Most of the traders loose because they don’t know what they want in the Forex Market.Most of them are stuck in between doing Forex for Mastery and for Money.Some people only need money and they get it.Others need Mastery but automatically they make money, a lot of it.
So how people who are not masters in Forex make money? Let me hear from you guys.At the end I will Sum up things from my investigations
Forex is about the process IE mastery, money like in life is a score card of emotional control.
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I don’t think anyone is a “master” of the market. I’d say they’ve adapted their mindset & strategies understanding the market is forever changing. The biggest mental block I believe most traders actually face when it comes to making money via trading is getting over the fact they can lose REAL money. We always plan for when we make money via trading but really never associate taking losses in our plan. You’ll never be 100% correct so you have to be willing to accept the losses early I think it’ll give a new trader a more realistic sentiment.
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By mastery I mean to have consistency in profit of atleast 90% on your own.That I would Consider to be a master
I would say a Forex Master is someone who lives on it and makes consistent profits-i think its not so important how many pips a day or week you grap-its more important that IF you grap to a single pip, you can be shure you will catch it with probability of nearly 100%-and this is possible! the amount you will gain depends only on your stake-i am working on that with success-if i manage that regulary, i can take positions with 100 Lot as well (extreme spoken)! Thats the stage i want to reach to be a master
That’s the point; this is why we traders need to focus on the money-management as well as risk management issues.
This is very hard to find 90% consistency in profit , this type of mastery is really a challenge for traders … Frankly I am doing forex to get some earning. mastey point is still very far from me. If I got consistent profits then one day this target will also be achievable . To be a master in forex for a trader is a way that goes from small targets . All should walk on this normal way may be anyone become a master.
I consider a master trader to be consistent no matter 10 pips daily or 100 just the same consistency day and day out, week in and week out. And BTW not measured in pips but equity growth percentage daily and weekly to be on over age consistent, might be .1%, .25%, .50%, 1.0%. But what ever it is, it is the same week after week then you have a benchmark for perhaps small incremental improvements.
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Mostly traders lose money because they want immediately money from each trade. Then greed comes, remove stop loss from trading and they lose all what they have.
They do not have short goal and long term goal. Under short term goal should be trading strategy and as long term goal is should be how to use strategy to have constant profit with small amount of loosing trades.
Master in trading usually have trading strategy where is stated which steps he must take before opening a trade. These steps prevents him doing wrong decisions and because his strategy is earlier tested it will give him profit.
While it is not so easily possible reach 100% master accept losing trade and mostly concentrate on having low amount of losing trades, as much is possible. All other trades that are not losing ones means that they are profitable trades.
I don’t know if I’m meant to be asking this question here,but I’ll ask anyways and i really need someone to put me through ASAP please.
Am i meant to go though the tutorials first before checking out metatrader or I’m meant to practice with metatrader as i go through the tutorials…I’m very confused,i just need to know which one is faster.
Phe, I would start the Pipsology and when you have enough knowledge then start your sandbox trading while you continue your pipsology education.
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My recommendation is to learn like a baby learns how to walk.
Try and fail. This way you will learn Metatrader and you will learn Forex market.
When you fail on MT4 you will find content on the tutorial which explains your problem you have on MT4 and you will easily understand what is tutorial talking about. By only reading you will not remember what is needed and it will be strange until you get MT4 into your hand.
This way I have learned MT4 very fast and understand what tutorial is talking to me about.
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thank you…i’ll be sure to go about it just like you’ve advised
Thank you midwest
for now, i trade for money. because im not have any money for shopping.
Non-professional traders can in a system that someone else created. People have automatic traders that they plug in programming downloads for and they make money in the Forex. Many of these services charge for their programs but some are free. Look for the ones with the best reputation or record.
Some of the good traders following technical analysis for their trading. without proper education you can able to make good trades in technical analysis.
In my point, Technical and fundamental make you profits in forex
Frankly put, any traders embark on Forex trading for the money that comes with it. It is never easy, though it is very possible, to find a master of the arts in Forex trading with constant profits. Because success is mostly based on the precision with wihich you make your calculations and predictions, you need some extent of mastery to survive in the market but it is never a guarantee. Profits and losses are bound to occur, so practise and research are mandatory regardless of your experience levels
i make forex for mastery. because money will follow me if i have success.
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Forex mastery looks very impossible to me. I am focusing more on the money part.