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What makes one a Professional Trader?
v
Obecné
Dec 24, 2021 at 04:37
For me, a professional trader is not the one who earns huge profits but the one who has a deep knowledge about even the most basic things. Therefore, I believe that continuous practice is needed to become professional. One must be ready to enrich his knowledge constantly through learning. For that most traders utilise resources such as social media platforms, books or advanced trading courses.
Time frames for currencies
v
Obecné
Dec 23, 2021 at 06:49
It is not necessary that one specific time frame which is best for another trader will also be profitable to you. Therefore, the best is to combine approaches, try out different time frames on a demo account until you find one that fits your personality.
Most traders are impatient
v
Obecné
Dec 22, 2021 at 06:18
The only trading style where impatient traders can make money is scalping. In other trading strategies, a trader earns only when he learns to keep his hands in the pockets and only do anything when he is very sure about his decision. Continuously entering and exiting positions only leads to high trading costs and less or no profit.
Forex trading is easy for
v
Obecné
Dec 22, 2021 at 06:09
Everything seems difficult when you are new to it but with time as you gain experience, you start to understand things better. The problem is the majority of the traders quit way before they actually gain the experience and learn how the market works. This is why it’s very important that you don’t chase profits in the beginning and try to learn as much as you can without risking a big amount of money.
Is math important for trading?
v
Obecné
Dec 21, 2021 at 05:48
A basic knowledge of maths is all that you need to trade properly. You don’t have to learn deep mathematical concepts. It is even said that the maths you’ve learnt in junior high is enough for trading.
Demo can not make you well experienced
v
Obecné
Dec 20, 2021 at 07:04
Demo accounts are not made to make traders well-experienced. It is like a helping tool. By practicing on demo accounts, traders can learn how real trading platforms work, what are different indicators and how to use them, how to read charts, place orders, and almost everything that is technical and necessary. However, if you talk about becoming well-experienced, I think a lot of traders don’t learn well on live accounts as well.
Becoming a Forex Expert requires
v
Obecné
Dec 20, 2021 at 06:56
The ease of getting into forex trading has made almost everyone try out their hands in this business. However, to become an expert in it you need discipline, patience, a good method and most importantly emotional detachment. If you are strong enough, not physically of course but mentaly, then you can persist through all the upheavals of the market. You should be willing to learn from every mistake and take lessons from losses.
Greed is when your expectation
v
Obecné
Dec 17, 2021 at 06:08
I can’t agree more with OP. Greed is about having highly unrealistic expectations which blinds you to the negative outcomes of the trade. Greed forces you to over-trade and wait for your profits to run when it clearly shows that you should exit. You should only expect as much as you are capable of achieving. It keeps you grounded. I write down my goals in my trading plan which is like a benchmark for me and reminds me not to over expect.
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