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To much thinking and you will never trade.
That statement has never been truer than it is now, fact is the market will go where ever it wants to go whether you think it should go up or down, it dose not care about what you think. I have been trading in the forex market for more than 5 years now in that time I have had good times and bad, at one point I lost more than 70000USD. So I know what it feel like to be wrong, once I held one trade 3 months removed my stop because I believed the market had to turn, after 3000pips against me I had to close as I was 50 pips away from margin call, and guess what that same hour after I climbed out it rocked in my direction and went over 1000 pips in profit. The nasty truth is the market must turn at some point as it moves in cycles but you might not have the capital to hold the move till it turns. I have also tried almost every style of trading, in my in devour to master trading, having looked at Gann, fib, arbitrage and all the other types .
Replies to This Discussion
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Permalink Reply by portals on -
What I have concluded is this, there are almost as many trading systems out there as there are traders if not more, but not ever trader is able to trade most of them as the system chooses the trader, in the process of waiting for a system to chose you, you might go threw 50 or more systems, in my case over 100.
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Permalink Reply by portals on
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Truth is and this is not just some thing people tell you, is that 95% of all people that start trading will fail and lose most if not all there money they put in, in fact the brokers know that out of 100 people they find to join them 70% will not be with them after 3 month so they have to call non stop and never stop finding new people to start trading and lose there money. Truth is with out 95% losing there is no market, the market need fresh loses for the rich to get richer.
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Permalink Reply by portals on
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1. Best advice I can give you is feed your brain, never stop spending money on it.
2. Always use stops and never move them back, only move to protect your self and your profits.
3. Spend time to trade your trading method with small lots till you believe in it.
4. Define your trading hours and find a system that fits in to them.
5. Know that every system can have a bad time and often dose straight after you start trading with real money.
6. Always have a max cut off point. Best is 15% of account, as any more than that is hard mentally and hard to recover.
More advice to follow if any are interested
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Permalink Reply by princess Todd on -
Interesting thread!
Practice your skills in paper trading as far and as much as you could. That is the only way you could familiarize yourself with the software and the tools being used. Practicing on paper trades gives you more experience and that is vital to your success. No matter how much of an expert forex online trader you are, it always helps to hone your skills further by doing paper trading.
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Permalink Reply by anne marcos on -
That is a good idea! constant practice may do the trick, plus finding a good site aside from this that can enhance our knowledge.I would advise company like makemoneycurrencytrading dot co dot uk as they teach you their strategies for free.
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