That’s right! Skills gained through knowledge are the key
Don’t risk money until you know you will make a profit - demo accounts are free - use them.
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Hi! For the sake of my peace of mind because
- I find that loss tends to emotionally affect me more than an equal amount of profit. I’ve reached a mind-makeup where I can come to terms with a 2% loss but anything more than that will put me at a psychological disadvantage. It’s kind of a personal rule.
- If I do risk higher than what my personal rule allows and manage to make a profit once then it will entice me to raise my risk level even further in subsequent trades.
yes i guess it is an individual choice and knowing ones "pain threshold ". i think when i first started the problem was tackling the loss/return ratios and when you start it HAS TO BE 2/1 OR 3/1 ect, i wasnt aware of finding places on the charts where there is a greater potential for good risk/reward trade, these two things and along with not been aware of liquidity are some of the puzzles when first starting. i often trade in small increments now as oppose to a fixed amount
Blow a demo account, or three… before going live.
Trade only with what you’re willing to lose.
Pay rent first. Then trade.
First & foremost trading tip is to know the markets before risking your own capital as risk management is very necessary in this otherwise huge losses can cross your way. Also, you must have all the knowledge about the ongoing news of the currency pairs, it will help you to make up your mind about whether to put a trade for a particular pair or not. Lastly, keep your emotions at the door and don’t let emotion get in the way of your plan for successful trading.
I would like to tell everyone that trading is a very difficult task and requires attention. Otherwise, you can simply spend money without meaning.
Yeah. Trading is not a child’s play. Profits start coming regularly only when you work hard and learn more and more.
Agreed! Constant learning is very important to bring consistency in profits. Even experienced traders keep learning something new daily.
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True.Learning must go on and on for a bright future in forex.
Couldn’t agree more with you on this. You will need a constant learning and practicing to become a better trader and making good profit.
really learning and practicing is a most great combination to become a knowledgeable trader very rapidly , every section of beginners level should focus on there.
Trading psychology is one of the most important components of trading success. If a trader’s psychology is not right, then how will he trade. Trading is the game of Mindset. The stronger the mindset, the better the trading performance. I have been in the Forex market for a long time.
I have seen many traders who have a good trading strategy but cannot make a profit in trading because their psychology is very weak. That is why trading psychology is very important for every trader.
I agree, the market is highly volatile so the risk management should be there and higher leverage can magnify your profits and losses as well.
Totally agree with you.
If you are new in this market, you have to make a profitable strategy. Without proper strategy it is quite impossible to make money from this market.
Trading requires a lot of knowledge. I have gained trading knowledge for many years. When it comes to forex trading, you have to learn first. If you don’t learn to go trading, you may lose. When I joined trading as a new trader, I did not know about trading. I learned the basics from one of my mentors. When it comes to trading, you should know about analysis. I use technical analysis in my trading. In addition to this technical analysis, I look at money management, risk management. And I always trade with a positive attitude.
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Well said. Spending a good time on learning is really important. Good going mate!
If you want to make money from this risky market you have to be careful. Because, this is a risky platform. You can lose all your money if you make any wrong decision.