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UweMoench
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UweMoench
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Don't trade live with huge money until
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General
Oct 11, 2020 at 14:20
Don't trade live with huge money until you know what you are doing. Know your stuff very well. Be enough skilled. There is no short cut. It takes time to learn the art of trading. Don't have unrealistic expectation.
Timing of entry and exit
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General
Oct 10, 2020 at 14:24
Timing of entry and exit is very important especially for short term trader. Sometimes a 5 min late you can miss a very good entry. If it's not timely you may need to widen your stop loss. Also sometimes you need to close the trade timely.
Not an easy task
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Oct 10, 2020 at 12:24
Yes it's not an easy task. You need enough knowledge, experience and skills to be profitable here. With a few months learning it's not possible. If it was that much easy everyone would do it.
Scalping looks very tempting
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Oct 10, 2020 at 12:20
Scalping looks very tempting. But scalping is good only if you are very skilled and knowledgeable. For newbie scalping is very dangerous. It makes them vulnerable to the market as in short time frame there is very much chaos.
Strategy is very important but
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Oct 08, 2020 at 12:52
Strategy is very important but not everything. You also need discipline. A good trading psychology. You also need good Control over your emotions and Ability to stay away from trading when it is needed.
Slippage
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Oct 08, 2020 at 12:49
Slippage happens usually during big news event. When market moves a lot. Slippage occurs when there is a change in the bid/ask spread. A market order may get executed at a less or more favorable price than originally intended when this happens.
There is no secret holi-grail
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Oct 07, 2020 at 11:13
Yes skills and knowledge is the secret. And it takes years to be profitable. It's not possible to be profitable just by following some ready made strategies. We need to understand the market movement and price to be successful.
Most people fail because
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Oct 07, 2020 at 11:10
Yes the reason of failure is lack of knowledge and skills. Most people here open trade out of hope. They hope price will go this or that way. But to be profitable we need skills and control over our emotions.
Forex market offers great opportunity
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Oct 04, 2020 at 12:14
Forex market offers great opportunity but unfortunately most people can not materialize the opportunity due to lack of knowledge and skills. They treat it just like gambling. As a result they can't make consistent money.
Your Gain
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Oct 02, 2020 at 13:36
@Michihito said it right. Every trader's target should be different. It should be based on trading skills. We should not compare ourselves with how many pips others are making. We should focus on our individual skills and experience.
Systematic Trading Strategy
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General
Oct 02, 2020 at 13:33
@Michihito yes you are right. Discipline is very important for successful trading. With an average strategy making good profit is possible if a person is well disciplined. Discipline is one of the common qualifies among successful traders.
Forex is an investment business
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Sep 30, 2020 at 06:55
Yes trading is an investment business. But unfortunately many traders treat it like gambling. As it's a business we need good knowledge, skills and experience. Without knowledge, skills, and experience, it's not possible to make consistent profit.
Timing is important
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General
Sep 30, 2020 at 06:52
Yes you are right. Timing of entry and exit is very important especially for short term trader. Sometimes a 5 min late you can miss a very good entry. If it's not timely you may need to widen your stop loss.
Learning Forex is critical
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General
Sep 29, 2020 at 14:35
Learning Forex is critical and I truly feel that a trader ought to have the capacity to have great comprehension and information about trading and a trader can have better trades in the event that he or she can comprehend the market well and anticipate the progressions also.
Demo can not make you well experienced
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Sep 29, 2020 at 14:34
Demo can not make you well experienced. No matter how much profit you make with demo. The real test begins when you start to trade with real money. When you trade with real money you get emotionally attached to it. When we are attached to anything, we tend to make mistakes. Demo can only help you to know the trading platform and test your strategy.
Is 35%+ per month sustainable?
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Sep 28, 2020 at 12:32
@LyudmilLukanov yes having target is motivating. But the target should be long term. Like 3 months target. It gives us space. Short term target can create pressure and be the reason of over trading.
Trading Accountability Partner
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Sep 28, 2020 at 12:28
I agree with you. It can create confusion. It happens many times with me. By watching other people's prediction I got confused and took wrong decision. Even if when you realize your analysis was wrong now I can take a reverse trading but ego not allowing as you want to be right. Basically psychological complications can come.
How to recognize a Forex Scammer ?
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General
Sep 27, 2020 at 07:20
A scammer promise you 50% to 100%+ daily return if they are managing account. Stay away from them. If they are that much capable of making money they only need 100$ to be millionaire. Just use your logic to recognize them.
1% risk
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Sep 27, 2020 at 07:17
Yes 1% to 2% risk one can take maximum. The reason people can't control it they don't know their winning percentage. They do not have any minimum risk and reward ratio to follow. Basically they don't know what they are doing why they are doing.
Importance of Stop Loss
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General
Sep 26, 2020 at 11:54
If you are a short term trader or scalper, stop loss is important for you. Whether you place the stop loss or keep in your mind you need stop loss. Otherwise if you open a trade and market goes trending in your opposite direction, you will get margin call.
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