Forex is a probabilities game. Even the best traders are going to have losers. The trick is learning how to make your winners bigger than your losers, and learning to choose the highest probability trades to give you the most winners. For example, I use entry rules (follow the trend, get in on a retracement, never trade during flat or sideways markets, look for a good signal candle) AND i aim for 3X risk (in other words, my take profit target is 3X greater than my stoploss). By doing these things, I make my winners bigger than my losers, and try to keep myself from entering crappy trades. Good luck.
Well said but managing those probability trades itself is the most difficult task because we all are humans and tend to violate rules at the first place. But if once we are determined to achieve am sure there is nothing that can stop you.
Sometimes when we are doing our trades we may be able to get a good and reliable trading income but again we have to remain careful about doing the right types of tradesā¦
Thatās the thing about Forex, you have to be careful and even on guard all the time when youāre trading. If you lose your concentration or if something else is bothering you and you canāt focus you can make a big mistake.
Whenever we are doing our trading if we will learn about the good trades then we will be able to do them easily and with a good income
Hello ayrtonm,
If you want to become a successful trader you have to understand the principles of money management. Professional traders manage their risks and devote a lot of time to learn the techniques of proper money management and the technical analysis skills.
From my personal experience, I can suggest you be very carefully and before you place an order. After you have created your plan, set up your stop loss and take profit. Itās very important NOT to exit your trade before it develops without a proper reason.
I hope that I help you!
I think that even experiences traders can be a bit nervous ? Itās like actors who say that they are always a bit nervous on the theater scene, even if they have worked there for ages.
I personally think that every single trader get a bit nervous when is investing its own money. However, with experience you get more confident and control that state as you believe the trades will be going in your favour. If you are carrying with losses it is a bit impossible not to be a bit nervous as you are losing your own moneyā¦
Thatās true, for me at least. Iāve been trading for years but the nervousness hasnāt gone away. I have learned, however, not to let my nerves get the better of me. Well, I have mostly learned.
So, what do you do to help yourself to cope with such situations?
First you might find if you are usually get nervous in different situations as well. Some people is just like that, finding hard to control their emotions and cope with it. And also unable to be under pressure. Are you like that?
Iāve read somewhere that if you are unable to sleep, go for a walk or read a book while you have an open position, you should simply decrase your lot size.
Oh no, of course I donāt like it either. I personally get away from my computer when situation is going not it a way I expected. I try to get calm again, analyze why did I open that āwrongā order. So, I thought that maybe other traders have some tips.
I am a newbie yet (just a pair of month of live trading) and try my best to make it. So, Iāll be grateful for every piece of advice.
Decrease a lot size? And why not to close this order at all?
I also have problem with my emotions. Is the problem is something, that all traders face with?
Or there are some sort of people, who are able to be calm all the time? Is it possible to learn how not to take everything to heart?
Youāre nervous because you are inexperienced but dont worry after a couple of hundred trades it will disappear. Just dont waste your trading capital by then
Itās absolutely natural to get nervous when you deal with something risky and unpredictable like Forex market. Everything comes with experience, and eventually you will feel much more confident and learn to keep your nerves under control. One day you will enter the market with the feeling of excitement and pleasure instead of anxiety; have no doubts!
It is natural we feel nervousness while doing trading specially when open position we had many things in mind as we feel fear of loss, not sure we are entering in market at right time or not. Then we are puzzle our risk taking will give us return or it will become a dangerous decision.
Of course I get nervous like most people, but I try to make trading decisions in a way so that emotions would minimally influence them.
Being nervous is not knowing what you are doing on a trade, this practically involves entering an open position unprepared. When you have a good trading system with a well placed stop loss, you shouldnāt be nervous when on an open trade.