the most important thing in Forex is not to trade with money you can't afford to lose, because chances are you're gonna lose it. but thats just my opinion.
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I agree with you a lot.
Risk management - all of it's kinds
{quote} The most obvious way to do that would be to set BE as soon as you get to +1 pip, that's if you get as far as opening a trade. I can guarantee you the only one who will earn is your broker. You need faith, not fear.
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Hi jen101, thats a way but not my way.
The protection of our capital begins in the choice of a brokerand then comes the money management. PS: People forget to read the small print.
{quote} Hi jen101, thats a way but not my way. The protection of our capital begins in the choice of a broker and then comes the money management. PS: People forget to read the small print.
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Money management is account preservation, not capital protection. It is some BS put about by brokers so they can fleece losers for longer and for more.
Say, if I wanted to risk $50 a trade, providing I have adequate leverage, does it matter whether my account is $500 or $5000? Of course not. But it matters to the broker.
I think good mind is the most important thing during forex trading, too many traders just quit before become successful, and it does be painful to get constaint profit.
I think good mind is the most important thing during forex trading, too many traders just quit before become successful, and it does be painful to get constaint profit.
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You can see their patience, then. Just less of them who will tolerate a painful journey to become a good and profitable trader.
psychology is important in forex trading. Trading with having a good trading psychology will allow us to trade with the maximum. to train psychology then we could try to trade with small capital first
Hi isdi, in my opinion it depends on the phase you're in. In the beginning it makes sense to imitate what others do. In that way you will learn different methods of assessing price direction, get familiar with the terminology etc. Also learn the different basic technichal assesment strategies (trends, support/resistance, fib retracement, moving averages etc.) Even if you don't include them in your system later it is very good to know how these work and they might give you the edge by knowing what other traders are likely to do. In short I would...
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I found your read very inspiring! New traded here, started about 7 months: still ITM. Your so right about patience.. I have chased a lost trade and lost more because my emotion got in the way….Now its numbers..and work only trade news. Which is about 3 to 4 trades a month NFP, OIL, Canada Employment change.
While I am here how is the best way to get the dates for certain events like NFP days? A list and what to trade in i.e. which currency?
hello, I am from Indonesia, so sorry if my english is not good. I have learned forex about 5 months then I found a lot of indicators, fundamentals, MM, psychology, 95% traders go brooke, etc. so, what is the most important of all that I have mentioned, in order to get a profit from forex. maybe you could give the two most important things, so I can focus on that thank you
many things that are important in forex trading namely MM and RM. Secondly it is very important. as well as any of our trading skills for MM and RM is bad then we will not benefit us. Because MM and RM will affect the sustainability of our account
My criteria for choosing a good Broker are : Execution Speed Low Spreads Low Commisions Good support Negative Balance protection fast withdrawal/ deposit any other suggestion?
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You're talking about brokers, I assume. I'd add that the broker has to be licensed and regulated, and preferably by a big, reliable regulator, not in an offshore zone if possible.
{quote} You're talking about brokers, I assume. I'd add that the broker has to be licensed and regulated, and preferably by a big, reliable regulator, not in an offshore zone if possible.
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Regulation too. Thanks for adding it. However if a Broker is regulated by a major forex regulator, why is the location an issue? I assume you mean the Broker location right?
the most important thing in forex trading is to try to be able to control themselves well. Having good self-control will make us able to trade with the maximum. Good trading skills without the support of good psychology then it will not provide maximum results for our trading, and therefore we must always practice good psychology
