Starting of forex with low learning is a common mistake of traders. When they read about earning and make good profits in demo they think they will easily get their targets. They are not enough experienced to manage their risk . Their attempts to gain high profits become a loss.
Hi Everyone. I am not sure everyone will understand this problem, but I trade the Asian session on the USD/JPY pair. I am a late afternoon USA/mountain standard time trader. I wonder if anyone has the following problem: normally, when I am watching the Asian market, the Yen strengthens by the nature of the market that time. When the Tokyo market closes, the dollar begin to strengthen. This does not happen all of the time, but there is some truth to the fact that pairs gain or lose according to the trading market they are in. Thus my question is, when a market changes in polarity, the typical practice of shorting or buying a currency becomes more complex. Recently, I have lost over $2,500 in my demo account once the market changed. I had gained $2,200 by anticipating the natural tendency of the market. (i.e the yen strengthens during the Tokyo session and the dollar strengthens during the New York session. I have made a lot of money with this theory. I also have produced a "Correction" theory whereby I buy a currency at the end of "Spike" knowing that the market will correct itself over time. This doesn't always work, but it has provided some high yields. In any event, I was wondering if others think along these lines. I appreciate any feedback.
the most important thing for me is psychological. I know a trader one of the banks.., good analys, but no mental. accompanied by an assistant to handle him, he only determine entry and exit levels, then he stayed away for a coffee.