Hey! New to this but very hopeful. I tried trading before but with no knowledge, ended up blowing 3.5k. I’m really looking to understand the forex market first, then trade.
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most welcome in babypips forum. this community is very friendly , i hope you will enjoy the environment with great level of learning.
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hi and welcome , have a very good journey on there.
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most of the beginners try to bring profit without learning , this is really a worst thing , because this is impossible in practically.
market is really volatile and no way to predict the real faction of this market with certainly , so we the traders should study before joining this market.
The main reasons why new traders - and old traders - blow their accounts, are as follows:
Failure to develop a profitable method and process, or if they do, then they don’t stick with it.
Failure to detach their mindset from emotional reactions.
Causing revenge trading, overtrading, and gambling. Once you are live and running you have NO control over what the market throws at you. Hence always close losing trades early, do not nurse them., but nurse winning trades instead.
WINNING TRADES
I use a technique for winning trades by aiming to move my S/L up to breakeven, scalp off 50% of profit and let the remainder run using a trailing S/L.
When you become a pro trader you have learnt that you could add another position to make the most of it…
Best of luck second time around.
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Consider it your tuition and be grateful your losses stopped there. I’m glad to hear that you’re looking to learn.
Welcome and study hard!
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I wish you the best
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