unpredictable and move a lot. One movement against your trade is enough for margin call.
There are lot of common mistakes
em
Geral
Aug 05, 2021 at 13:16
@LukeRachel Yes mindset is the key in forex trading. There are people who can do good analysis but can not make consistent profit due to poor trading mindset.
Profit target?
em
Geral
Aug 05, 2021 at 07:34
@LukeRachel Yes profit target is needed. But many traders have unrealistic profit target. Profit target should match our skills and experience.
Trading with borrowed money
em
Geral
Aug 05, 2021 at 07:32
@Akasuki Yes due to high leverage, forex is a very risky financial market. A person needs good skills, knowledge and experience to make money in forex.
How long it takes to learn
em
Geral
Aug 05, 2021 at 05:39
@Dorofeev Yes it depends on many factors. Soecially it dpends on one's ability to understand things and his level of dedication for learning.
Not gambling
em
Geral
Aug 05, 2021 at 05:32
@Akasuki Yes having a big capital is not enough to make money in the forex market. You need skills and experience to make money here. Without skills, you can lose any amount of money.
What works?
em
Geral
Aug 05, 2021 at 05:29
@Mirakelv I agree with you. Most of the time we interpret the market wrongly. Due to fear of missing a trade, many times we jump into the market too early or too late.
Are you afraid to lose your trade?
em
Geral
Aug 05, 2021 at 05:26
@Gavik During trading one needs to be calm and logical. So that any types of emotions do not influence their trading decision.
Most people fail because
em
Geral
Aug 04, 2021 at 05:58
@mab8 yes people more focused on making money than developing skills to make money. As a result, they do not able to make consistent profit.
Signals are profitable?
em
Geral
Aug 04, 2021 at 05:55
@Brussels88 Beginners should not use signals services. If making profit in the forex market were so easy, anyone would make money here. But the reality is very few can make money here.
Best forex demo account brokers
em
Geral
Aug 04, 2021 at 05:53
@LukeRachel Yes demo account gives us an idea of the broker. Especially the execution of the broker. Many brokers give to much requotes while placing or closing an order.
Trading in lower timeframes
em
Geral
Aug 04, 2021 at 05:44
@LukeRachel Yes intraday charts creates more trading opportunity but it can also be the reason for over trading. That's why intraday trading needs strict discipline.
1000 to 10.000 in 2 years challenge
em
Geral
Aug 04, 2021 at 05:39
@PercymcDonnell54 Yes it is 10X. It is already been 2 years plus. Now we might know whether he was able to achieve this target or not.
Loss
em
Geral
Aug 04, 2021 at 05:36
@mab8 yes loss is the integral part of forex trading. Loss will happen. That is why we need to learn how to minimize loss and make profits.
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