Forex is not an easy thing, but if you trade through proper knowledge and skill development, you can make the future brighter by trading. Many people do a lot to be successful so Forex trading has come up with great opportunities for them. But to survive in trading, you must first learn. If you do not learn to trade, you may face many unexpected losses.
Tremblay posted: Forex is not an easy thing, but if you trade through proper knowledge and skill development, you can make the future brighter by trading. Many people do a lot to be successful so Forex trading has come up with great opportunities for them. But to survive in trading, you must first learn. If you do not learn to trade, you may face many unexpected losses.
I can't agree with that. It is not just about knowledge and efforts. It is more like wining the olympics. It is not enough just to train hard. You must have the right genetics, the right trainer, the latest undetectable doping etc.... So most of the people don't even stand a chance.
For trading knowledge is very important. It makes us more powerful trader. But knowledge becomes power only when we can apply can it. To apply knowledge, discipline is important. The more knowledge you will acquire the expert you will become. To cope with the volatile market there is no alternative to knowledge.
Most traders are not able to maintain discipline. I also could not maintain discipline at one time. Later when I saw that the percentage of my loss was high, I tried to maintain discipline with the plan.
Due to impatient people open trade before their strategy gives signal. Suppose I am trading on H1 charts. To open a trade I have to wait to form the candle. Many traders can not have the patience to let the candle form.
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.
Traders lose money mostly because they are impatient and greedy, and I have noticed that new traders need to have trades open, they want to see them running and making money; they feel that if they don't have trades open, then they are losing money, however the reality is quite the opposite.
Yes, most traders are impatient because they want to see quick results, but that is not possible in a short period of time. Trading has ups and downs, and if you are inexperienced, then you are more likely to lose money. With only persistence and small risks, you can become a better trader.
Most traders are impatient and want to see results immediately. They get discouraged when they do not see the profits they expect and give up too soon. Successful traders have the patience to wait for the right opportunity and to take advantage of it when it arises.
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