Im studying Forex, and i have the practice program 5 days now, im reading and daily i make virtually almost 4000$ and im loosing more than i make.
So, my humble logic says, learn more, and learn to make only the good trades and not the bad ones.
So, I read books, online stuff etc etc, in 4 days i learn about candlesticks, MACD, Histogram, trading pairs,other technical indicators, pips, leverage, spreads, and so many other things, and I also learn that i have to practice at least a month or two! before i even think to make a trade with real money!
and i see clearly that i need to practice because i really don;t earn money, not even with fake money!
my losses are bigger from my profits!
so, the next logical step is to practice until i will make more profits than losses with the virtual money!
so, how come, that simple thing people don;t follow it and go and loose their money?
at least if vitrually after a month i still loose money, i will not trade my real money and i will have forex as a nice game!
i will be a happy person!
but if i see that i make money , i continue and see how im doing.
I believe that a medium trader should make more than 65% of winnings and a 35 of losses.
My personal goal is to 70 up to 80% success!
Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, even if you learn everything about Technical Trading Indicators the market is just too random and unless risk is controlled, over time your account will slowly get wiped out, regardless how good a “trader” you think you are.
This question was about Technical Trading Indicators and there have been some pretty good answers that should help in your trading, and especially in relation to Technical Trading Indicators, the answer has been posted in the categories listed below:
Related posts:
- Currency Trading: is it a viable long term way to make money from home?
- I seriously think I can make a fortune in forex trading?
- For all you stock or forex traders out there………?
- Need Help on MetaTrader4 Far As Forex Trading?
- why is it very hard to make money in forex?
- What out of technical analysis or fundamental analysis is more important/efficient when day-trading markets?
- which is best indicator for nifty traders?
- I am interested in day trading will you tell me if my ideas are realistic?
- Technical Analysis Course – On Chartists
- What can you tell be about day trading? Day traders only, please.?
First, I think you should prepare your mentality against the unpredictable market, money management and how to make a right decision. It’s better to know your characteristic to be involved in market rather than forex trading itself.
Forex market should be simple, research and summarize all things that you’ve studied above in demo account and make your own proven strategy and do this every time within you are in the market.
You will need at least one year to learn Forex my friend.
Even professional traders have losses in Forex.
The most important thing is never quit.
Here’a a few tips:
1.Follow the trend ,not the opposite.
2.Don’ use indicators cause they are lagging ( almost all of them ).
3.Trade using the news , use pending buy and sell order.
4.Don’t be greedy , if you target 30 pips today,once you get it,close it and do other things , once you target more you will lose.( Money management is VERY important ).
hi
you are risking without enough knowledge.The success in forex exist in having the depth of knowledge.i am not a guru in trading but i let my financial assets automated (not a bot) but in to the real hands of highly qualified broker company traders.i just sit and watch.that’s how i made good profits.
Same reason they go to Las Vegas and loose their money, I suppose. They keep hoping they will hit it big.
Forex is a "zero-sum" market; unlike the stock market (where every single shareholder can gain or lose money when a price goes up or goes down), in Forex, someone else has to lose money for you to make money…
You (like all the others) will continue to "practice" until your money is gone, and then you will stop!