You get good at trading by first learning what forex is all about and all the things associated with ti. You will realise that forex trading is a very wide business and needs a lot of facts understood before it can be taken. Not everyone can take it. After learning you practice and practice as long as you cna in a demo account until you are ready.
Gain proper knowledge about the market. Journal your trades and be consistent.
Go through the entire babypips course. Develop reading habits, keep yourself updated with all latest forex news and start practicing on a demo account.
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You get good at trading when you are calm and focus on building a solid trading strategies rather than making some hasty decisions.
Hello , can you please suggest E-books or provide links that help me grasp the full knowledge as a beginner ?
Yes, I am working hard on your suggested tasks, but I always have the fear of failure and that’s why I did not open a live account till now.
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Assuming you’ll be one of the profitable ones, it’ll likely take six months to a year–trading/practicing every day–until you are consistent enough to pull a regular income from the market. If you make money in the first couple months it’s likely pure luck.
You will never be ready if you keep on practising on demo account only. You have to check the live account trading environment. How long have you been trading though?
Consistency, knowledge and practice on demo.
No need to fear that much. Trust yourself and for the start you can start with a small sum.
If you want to trade professionally, you have to control your emotions. And you have to learn from trading mistakes. Regular meditation should be done to remove the negative mindset.
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Very well said. Emotions are one of the main reasons traders can’t achieve the desired results. So we have to develop a way to keep them aside while we trade and certainly meditation is a great way to control them.
Strongly agree, fear is the wrong choice! Fear makes us overestimate the threats and underestimate our ability to deal with them.
We hear alot about improving trading by controlling emotions and eliminating fears.
Or through studying as much about trading as possible.
We rarely hear about getting good by studying the greats - the Tudor Jones’, the Druckenmillers, the Soros’.
In most domains the learner of the craft studies those who came before - and it should to be a central part of a new traders learning too.
Find out how Stanley Druckenmiller handles losses, or how George Soros theory on reflexivity plays out, or how Raschke advises how to get a feel for the markets.
There is only so much study about MACD and trendlines you can learn, or only so much that can be said about Trading in the Zone.
Learn to be a great trader by learning how great traders think.
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As you have heard, practice makes a man perfect so practice trading more and more, gain proper knowledge about the market, keep yourself updated with all latest forex news and keep practicing on a demo account, try to avoid scalping. No need for fear as you are trading on a demo account, make a note of your journals and review your mistakes regularly.
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Experience is the best teacher in my opinion. And for that one should practice as frequently as they can. Things get better with time, so is the case here.
With practice and experience.
In short: By following the mindset of a good trader!!
Hi, to become good at trading, first you need thorough knowledge about markets. First and foremost knowledge is no one can predict markets.Its unpredictable, not only for you and me, for legendary traders also. So, you need this basic knowledge first.So many people come to markets to make quick money based on false ideas everywhere in internet. Then you must have enough experience of losing few accounts in one or two or even 3 years time. Now, experience will teach you everything. But during this initial period and always never try forex trading with your most important money.Only trade with money you are ready to lose.After these 3 years, experience will teach you.Then you find out solutions for all your past mistakes, then never repeat those mistakes due to emotional mind.I am able to explain this to you, only because of my experience of 10 years in the market.Now after all horrible initial 5 years, now i am successfully running a social trading account. so, knowlege, experience and unemotional mind is the only way to become a better trader. Mind must be trained to become unemotional and decisions must be taken only with unemotional mind. Hope this information will be useful to you…
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I know that those Forex traders who are trading with profits have mastered the art of trading in the Forex markets. And also we need to know that we have to give time into the markets.