if you break it down, some would argue as long as its doable on your mt4 platform then there is no wrong to it, well yeah surely, but, there can be mistakes and mistakes that would cost us dearly, i would say weigh in your options and think before you act, thats why it takes a good number of years in experience to be able to say that one is good at what he does…
Forex is a business where we have to need the knowledge, experience and skills in order to do this business with right way and if we will do it with proper way then surely we can earn reasonable amount, doing blind this business which is wrong way can cause the reason of failure.
What is the right way? You can do forex in thousands of methods and all of them may be right, if you are making money consistently, you can’t say a particular method as wrong, if the doer is making consistent money.
I agree with you Alex Cook and I want to add that a strategy that other trader used will not be profitable to all the traders as well. Every person acts with different thoughts, so a trader must identify which strategy suits better to its own preferences.
Such a nice thread! I think that the right way is by making mistakes. Who will teach you better than your own mistakes? There is no wrong strategy or a plan, there is only not well made plan or strategy. Take other people’s advices and suggestions but add your own individuality so it can meet your needs and goals. Combined with your mistakes it should help you grow faster.
I really like your spirit sebastiano. Everyone has a slightly different approach to their trades, its not something you can buy off a shelf and trade successfully out of the box.
Mistakes is a bit strong though, it suggests poor planning or misunderstood principles or carelessness. Experiments is a better word, do you think? You just have to make sure your experiments don’t cost too much.
I agree it is a nice thread for newbies to educate themselves since the uneducated ones lose. However, if a trader, after reading all of these posts fails to have a well-developed winning strategy, that is a wrong way/approach to trade. Disaster awaits his trading account.
Once a trader identifies a strategy that suits his own preference, he would need self-confidence, patience, discipline to stick to it until his purpose is achieved.
Hey, thanks tommor! 
Yes, mistakes, experiments or poor planning, it doesn’t matter how you interpret it as long as it helps you grow and of course not cost too much…
Right Alex Cook, I think that these kind of threads should be of a great help for the newbies as most of them turn to this forum for guidance. So if they fail again, perhaps they should sit back and observe their weaknesses.
Well I don’t agree with this, because I think most of the investors follow their theoretical knowledge about the markets to learn ethic & noble trading. Investing is often characterised by the fears or greed; the misconceptions created by the mental links & spurious correlation are as powerful as any vigorous market move. As they might not fit into the correct market situation.
There are many ups & downs in the Forex market on the back of the growth of the market. My advice is that if you want to trade in Forex market, do trade with patience & complete peace of mind.
Make sure you learn as much as possible.
For trading there is no right or wrong way. As you say mistakes are the best way to learn and also the right way to trade. Right way in the sense that your own mistakes help you learn better. Also it is rightly said that mistakes make a man perfect. However, right way or you can say appropriate way to start is by slowly learning concepts, practice, knowledge and experience.
Yes no one can impose any right or wrong method to you . You have to make your own decisions in trading however follow some rules and plan that is necessary for your safety. Your experience will tell you right way of trading for you.
With no disrespect to anyone posting in this thread, I disagree with the comments above, and with several of the other comments Grant has attracted by starting this conversation (and I strongly suspect he would, too, so I’m not too surprised that he’s apparently dropped out of it, himself).
I think there are hundreds and hundreds of very clearly “wrong ways” of trading - [I]however[/I] one chooses to define “wrong”.
And I think all too often aspiring traders allow “wrong ways” to be imposed on them and even lap them up eagerly: ways that are based on attractive/appealing promises, more in hope than in any warranted expectation, and not based on any underlying market realities at all.
Just my skepchick perspective. :8:
Paraphrasing some old black and white film dialogue - there’s the right way, the wrong way, the Navy way and my way.
If people would just do it my way, we’d all get along just fine.
At the risk of over-simplifying things, any way which consistently over time makes money is the right way and any way which doesn’t is the wrong way. Unless, of course, your intention is to lose money in which case the reverse applies
This well gets to the heart of it. The aim is indeed to make money - its not to be cleverest, fastest, know most, have the most complex system, develop a new indicator or have the best news feed or broker platform. Actually, for beginners, the aim is to not lose money.
Just out of interest - has anyone ever tried to reverse engineer a terrible, highly unprofitable trading method?
I have, and you still get a terrible, highly unprofitable trading method!
It goes to show that the margin of error really is quite small when focusing on positive expectancy.
Interesting idea - build in the features and characteristics you don’t want, then make sure you exclude these from your winning strategy. Makes some logical sense too - if you don’t know what a rubbish car looks like, how will you know when you have found a good one?
The most suitable right way to trade can be according to one’s needs. However, I agree definition of wrong way differs from one person to other. But I feel people consider wrong ways to be ones in which they were not able to become successful or had suffered losses. So, that is why my perspective is mistakes are the best way to learn and one should not escape them, instead learn from the mistakes.