Seek advice from too many sources — multiple input will only result in multiple losses. Take a position, ride with it and then analyse the outcome — by yourself, for yourself.
Tiny margins — Margin trading is one of the biggest advantages in trading forex as it allows you to trade amounts far larger than the total of your deposits. However, it can also be dangerous to novice traders as it can appeal to the greed factor that destroys many forex traders. The best guideline is to increase your leverage in line with your experience and success.
The only way is up/down — When the market is on its way up, the market is on its way up. When the market is going down, the market is going down. That’s it. There are many systems which analyse past trends, but none that can accurately predict the future. But if you acknowledge to yourself that all that is happening at any time is that the market is simply moving, you’ll be amazed at how hard it is to blame anyone else.
I agree with everything you have said, especially regarding seeking advice from too many sources. Besides, as a trader you need to learn to rely on your own analysis. In other words, stand on your own two feet. It might be difficult at first, but if you stick with it it will become easier and you will develop the confidence that is vital to your success.
Very well said AlchemistX, i agree with your comments, hearing these things from someone i dont know is amazing. The best is that it concerns forex and our trading. I did it and today am trading with much confidence as i have learn how to stand on my two feet and to come at this stage was not an easy task. Finding success after that was a great satisfaction for me. Now the main thing is to continue on this level along with success. :))
you need to accept certain conditions that are essential to your success as a Forex Trader. If you are not willing to accept these conditions, your chances for success will be much lower
Achieving self-reliance is a crucial step towards success in any endeavor.
Pat yourself on the back once more, because not many achieve and maintain that in this business.
Nice quote, it nice to see people have such thought about Forex. We should be like that and develop a good understanding about Forex to be able to deal with the market efficiently. It would be really nice if we can see more post like this. So if anyone do have suggestion, ideas or tips concerning forex, do not hesitate to share it with us so that we can also benefit from it.
Well said pal. To learn and understand Forex is something not easy. I even struggle to understand forex and it is due to hard work and learning that i have succeeded. However, we should also know how to trade Forex, even with good knowledge we can find trader losing in this market. So we have focus and if we are devoted am sure we will benefit from it.
Yes and we should make sure that what we are learning is paying at the end. I do not want to waste my time in Forex for nothing. Am learning to get it back in another term.