A lot of people are attracted to online trading but after getting into the game they indeed tend to bow out, what kind of advice can such newbies get, is trading overrated? most traders especially newbies are afraid of losses and would always want to rake in more profit can someone help these upcoming traders by boosting their patience.
understanding forex trading
- Thread starter elly-J
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I don't think trading is overrated. It just takes a lot of learning and practice to become a consistently profitable trader, and many newcomers either underestimate its difficulty or lose their patience in the process. The most important advice I can give is that you learn about the market, about analysis, trading strategies and trading psychology and practice on a demo and/or cent account before you risk real money.
I think a lot of beginners start with unrealistic expectations. They think it takes a small amount of effort and plan to start raking in money quickly, but they abandon their plans once the realization hits that it takes much more work. I think starting with this realization and being willing to work hard to get there sets failed traders apart from those that go on to be successful.
Well, new traders need to understand that, there is nothing like easy way of money making in Forex! So, they should start their trading journey by demo; without a proper trading knowledge, no one can make money here! Traders need to make sure trading skill on fundamental & technical analysis!
The forex market has become extremely popular among new traders, and it has never been easier to enter. Learning the fundamentals of forex trading isn't difficult, but choosing the right way to trade necessitates self-examination, including a realistic assessment of personality traits, available time, long-term goals, and current income. It's a rewarding endeavor that requires commitment, patience, emotional control, and a willingness to learn new skills and strategies over time.
I believe that many novices begin with unreasonable expectations. They believe it will require little effort and have plans to start making money fast, but they abandon their ideas when they realize it would take considerably more labor. I believe that beginning with this knowledge and being willing to work hard to get there distinguishes unsuccessful traders from those who go on to be successful.
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trading might be overrated by some.... such as all those guys on youtube that say, 'just give me 30 seconds and i'll teach you to make a million like me'......
yeah..... right...... who do they think their kiddin....... we all know that would take a minute and a half at least.....
advice is not something i'm comfortable giving, so let's call it a friendly suggestion....... learn the 5 laws of gold......h
Traders should understand the risks that are involved in forex and should avoid trading without proper knowledge about the market. Many traders I have seen, trade without having appropriate understanding which leads to neglecting the importance of trading plan, risk management and trading strategy. Trading without them can lead to blowing the account.
Traders should never neglect the importance of learning in forex trading. This is the base that makes a trader eventually successful.
I am now in my second year with forex trading and I am still not profitable. I have a live account and I have lost around $600 so far. I began with a $300 account 6 months ago. I won quite a few trade through day trading. It took me 30 minutes to blow my account. Reason was that I was trading with a big margin (0.4) lots. I wasn't using a stop loss and all a sudden the trade went against me. Although, I saw the big movement in price action, I kept believing that the trend will reverse when the news effect faded out. This never happened and I lose all my $500/- within minutes. I believe a lot of new traders could fall into this trap if they cannot control their emotion and cut their loss short before its too late. I am now very careful and always use a stop loss. I think am getting good result now after I have read Laurentiu Damir forex eBooks. [URL deleted]
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The biggest downfall of newbie traders is greed. If you persevere it can be very rewarding indeed.
Agree! There is no better way to control losses than a good risk management strategy. It helps in minimising losses. You can incorporate stop losses and T/P orders to make your risk management strong.
We must use such type of a trading system that can be used by us with more profits.
We will need to first of all try to understand about the use of trading systems that are easy and also profitable for us.
Understanding forex trading can be a wild ride, huh? I've been there! It's true, lots of newbies get excited, but then reality hits. Trading isn't a walk in the park, but don't let that scare you away!
I wanna something to add, if you don't mind
Boost your patience, my friend! Rome wasn't built in a day, and neither is trading success. It takes time, practice, and learning from mistakes. Losses happen, but they're part of the game!
You know what else? There's this tool called [URL deleted] Quantum AI. Heard of it? It's like having a trusty sidekick in the trading world! But hey, don't rely solely on tools. Understanding the market and making informed decisions is key!
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