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Beginners - Kill your emotions
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prakash104

Medlem sedan Feb 07, 2016  20 poster prakash (prakash104) Jun 26 2016 at 07:14
Only 5% traders are making money in any financial markets(stocks,commodities and forex).If you are new to online trading my first advice is not to believe any websites that claim for 100% accuracy in trading.It's absolutely impossible.

My question is can we predict our future?The answer may be we can guess.That's it, we cannot tell exactly what our future will be tomorrow.Same concept is applicable to trading.Nobody cannot predict exactly about what will happen next in the markets.

So forex trading business is all about probability and not exact or accurate.

"Slow and steady wins the race"
mlawson71

Medlem sedan Dec 11, 2015  1487 poster mlawson71 Jun 29 2016 at 08:00
Killing one's emotions seems like a good plan in theory, but it's very hard to achieve in practice.

Mnce

Medlem sedan May 16, 2016  1 poster Mnce Jun 29 2016 at 14:03
As a new trader I need more information about trading in the present market conditions as volumes seem to be low and holding positions for longer periods seems unavoidable.

mlawson71

Medlem sedan Dec 11, 2015  1487 poster mlawson71 Jul 02 2016 at 11:37
I generally use short-term positions as well. I have no patience to wait for retracements.

Xiantero

Medlem sedan Apr 01, 2016  45 poster Xiantero Jul 06 2016 at 05:31
Some new traders just need to get their account balance ruined with emotions in order to learn this lesson. Only after that they will confidently wait for appropriate entrances and exits disregarding emotional pressure and seemingly clear triggers for sudden movements. Tough experience is one of the best way for self disciplining, as in my opinion.

Do your best
mlawson71

Medlem sedan Dec 11, 2015  1487 poster mlawson71 Jul 06 2016 at 08:50
I would say that most new traders ruin their account balance because of lack of emotional discipline, to be honest. You either learn and start over or you quit.

Haltz

Medlem sedan Jul 07, 2016  4 poster Haltz Jul 08 2016 at 07:04
Xiantero posted:
Tough experience is one of the best way for self disciplining, as in my opinion.

Unless you lose everything at once while your first experience :) In my opinion you should better start with demo account to try all the opportunities of trading soft. After sometime you will create your own strategy so it will help. Very important thing is to try this psychological moment when your hands are over your head

MarkoGersten

Medlem sedan Apr 26, 2016  2 poster MarkoGersten Jul 08 2016 at 07:07
I agree with the above statements but take also into account that people go way too fast live. Whenever they have some positive trading experiences in their demo accoutns they change to live accounts. Better to get more experience and also take enough time to study analyses and charts. I frequently made in my demo time fibonacci analyses and this smoothed the way for my todays tradin abilities :)

Remember, take your time!

mlawson71

Medlem sedan Dec 11, 2015  1487 poster mlawson71 Jul 09 2016 at 09:58
MarkoGersten posted:
I agree with the above statements but take also into account that people go way too fast live. Whenever they have some positive trading experiences in their demo accoutns they change to live accounts. Better to get more experience and also take enough time to study analyses and charts. I frequently made in my demo time fibonacci analyses and this smoothed the way for my todays tradin abilities :)

Remember, take your time!


That's a very good point, actually. Some people make a big profit a few times on demo account and think they're ready for a live account without having achieved being consistent in their profits, and that only leads to losses.

PipAKazi

Medlem sedan Jun 25, 2016  14 poster PipAKazi Jul 09 2016 at 13:55
Although this 5% stat is not entirely wrong, yet i will personally disagree to it. It just scares the new traders. If you plan on going to moon without any training, what are you expecting? but if you are trained then stats are just to scare you. This Forex is the biggest financial market, everyone can join in, everyone can earn their bread through it. But train well and you can own the whole bread factory if you know what i mean.

Set goals and work hard, one PiP at a time!
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