For me, one of important thing in forex is the profit, its all about the profit we get for us to earn here in forex trading.
I guess profit must be a prime motivator for many, probably most, traders. But I don’t think that is all. I guess it also depends on whether one is relying on trading for income or capital building or for pure interest.
I think forex trading keeps one actively focussed on world events and developments since so many of them impact on currency values. It helps one understand the fiscal and monetary policies and economic developments in one’s own country- and if one happens to be an ex-pat living in another country then exchange levels are almost automatically a point of constant interest. This is valuable in its own right even without a profit motive.
It also depends on one’s character. Some might find analysing economic data fulfilling whilst others are interested in charts and mathematical analysis models. These are interesting hobbies in themselves and if they lead to a profit then so much the better. When I started trading I was purely interested as a hobby and had no profit expectations at all. I was only concerned with keeping my costs to within whatever a hobby would normally cost per month. As it happened I never had to refund my account at all, it remained within a range for a few years before I started to take an interest in its consistent profitability.
Either way, its profitability is a central factor in forex trading.
Most people who get into forex trading do it for the profit. Some are also looking for the thrill of it, as well as the intellectual challenge of figuring out how to make said profit. But profit is still the most important thing.
(Sorry, I edited your words slightly).
I agree with this entirely…
Indeed, having myself written articles for a few websites (all on forex topics), I think that one could
make a living out of analysing the markets, just like an academic could teach finance in a
university, without ever having to risk one’s own money…
Indeed, there is a fine line between being a trader and being an analyst… Some of the best traders
will be profitable without knowing much about advanced economics, just like a Formula 1 driver may not know
much about the car’s engineering but win a lot of trophies regardless; equally, you may be an
excellent analyst but you could make a really bad trader, because perhaps you had no control
over your emotions in a trading situation where, for example, faced with the prospect of losing your
capital quickly…
All I am saying is that the amount of time spent on studying must be
proportionate to what you need for your trading; I myself get too easily sucked into reading
everything about anything to do with economics, but that is often irrelevant to what my
trading actually requires, which is surprisingly little in terms of financial/fundamental literacy…
The real test is: [B]are you making money[/B] (relative to the size of your initial investment, of course)?
For me most important part of forex trading is a good plan implementation on it and risk management ability of a trader. Without risk management I can not make a good profit because it helps me to balance trading . I can then decide well and act upon my trading plan.
Focus on the process, not the results.
Don’t put the cart before the horse.
All of us are here for earnings. There are traders who trade to raise the level of adrenaline, but I do not belong to such. The best thing about forex - is the feeling when you know the market moves up to pips. The most important thing in Forex - a discipline. Money - this is what we must manage to become successful.
For me, solving the puzzle and money comes after it .
To me, it’s about being capable of independent thought. Coming to a conclusion and being able to act on it. Judging by the quality of you posts/threads, I very much doubt you possess this quality and therefore doubt whether you can return a profit at all.
100% agree, the wallet proves who is more right and who isnt, in beeing right about the markets and in beeing able to make something out of his own beeing right (most people may be right but if you dont have the guts to putyour money on it you cant buy any potatoes for your knowledge or your “beeing right”)
All of your post are all right, and also one thing that is important is learning first all details that a trader must know about how trading with forex really works. makes sure that you understand it all for you to have smooth and profitable trading experience in forex industry.
Knowledge is the most important thing here in this kind of business, it will help you think and create effective and profitable trading plans. Also practice on demo account.
The most important thing is the profit indeed, but in order to get that profit you neeed to make quite the effort to learn how to trade properly. So I’d say that knowledge is quite important too.
For me the goal is making profit but I am addicted to it and finding the knowledge and developing the skills is like a hobby.
For now more important then making money is NOT losing money.
Have a nice weekend
Well, you have a pint, but for us to achieve good profit. better start on learning and gaining knowledge about forex. so we can create effective plans for profitable trading experience.
For me, discipline, risk management, broker are three most important thing. And risk management needs to pay attention to the most. Trading forex aimed to earning and keeping money, and the purpose will gone if you dont know how to manage your money properly.
I think forex is all about making profit and protect profit.
It’s simple, but to achieve that level you have to meet many criterias
- update the lastest news and events
- have good strategies
- manage your risk
- choose a reliable broker!
When ur putting trades dont go below 400 percent margin 500 is what i stick to
One more thing that is important here n forex is, stop loss. Stop loss is really a part on trading, its a tool that would help us lessen he risk of loss of traders account.
We must make sure to know all important things about forex trading. It will helps us think what strategy we can use for effective and profitable trading experience.