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How to increase trading skills ?

ForexAssistant (ForexAssistant)
Oct 29 2015 at 15:27
465 сообщений
arigoldman posted:
Know how the markets work, read books, learn from the successful.

The rest of that tune goes,
start trading small, do well for months, the market has a hiccup and sets you back so you work extra hard, begin making money then you get blasted again and you lose thousands. You quit and get a real job that you are now happy with because it's constant and makes sense.

Or you can just buy a robot that works well and forget the emotional roller-coaster. Your choice.
Bob

JenalAripin
Oct 30 2015 at 12:21
10 сообщений
Is not that easy to know and learn how the market works. I can say, almost every traders couldn't explain every single detail about the market.

Btw, try to learn and understand the risk of forex trading itself. Train your trading skills by hanging around in demo account (you might take more than 2 due to your trial and error in training process). Grab some trading arts and look for the one that suits you best. Get yourself a mentor (but don't depend too much to them) till the time when he doesn't wan't to train you anymore. This kind of training would likely takes couple months of your life till you're ready for live account. REMEMBER! Your first live account is your training ground of your trading psychology so don't expect too much on earning some profits in your first step on live account.

luthfi_maung
Nov 16 2015 at 07:49
11 сообщений
ForexAssistant posted:


Or you can just buy a robot that works well and forget the emotional roller-coaster. Your choice.


Thanks for the advice, bob. But I'd rather train myself (even it takes almost forever to be a great trader). Robot may works well in certain market condition, but it's not forever...

breakforex (breakforex)
Nov 16 2015 at 11:46
41 сообщений
The most important thing is to practice the right things and develop the right attitude. Get a Mentor!

Andika_anjani
Nov 17 2015 at 08:29
10 сообщений
breakforex posted:
The most important thing is to practice the right things and develop the right attitude. Get a Mentor!


Well yeah, it's recommended to find a mentor for our trading career. But be careful, not everyone are able to be a mentor.

goldjunge
Nov 17 2015 at 13:57
1 сообщений
1 - STAY AWAY from ( the magical combination of 3 , 4 , 5 indicators ) that will bring you a lot of money , cause that's BS .. they are ALL lagging ...

2 - STAY AWAY from Robots .. they can't work at anytime , at any movement of market ( trending, going sideways , after a news ..) . the real algorithm robots are in the big trading floors of the biggest banks and hedge funds , monitored 24/7 by so they will not screw up ... not an EA that coasts 500 or 1000 $ !

3 - Try always to take a zoom out ( depending on what type of trader you are ) ... try to know about the story of that pair through out the price action , so you can build later '' probabilities '' : what ever the price goes , you know what u should do, and how much you gonna risk.

4 - Don't forget the fundamental part of the trade ( don't relay on it , but take it in consideration : checking all the time

5 - Risk management is crucial trade only small ... risk only 0.5 to 2 % max.

6 - Begin only with 3 pairs .. 5 as a max .

7 - Stay away from those who claims to be '' gurus '' , they are only salesmen and poor teachers ... Learn from someone who already '' made it '' and now look for another goal which is being a well known teacher ..


ForexAssistant (ForexAssistant)
Nov 17 2015 at 15:20
465 сообщений
One more thing to stay away from is a newbie that just became a member on Nov 1 20015 and in 2 weeks has all the information you could ever want to know.

I had him pegged as soon as he made a generalization ' Robots .. they can't work at anytime'. How disappointing to learn this after all this time. I have 2 robots, one has been in use since April 2008 and never loses. The other since 2012.
I am no longer selling these nor am I interested in discussing this with newbies that know everything already. Just remember that the advice you get on this forum is offered by kids with less on the ball than you have.

It's the 'don'ts' that give them away. A trader will tell you how to do something then prove why it works. The wanna bees just say don't do this or that because they are never expected to prove anything.

Robots are nothing more than an extension of the humans mind that created it. If robots never worked then no system of any kind would ever work because when someone designs a system for themselves, the first thing he wants to do is automate that system and go fishing. That is what I have done and what anyone can do so long as they don't go listening to all the defeatists that constantly saturate your mind with limitations.

There are robots that work, individual traders that know how to trade, investment companies that work. The only thing that one needs to do is find out which ones really do work and which is just BS. My advice for robots is try them out before you buy them. If the company selling the robots won't let you demo trade their robot before purchasing it, they already told you all you need to know. They got something to hide. Let the robot run for a month or two then look at the bottom line. You will not need my opinion nor anyone elses after that.

Bob

BenNathanFX (BenNathanFX)
Nov 18 2015 at 07:33
137 сообщений
goldjunge posted:
1 - STAY AWAY from ( the magical combination of 3 , 4 , 5 indicators ) that will bring you a lot of money , cause that's BS .. they are ALL lagging ...

2 - STAY AWAY from Robots .. they can't work at anytime , at any movement of market ( trending, going sideways , after a news ..) . the real algorithm robots are in the big trading floors of the biggest banks and hedge funds , monitored 24/7 by so they will not screw up ... not an EA that coasts 500 or 1000 $ !

3 - Try always to take a zoom out ( depending on what type of trader you are ) ... try to know about the story of that pair through out the price action , so you can build later '' probabilities '' : what ever the price goes , you know what u should do, and how much you gonna risk.

4 - Don't forget the fundamental part of the trade ( don't relay on it , but take it in consideration : checking all the time

5 - Risk management is crucial trade only small ... risk only 0.5 to 2 % max.

6 - Begin only with 3 pairs .. 5 as a max .

7 - Stay away from those who claims to be '' gurus '' , they are only salesmen and poor teachers ... Learn from someone who already '' made it '' and now look for another goal which is being a well known teacher ..



This is the best response yet! Also get a mentor if you can - and make sure they tick the boxes - LIVE account verification that spans over more than just a couple of months , and make sure they are well reviewed - use Google, or FPA , dont rely on the reviews that they just provide you with.

HOLY GRAIL: Fundamental Analysis to chose your pairs/direction, Technical Entry/SL/TP for consistent Management of those decisions
snapdragon1970 (snapdragon1970)
Nov 18 2015 at 07:44
1944 сообщений
I trade one pair,Eur/usd the more you trade one pair the quicker you get to know some of its habits,different pairs behave differently,it makes no sense to begin with 3 ,but everyone is different,some robots do work but they have to be turned off around news events,I am talking about professional robots used by hedge funds,HFTs.etc.

JenalAripin
Nov 18 2015 at 07:54
10 сообщений
goldjunge posted:
1 - STAY AWAY from ( the magical combination of 3 , 4 , 5 indicators ) that will bring you a lot of money , cause that's BS .. they are ALL lagging ...




Too much indicators means too much things to understand. The question is: do you really understand all of them? If you do, then it wouldn't be a problem to your trading process...

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