the most important things in forex
Page 1 of 507 123 ... LastLast
Results 1 to 10 of 65

Thread: the most important things in forex

  1. #1
    Hello, I'm from Indonesia, so sorry if my english is bad.

    I've heard forex about 5 weeks

    then I found a lot of indiors, fundamentals, MM, plogy, 95% traders go brooke, etc..

    So, what is the most crucial of all that I have mentioned, in order to acquire a profit from forex.

    Maybe you can give the two main things, so I can concentrate on that

    thank you

  2. #2
    One significant thing if not mentioned is NEVER GIVE UP the moment that you stop is the moment that you lose, I blew a few accounts when I joined hotforex a few years ago, its painful its dumb but it helped me to learn

  3. #3
    Quote Originally Posted by ;
    one significant thing if not cited is NEVER GIVE UP that the moment you stop is the moment you lose, I blew a few accounts when I first joined hotforex a few years back, its painful its stupid but it helped me learn
    Yup, one has to learn from the mistakes in order to be a much better trader..and that's the truth.

  4. #4
    Quote Originally Posted by ;
    one important thing if not cited is NEVER GIVE UP that the minute you stop is the minute you lose, I blew a few accounts when I first joined hotforex a few years back, its painful its dumb but it helped me understand
    I had a friend who traded Forex and few years ago, he got a lot but final year, he dropped about 5K$, in my country, that is not a small sum and he left forex. However, I think that it's good for him. Sometimes we must take a fact that we are not suitable with forex and attempt to discover a new job.

  5. #5
    I came across this article about practice becoming important in your trading egy and I'm likely to agree
    http://leaprate.com/2014/05/22254/gu...are-helps-too/
    Even the best athletes, sportspeople and musicians need to practice, therefore trading forex is not any different.

    A demo account only lets you test out a platform and test your own abilities at real time, but in the event that you can, use a trade simulator that allows you accelerate time to reassess terms and practice looking to get entry/exit points and examine egies. Works for me!

  6. #6
    Quote Originally Posted by ;
    quote I had a friend who exchanged Forex and few decades back, he made a lot but a year ago, he lost about 5K$, in my own country, that is not a small amount and he left forex. But I think that it's good for him. Occasionally we must accept a fact that we are not suitable with forex and try to discover a new job.
    Of course, it goes without mentioning that forex is not right for some..and yes, it is always great for a trader to know whether they want to carry on trading or not..and that they can always move on to other career choices.

  7. #7
    Most important thing is experience. Knowing how the indiors work is one thing, but understand how to use them correctly is another.

  8. #8
    Quote Originally Posted by ;
    hello, I am from Indonesia, so sorry if my english is not excellent. I've heard forex about 5 weeks then I discovered a lot of indiors, fundamentals, MM, plogy, 95% traders proceed brooke, etc. so, what's the most important of all that I have mentioned, in order to acquire a profit out of forex. Perhaps you could give the two most important things, so I can concentrate on that thank you
    Money direction
    Position sizing
    Being a good trader

  9. #9
    Money management
    risk management
    the ideal egy
    discipline
    patience
    knowledeg
    Experience
    and lots of painful memories

  10. #10
    I am not overly impressed with the replies in this thread. The closest we get to precise actions regards plogical risk is'Compose down is down'. There's a lot more you can do than that. You're likely already doing some of it but you need to be water tight if you are likely to be profitable.

    Below are some actual egies for firewalling against plogical risk, which is pretty much the entire problem. I haven't read this anywhere, I only know I am an idiot and I am searching for anything that I can do to help me. This is what I got:

    1) After in a transaction, specify a time when you may reassess the transaction _until _ you even place the trade. Do not look at the chart before this moment. Understand what you are going to do until you perform it. Preplan.

    2) Preplan different scenarios. What are the various scenarios and how are you going to respond. You MUST preplan this to firewall contrary emotion. Just how long are you going to provide it if price doesn't breakout as expected?

    Not only this, but out the box. What should you do if your internet goes dead?

    3) Get it written down before you do anything. Your brain can play tricks on you. 'I am sure I was going to leave it 3 pubs... was that 1D TF or 4H...?'

    4) Minimum risk:reward has to be 1:2 or better. Some say 1:3 is the minimal. If you are going to put a SL how do you think you are likely to be stopped outside? Honestly? What about if you move your entry to where your SL has been? How do you feel about doing it? Any bad feeling, no transaction. Any fantastic feeling, no transaction. Yep... you are not going to be doing a lot of trading likely.

    5) You've got to find 100 no-trades until you put a trade. Write down your 100 no trades to prove it to yourself. 50 of these ought to be trades that look great but because of the SL:TP ration being less than 1:3. . Aren't good enough. Teaching patience... takes quite a while.

    There are basically cheap tricks. They help but I am confident you'll find a new way to screw up. Such as investing in a currency that might just die immediately, a bust broker, whatever. To really get it you have to get your subconscious on side. All our lives we have been revealed films like Wolf of Wallstreet, the devil being rich, this type of thing. If you believe money is bad or that you are not worthy it ai not likely to happen. Close your eyes, visualise the win. Difficult? Then do not trade. This can be turned around. It's like when you would like to talk up a lady... visualising and reframing until it is right. Length of enlightenment. It's not easy. Can be the most distressing thing.

    Regards feelings. If you are in a casino winning, then they alter dealer and you get a impression alter, that is the feeling. Digging to the subconscious.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
This website uses cookies
We use cookies to store session information to facilitate remembering your login information, to allow you to save website preferences, to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners more information