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Joined Apr 2018
|323 Posts
i have seen Generally newcomers always try to make profit very rapidly by using high leverage and become loser because there is no money managing plan. Leverage always contains huge risk and by using this financial tool if you want to earn profit first of all make sure how to manage money in Forex.
Should i use a MT4 or MT5 as a trading platform, i find both are very similar broker to trade with ?
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Personally I prefer MT4 as the range of indicators is much larger. However MT5 has greater functionality so depends whether you value the range of indicators or not...
i have seen Generally newcomers always try to make profit very rapidly by using high leverage and become loser because there is no money managing plan. Leverage always contains huge risk and by using this financial tool if you want to earn profit first of all make sure how to manage money in Forex.
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Yep this is a classic mistake and the quickest way to blow an account. Problem is some beginners use leverage and get lucky first time. And this just sucks them into bigger losses down the line. I speak from (bitter) experience!
{quote} Yep this is a classic mistake and the quickest way to blow an account. Problem is some beginners use leverage and get lucky first time. And this just sucks them into bigger losses down the line. I speak from (bitter) experience!
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Me too, unfortunately. I hope you're doing better now?
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Joined Mar 2016
|641 Posts
i have been trading for a long time in forex , honestly speaking still i feel myself as a beginner , always learning new level of trading attitude , actually there is no ending of forex market and learning. you always have to keep moving.
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Joined Apr 2018
|459 Posts
we all are beginner , there is no difference between senior or beginners , because they both fall great trouble when trading in live and also faces losses.
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Joined Mar 2016
|641 Posts
its a psychology man , but you got a nice point,all the traders we have
must face to losses or unfortunate risk , last week i fall a great trouble during news. its very common.
Should i use a MT4 or MT5 as a trading platform, i find both are very similar broker to trade with ?
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Personally I like MT4. I also like cTrader though I trade on MT4. Try both MT4 and MT5 on demo and see which one you find more comfortable. It's about your comfort.
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Joined Mar 2017
|484 Posts
hello the traders how are you all , i have joined among all after a long time , in COVID situation how was going the trading? i never trader from march to june. and still not regular .
Hi. I'm not terribly knowledgeable about Forex, but I am interested in learning. I am also interested in trading robots. I have someone who has designed a robot for me. Here is the description of the strategy it uses:
The Donchian channel is taken as a basis. It doesn't work well on the flat, but it works well in the trend. To determine how to separate the flat from the trend, we can calculate the ratio of the Donchian channel to the ATR. When exiting the flat, we open a position based on the breakdown of the Donchian channel. Stop loss and take profit are set based on the channel lines. Dynamic position management is also used.
The robot he has provided does extremely well in historical backtesting. My question is threefold. Does the strategy he is describing make sense? Would a robot using such a strategy have a shot at being successful? And is it possible to set up a robot so that it does well in back testing but is unlikely to generate similar results in the future? Thanks for any help you can offer.
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Joined Apr 2018
|459 Posts
sounds really good that you willing to learn , maximum Forex traders try to bring profit with no learning and they become loser at the end of day. its very common and happening everyday.
i have seen Generally newcomers always try to make profit very rapidly by using high leverage and become loser because there is no money managing plan. Leverage always contains huge risk and by using this financial tool if you want to earn profit first of all make sure how to manage money in Forex.
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Yes, you are absolutely right. They think they can make lot of profit overnight that too without having enough skills. As a result they keep losing.
Hi, everybody i want to ask or share a question that bothering my mind about how this business goes when we trade forex.
first is how or what makes price in pair move?
i know basic economic said that if demand over supply so price should be move high and in trade forex to take profit so we are in buy position and vice versa. What is bothering me is imagine if all trader around the world take same position. in example buy so price will be move higher and all trader will be profit so whos money will pay their profit?
i hope i am not wrong posting in this thread and somebody can explain me about that.. thank you
