{quote} By gambling one can get some winning trades here and there. Those few wins give them false hope. And they keep doing it until lose all the money.
Ignored
That's true. You can make a few random profits every once in a while but in majority of the trades, you will be losing thus being in a loss altogether.
A trader losses when he/she deviates from the basics of trading and become impatient with their strategies. Greediness, lack of money management skills etc all add up in bad trades. The only solution is, practice, research, learn and explore. A trader should be well updated with whats going on in the economy especially the ones in your trading basket.
|
Additional Username
|
Joined Aug 2020
|109 Posts
Positive mindsets play a very important role in trading. If you have consistently lost, you need to work out a plan to avoid that loss. It is not possible to make a consistent profit if you do not work by maintaining discipline. Risk rewards and money management will help a lot to avoid losses.
In the beginning of this thread, someone was saying trading is a zero-sum game & there must be someone on the other side to lose if someone has to win. My question is, are all the market participants Speculators (retail traders) only? I've heard there'll be a lot of Hedge positions, Corporates who do overseas business will be selling the money in foreign currencies inorder to convert it to their domestic currencies. I would like to also ask what happens if we buy something denominated in a different currency,online. Our bank has to convert it into that currency buy selling the domestic currency & have to do it in the forex market? So, aren't there different transactions happening in the FX market other than retail trading?
|
Additional Username
|
Joined Apr 2018
|459 Posts
positive mindset is very important for real or trading life , but it comes from discipline and regular practice. in practical we the traders always trade with no discipline and without practice , at the end of the day we become loser.
I am a newbie and i cannot create posts yet, but i have just read this thread and thought i would like to comment on it as a newbie.
Its a bit negative, but i understand what's being said. I have joined FF to learn as much as i can because i know of someone who is making 2 to 3 % every single week, week in week out. I have friends who have invested with him for the last year or more and all of them have now more than doubled their initial investment. In fact, some have just taken their money out and are just using the profit money, so literally money for nothing! I have gone on his waiting list, but there's plenty in the que before me. So i thought, to myself, If this guy can learn to make 2 to 3 % consistently, then why can't I? I'm intelligent, I have learned many other skills in my life, so why not Forex trading? I'm doing Babypips, Reading Books, and spending time on these forums. I have a demo account, which costs me nothing. So why not?
The biggest problems is..... Who to trust! there so many scammers, and people selling signals, and EA's that it very hard to know what is useful or not. I have only been on here a little while, relatively speaking, but it is a useful site, if you can take the information given and then do your own research. I have worked out, its not a get rich quick scheme, and i will need to put many, many hours in to learning before earning. Also, I'm sure i will blow my first account, which is why i will only start small, and use minimal leverage.
I guess for me, I actually know for a fact that money can be made from this, and i am willing to put the effort into learning. Just like i did to learn my trade that i do every day for my current income. If only there were some genuine courses, and tutors/Mentors that want to help the serious people willing to work, that would charge a reasonable amount for their help.
@TraderPaulW ICT / Inner Circle Trading on YouTube have lots of free stuff and seem very legitimate. Top traders who I see all trade the same way he does - levels!
I wish trading levels and market structure was the first thing I had learnt instead of moving average S which will only make you a millionaire 5% of the year and bankrupt the rest. Bad day lol !
In the beginning of this thread, someone was saying trading is a zero-sum game & there must be someone on the other side to lose if someone has to win. My question is, are all the market participants Speculators (retail traders) only? I've heard there'll be a lot of Hedge positions, Corporates who do overseas business will be selling the money in foreign currencies inorder to convert it to their domestic currencies. I would like to also ask what happens if we buy something denominated in a different currency,online. Our bank has to convert it into...
Ignored
its a good description with lots of information , thanks for your nice post.
|
Additional Username
|
Joined Apr 2018
|323 Posts
from last couple of months i have been trading during news and making huge losses , i dont know why suddenly my fundamental not working ? feeling not good.
The reason of failures can be many so we need to figure out ourselves where we go wrong. However the most common reasons are trading without a plan, poor risk management strategy and lack of a positive mindset.
The reason of failures can be many so we need to figure out ourselves where we go wrong. However the most common reasons are trading without a plan, poor risk management strategy and lack of a positive mindset.
