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Very tough business.
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Oct 14, 2020 at 12:46
@ElliotCooke exactly. I completely agree with you. Forex is difficult becoz it takes a long time to be skilled. Getting skilled is the difficult part. Once we know what we are doing, it becomes easier.
Forex Mentor
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Oct 14, 2020 at 12:32
@jimmycdn No a mentor can't make you profitable he can only guide you. In fact no one can but you. Benjamin Graham was the mentor of legendary Warren Buffett. Only a few of his students are well known. Doesn't it make him a bad mentor as all of his students are not profitable. If a mentor can make us topper everyone would be topper in the class.
Not an easy task
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Oct 11, 2020 at 13:47
@ElliotCooke yes forex market is the sea of money. People also know it requires knowledge and skills but they are not ready to invest time in learning. After a few months study they start to behave like he knows everything.
Timing of entry and exit
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Oct 11, 2020 at 13:33
Yes timing is very important. We need to enter and exit a trade at the right time. Otherwise it's difficult to get profit. But for that one doesn't need to sit all the time before charts. If you are skilled enough you know when to look charts.
Quit from trading ?
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Oct 10, 2020 at 13:50
Quiting is not an option. But at the same time it's the best option if anyone think he is not progessing in terms of learning and skills. Learning from mistakes is the best kind of learning.
Scalping looks very tempting
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Oct 10, 2020 at 13:47
Yes it's true. Scalping is the reason newbie traders make the habit of over trading. As market is always moving it becomes difficult for them not to open trade. As a result they open too many unnecessary trades and lose money.
Discipline and Forex Trading
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Oct 09, 2020 at 12:07
Discipline is the most needed quality for successful trading. Without discipline consistent profit is not possible. Many good analysts fail to make regular money due to lack of discipline.
Strategy is very important but
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Oct 09, 2020 at 12:01
Yes trading is the combination of strategy, discipline, mind set, emotion control, money management and risk management. We need all of these. With an average strategy and all other qualities a person can make regular profit.
Not an easy task
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Oct 08, 2020 at 13:46
Making consistent profit by forex trading is not an easy job. Very few people can do that. Most people get temporary success in trading. To become successful in trading one must require necessary skills and knowledge. Otherwise it's difficult to be profitable.
Forex market offers great opportunity
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Oct 07, 2020 at 10:13
Yes forex market offers a great opportunity. But only skilled people can take that opportunity. Rest just trade and lose money. If anyone wants to take this opportunity he must focus on learning.
Most people fail because
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Oct 04, 2020 at 11:33
Most people fail because they don't know what they are doing. As Warren Buffett said, Risk comes from not knowing what you are doing. Most small traders here are doing nothing but scalping.
There is no secret holi-grail
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Oct 04, 2020 at 11:32
There is no secret holi-grail. Skills and discipline is important. Also you need the control over your mind. Don't be restless to open a trade if there is no obvious set up in the charts. Wait until it appears.
Systematic Trading Strategy
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Oct 02, 2020 at 11:49
Whatever the strategy we follow we need to discipline in using it. For example, today my strategy not giving any set up or even of set up is there but SL is big, in that case I will not open trade. Not opening a trade and waiting for it comes under self discipline. It's very important.
Your Gain
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Oct 02, 2020 at 11:44
It's not specific and it should be specific. It depends on market situation. In some weeks you can get a lot of good trades. In some weeks it could be very few or none. Profit target should be quarterly or half yearly. Daily target sometimes causes psychological pressure resulting in unnecessary trades and loss.
Learning Forex is critical
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Sep 30, 2020 at 06:15
Actually learning trading is a long term process. Trading is something from where you can make millions. And that doesn't happen with ordinary skills. You need to be skilled enough. And it takes time but unfortunately most people are not ready to give much time in learning.
Demo can not make you well experienced
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Sep 30, 2020 at 06:11
Yes exactly. The purpose of demo is to understand the system. And there is no point of taking 10,0000 balance to trade on demo. You are going to learn nothing except how to open a trade and close it. We should use demo account effectively.
Forex is an investment business
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Sep 29, 2020 at 14:17
Forex is an investment business. You need to build it gradually. Most people come into forex just to gain profits overnight. From the very beginning they live in the wrong concept pf forex trading. Forex trading is a work of professional. You have to treat it like professionals. Make a long term goal to build your account over years. I a
Timing is important
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Sep 29, 2020 at 14:06
Good timing is essential for a decent entry and exit from trading. In the event that you can make a correct passage at perfect time it will give you great benefit. The inverse is additionally valid. Closing a trade at correct time is likewise imperative. If you're timing isn't right you will wind up losing your money.
Trading Accountability Partner
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Sep 28, 2020 at 11:49
I don't think it can be beneficial. Rather it will create more confusion in mind when opinion will differ. Suppose your analysis says market will go up and your partner says it's going to down. And he is right this time. Next time whenever you both differ, you will confused even if your analysis is right.
Free sources of professional Forex education
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Sep 28, 2020 at 11:43
School of Pipsology of babypips has good resources. If you have not done that you can do it. Along with that read different books on trading, technical analysis and trading psychology. Books are a good sources of trading knowledge.
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