Imo, the plethora of information that is available is the best part. Unlike earlier, books were only the source for informationBut now beginners can learn from videos, blogs, and can also opt for trading courses.
Losing and winning are the two aspects of all the trades and business in the world. If you’ve lost in forex trading, make sure you learn from the mistakes you’ve committed. You need to stay calm and look at your ways and strategies where you went wrong. Also, as a beginner first learn money & risk management skills properly before trading forex in order to protect yourself from losses.
You have to set trading rules for yourself. Otherwise, you will keep making moves that you shouldn’t be. Consider backtesting and forward testing your trading strategy so that you can build a trading plan and follow it to avoid all types of distractions.
synaphea posted: You have to set trading rules for yourself. Otherwise, you will keep making moves that you shouldn’t be. Consider backtesting and forward testing your trading strategy so that you can build a trading plan and follow it to avoid all types of distractions.
Sticking to my strategy and not letting emotions take me on a ride was a lesson well learned :-)
Ask, and you will receive; seek, and you will find; knock, and it will be opened to you.
That is exactly the way it is. A lot of traders failed because they did not follow the plan. There is no need to lose your temper or get emotional when things go wrong. Always stay focused on your forex trading strategy, and remember to follow rules at all times. What you should realise is that even the best traders on the planet have their losing days. You just need to analyse your mistakes and take corrective actions.
For new traders, it’s common not to understand the market. It takes time and education to prepare for the market. You can start with the basic knowledge and then move to demo trading to prepare yourself both theoretically and practically.
The lost phase is something that every new trader goes through after entering the forex market. When you are surrounded by so many professionals with years of experience and knowledge, you are bound to feel overwhelmed and pressured. But don’t get stressed out trying to compete with the professionals. You should just focus on learning at your own pace and enjoy the process.
lissuhmichelle posted: i'm new to this and i'm completely lost and have no idea on what i'm supposed to do..
I believe now you are doing live trading! Actually, lose is very common here; this is why new traders need to start their trading journey with demo account! Demo is the best way to learn Forex, and without any fee!
First of all, don't give up. You have to be disciplined and stop when your trading system isn't working. If you're not disciplined, you'll keep losing. But don't think that you can win all the time. The best traders lose about 50% of the time. Also, don't make the mistake of trading too big. Trade ten percent of your account size and keep your bets small. Most people want to bet big and win big, but it doesn't work that way. You have to bet small and win small along the way. If you keep doing this, you'll make money over the long run.
Same boat buddy! This is why we joined this forum. All you have to do is read up on some information, learn and practice on a demo for a while until you have a brief idea on what you’re supposed to do. Good luck!
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