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Avoid this Rookie mistake

  • #41
  • Feb 18, 2016 9:24am Feb 18, 2016 9:24am
Quoting tanwt
Sorry to post my questions here but i can't create a new thread yet what's the meaning of BE ?

BE means break even. It is when you move your stop loss (SL) in the direction of the trend or price movement to at least cover your risk (i.e. the number of pips or amount of money you risked as a stop loss).

KP
Do your homework, follow the footprints of smart money
  • #42
  • Edited 12:45am Feb 19, 2016 12:26am | Edited 12:45am
Quoting KeenPips
{quote} BE means break even. It is when you move your stop loss (SL) in the direction of the trend or price movement to at least cover your risk (i.e. the number of pips or amount of money you risked as a stop loss). KP
ic. thanks for the tips

Just to create an example to make sure i understand

Let's say i long EURUSD at 1.0005 and my SL is 1.0000

So if it move in my direction and i change my SL to 1.0005, that is BE. Correct?

i also see people wrote BE + 3. base on the above example, does that mean he change his stop loss to 1.0008 ?
  • #43
  • Feb 26, 2016 1:17am Feb 26, 2016 1:17am
Yeah, forex trading is high risky, risk control should be top important for new ones, if without stoploss or higher leverage, that will be dangerous for trading.
  • #44
  • Edited Feb 27, 2016 1:37pm Feb 26, 2016 10:47pm | Edited Feb 27, 2016 1:37pm
Quoting Yoda_Glenn
I sometimes get messages from desperate new traders who say they just lost some huge sum of money on the market, and that they need help. Please avoid this mistake: DO NOT TRADE LARGE SUMS OF YOUR OWN MONEY. If you losing $5,000 would hurt, then you need to deposit only $500. Likewise, if losing $500 would hurt you, then you need to deposit only $50.00! The goal in trading is to get to a point where you are trading the money you have won on the market. The quicker you can get to this point, the better your trading decisions will be. Only deposit,...
I humbly disagree.
One must trade with money that one cannot afford to lose


There is no amount of money small enough that I can afford to lose.

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  • #45
  • Feb 27, 2016 8:36am Feb 27, 2016 8:36am
to trade well you must be emotionally comfortable.and trading with money that you cannot loose will make you see charts with allot of fear and you willnot be able to concentrate.try this simple test. trade with money set aside for rent for instance and you will see the level of concentration is out of the window and you will start seeing trades where none exists.and this starts of a chain of reaction that goes into over trading,revenge trading and over leveraging and then account blown.
  • #46
  • Feb 27, 2016 9:30am Feb 27, 2016 9:30am
Quoting ericnyamu
to trade well you must be emotionally comfortable.and trading with money that you cannot loose will make you see charts with allot of fear and you willnot be able to concentrate.try this simple test. trade with money set aside for rent for instance and you will see the level of concentration is out of the window and you will start seeing trades where none exists.and this starts of a chain of reaction that goes into over trading,revenge trading and over leveraging and then account blown.
I completely agree, although I don't think the test is necessary, if only just to avoid experimenting with money that you really cannot afford to lose.
  • #47
  • Mar 1, 2016 9:12am Mar 1, 2016 9:12am
Hi,

My names Alex I'm 21 years old and from London and I am a learning how to trade forex,

I've had this account for quite a while but I want to start getting involved in discussions and contribute.

I have a question,

How relevant would you say fundamental knowledge of currencies are when trading within 1-4 hour time frames? I have been speaking to a trader and he spoke about how the effects of particular news releases can have the power to cause abrupt movements, but what about when its all calm on the trading front and no news is expected is it wise to lean towards analysing price patterns??
Freedom is an asset.
  • #48
  • Mar 2, 2016 10:36am Mar 2, 2016 10:36am
Great to read so many expert advice
  • #49
  • Jun 21, 2017 1:40pm Jun 21, 2017 1:40pm
Quoting tianxingjian
Yeah, forex trading is high risky, risk control should be top important for new ones, if without stoploss or higher leverage, that will be dangerous for trading.
I don’t know why you have said high leverage can dangerous , I don’t consider according to me high leverage at high risk , if there is any risk it is completely with non-sense planning and zero risk management approach , nothing to do with high leverage at all.
  • #50
  • Jun 21, 2017 9:49pm Jun 21, 2017 9:49pm
Don't get your hopes up too high.

You won't be making a dime out of the market for the first few years, in fact you may lose what you put in. So trade with what you can lose. If you can't earn a dollar out of that 50$ account, likely you won't be making anything out of that 5000$ or 10K$ account.

Don't quit your job too soon. Trade part time. Find out what works for you and what suits you. Stop wasting your time following this system to that system. In the end success resides within you, its built on thousands of hours of hard work. There's no short cut. Take it easy. To master anything you'll need time to works its magic. Don't rush profitability that fast. It will take years for you to be able to cash in on the market.
...
  • #51
  • Jun 22, 2017 3:07am Jun 22, 2017 3:07am
Well, traders need to invest their own money after making consistent result in their demo! Investing money without enough preparation would be costly! Don’t invest your full money into your 1st live account! Because, more than 75% traders lose their 1st trading capital!
  • #52
  • Dec 23, 2020 1:58pm Dec 23, 2020 1:58pm
You have to make all the decisions carefully if you want to survive in this risky market.
  • #53
  • Dec 23, 2020 7:42pm Dec 23, 2020 7:42pm
It is not possible to gain profit without proper knowledge and decision. Helps to perfect decision and plan strategy.
  • #54
  • Dec 24, 2020 4:05am Dec 24, 2020 4:05am
Do not make a perception that forex is a get rich quick scheme.
  • #55
  • Dec 24, 2020 11:41am Dec 24, 2020 11:41am
Quoting DexterDuncan
You have to make all the decisions carefully if you want to survive in this risky market.
Sometime mistakes are good. You can learn from your mistake.
  • #56
  • Dec 25, 2020 5:15am Dec 25, 2020 5:15am
Every new trader should make a good trading plan to become successful in the forex market.
  • #57
  • Dec 26, 2020 5:46am Dec 26, 2020 5:46am
Quoting Zivko
Do not make a perception that forex is a get rich quick scheme.

True. There is no shortcut in trading. Learning and practice are the best way to success.
  • #58
  • Dec 26, 2020 10:28am Dec 26, 2020 10:28am
I agree. There are no shortcuts and no Holy Grails, just hard work.
  • #59
  • Dec 30, 2020 3:25am Dec 30, 2020 3:25am
Quoting mlawson71
I agree. There are no shortcuts and no Holy Grails, just hard work.
Only Holy Grails is skills and experience. One needs to be very much skilled in analysis and mind control. Otherwise it's not possible to make money here.
  • #60
  • Dec 31, 2020 3:33am Dec 31, 2020 3:33am
It is very important to follow the trend. Failure to follow the trend can lead to a loss. When I open a trade, the trade makes a profit of 20 pips and brings the stop loss to the entry point. If the price is ever volatile, I will not have any loss. Another thing is that when I see the market volatile, I close my trade.
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