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  • #1
  • First Post: Apr 14, 2022 5:18am Apr 14, 2022 5:18am
Honestly, nothing will work for you if you don’t know how to use it, be it indicators, EA’s or any trading platform. You need to learn to make use of them to your advantage. It might take some time to get in-depth knowledge but once you are through it, you will yourself taste real success.
  • #2
  • Apr 14, 2022 5:20am Apr 14, 2022 5:20am
Nearly all newbies start by looking for the Holy Grail. I admit I did the same. But it took a few losses for me to understand what it looks like to become a trader. And yes, emotions can be really dangerous if not controlled.
  • #3
  • Apr 15, 2022 7:14am Apr 15, 2022 7:14am
That’s too much risk. You shouldn't have debts as a trader. Instead, trade part-time and have a job that can help you sustain and save money from trading.
  • #4
  • Apr 15, 2022 7:24am Apr 15, 2022 7:24am
For me, the genre or the language doesn’t matter, as long as I can vibe with the song.
  • #5
  • Apr 15, 2022 7:31am Apr 15, 2022 7:31am
You don’t know the market! It’s always changing. So implement all methods that can minimise the trading risk and stop losses can help.
  • #6
  • Apr 18, 2022 6:29am Apr 18, 2022 6:29am
Quoting Ironwort
It is difficult to make consistent profits. But making consistent efforts and developing skills and gaining experience definitely lead to success.
Consistency is definitely the key to success in forex trading. It is the catalyst that helps in getting around emotional influence.
  • #7
  • Apr 18, 2022 6:44am Apr 18, 2022 6:44am
Mindset in forex trading is related to certain beliefs, psychological attributes and attitudes that are essential for being successful in forex trading. Traders who have developed appropriate trading psychology make consistently winning trades.
  • #8
  • Apr 18, 2022 6:50am Apr 18, 2022 6:50am
There could be many reasons for day traders to fail. Some of the reasons are- lack of experience, lack of understanding about the financial market, poor trading psychology and poor risk management skills.
  • #9
  • Apr 19, 2022 3:08am Apr 19, 2022 3:08am
Babypips, Investopedia, The Balance, and YouTube are good sources of forex information.
  • #10
  • Apr 19, 2022 3:20am Apr 19, 2022 3:20am
Try AlphaTrends. It has pretty good content.
  • #11
  • Apr 19, 2022 3:28am Apr 19, 2022 3:28am
Quoting jonstewart
Traders should trade in a non-volatile trading pair like I prefer trading in EURUSD pair to gold trading. This strategy safeguards against balance crashes. Analyzing a certain pairs is easier than analyzing multiple pairs altogether. Traders should not make things complex rather they should make things simple so that they can go ahead easily.
Right! Volatility is both an advantage and disadvantage to traders. Traders should avoid pairs with high volatility. Major pairs, like EUR/USD, USD/JPY, and GBP/USD, make excellent pairs to trade. When you are starting, it is better to stick with one pair.
  • #12
  • Apr 20, 2022 3:14am Apr 20, 2022 3:14am
You can become a full-time trader if you are trading well part-time. So track your performance. Full-time trading can also be stressful. Make sure you are mentally prepared too.
  • #13
  • Apr 20, 2022 3:21am Apr 20, 2022 3:21am
Quoting JoshuaWheat
I am reading The Psychology of Trading: Tools and Techniques for Minding the Markets by Brett N. Steenbarger
“The Psychology of Trading” is one of the best books on trading psychology after “Trading in the Zone” by Mark Douglas. The Psychology of Trading by Brett N. Steenbarger provides a mirror into the mind and scientific knowledge about psychology practising the psychology of belief.
  • #14
  • Apr 20, 2022 3:31am Apr 20, 2022 3:31am
It is random and it is profitable if you trade with the right trading strategies. If you believe in any other thing, then you are probably trading with a wrong mindset or don't have enough knowledge to make profitable trades.
  • #15
  • Apr 21, 2022 3:01am Apr 21, 2022 3:01am
Quoting noonmoon
How many trades do long term traders do in term of monthly? Would like to know about that.
That depends entirely on the trader & his/her financial goals.
  • #16
  • Apr 21, 2022 3:09am Apr 21, 2022 3:09am
You can’t blame the market for your losses. How much you win or lose is the outcome of your trading actions. However, sometimes the market can be highly unpredictable. But it is necessary that we trade cautiously, with proper risk management and strategy.
  • #17
  • Apr 22, 2022 4:34am Apr 22, 2022 4:34am
Yeah, a couple of drinks haven’t done any harm to my trades, so I often drink and trade.
PS - Too much drinking and too much trading is injurious to health!
  • #18
  • Apr 22, 2022 4:40am Apr 22, 2022 4:40am
All true! Emotions are an integral part of trading, and you can’t win if you make decisions purely on the basis of your emotions. Trading is about facts. Fear or greed don’t let you see past them. If you want to be a profitable trader, you have to find your way to manage emotions.
  • #19
  • Apr 22, 2022 4:44am Apr 22, 2022 4:44am
Exactly! You can’t survive in the market if you don’t have skills. Build them before actually taking a risk.
  • #20
  • Apr 26, 2022 5:07am Apr 26, 2022 5:07am
My recommendation -
As a new trader, your first task should be to learn things. So forget about the money for a while. And devote a proper time to learning skills.
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