How to Trade Safely?

[e_abrams]

Why do you consider that to be the most important factor? There are some traders who make do without it.

 

[hk_09]

Agreed! @e_abrams , even I think that there are points that can be of more importance than the mere use of SL. No doubt, stop loss is important for a forex trader, but there are factors more vital than these.

 

[PizzaMan]

The most important factor for any Forex trader is the proper use of the Stop Loss target

SLs are crucial, but psychological issues may also arise unxpectedly..

 

[e_abrams]

Agreed! @e_abrams , even I think that there are points that can be of more importance than the mere use of SL. No doubt, stop loss is important for a forex trader, but there are factors more vital than these.

I think it's a whole number of factors - having a proper broker with reliable regulation, being knowledgeable, experienced disciplined, having a good trading plan that involves a SL, and probably a whole bunch of stuff that is not occurring to me right now.

 

[Resolve]

SLs are crucial, but psychological issues may also arise unxpectedly..

Many times it might also happen that when we are doing our trades correctly still we start getting the losses so the use of the Stop loss is mandatory.

 

[hk_09]

I think it's a whole number of factors - having a proper broker with reliable regulation, being knowledgeable, experienced disciplined, having a good trading plan that involves a SL, and probably a whole bunch of stuff that is not occurring to me right now.

Agreed, those are important factors. Traders got to know which one to prioritize for having a success journey here.

 

[e_abrams]

That is the problem - all of those are priorities and one needs to focus on all of them. That's what makes success as a trader so difficult.

 

[Jürgen]

The best way for beginners to trade safe is by trading with lower leverage to minimize risk and try the current strategy in a demo account before going live.

 

[Viceroy]

That is the problem - all of those are priorities and one needs to focus on all of them. That's what makes success as a trader so difficult.

Multi-focus is required indeed

 

[hk_09]

The best way for beginners to trade safe is by trading with lower leverage to minimize risk and try the current strategy in a demo account before going live.

Would rather say starting with low amount and no leverage is a better option. What say?

 

[e_abrams]

That is probably much safer than big leverage like 1:500 and the like.

 

[forexking]

For me, the one percent rule helps me trade safely.

 

[e_abrams]

It's certainly a good rule to follow, but it is not the only one, I think.