I see so many trader as beginner they rush to making real profit with directly jump to real account without good preparation through demo account, for beginner after they learn basic forex then they need to practice in demo account and look their performance if often fail this not yet ready to real account and they need keep practice in demo account.
Newbie
- Thread starter ernestngsy
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Of course, Forex is difficult, but sometimes there is no other choice to earn good money. I work with RoboForex, it gives u good opportunities - lots of tools with no spread, free demo version, spread return, can advise.
If forex is easy, I think now already many trader they become rich from forex trading, but in fact, many trader loss in this arena, and only small percent able survive and making money consistently, but however forex business still attract many trader to try again until they get success, every business has risk involved, and forex is high risk business and wil more risky if trader always reckless in trading.
So many newbie they suffering with failure, because still lack in experience and also knowledge, they have high spirit to making profit in trading but still can't control their emotion properly, they still making many mistake in trading like as fear to lose again and cut small profit, but sometime let order in loss floating because they hope price will move to early track.
Does any of you make profits consistently? And if not, how can you give an advice?
Someone once said that advice is the cheapest commodity in the world.
I'm sure you're not making money month by month because if you did you wouldn't give such a harmful general tips about following a system and stuff like that. Nothing personal but it's not helping anyone, quite in the contrary. 96% of mutual funds fail to beat the market. How one can follow a system and make money if even most big guys aren't able to?
There's no system that can consistently make money because systems are based on nothing. Literally!
You should know something, and I mean know really to go to a market and make money. For example you know how tech startups work, you have tons of experience in it, you go in wall street or whatever and invest in startups that you know will work well because you know the ins and outs. IF you know how macroeconomics work, how crisis and inflation and interest rates affect currencies you go and buy or sell currencies or indexes.
I write robots and they're working for me but they all use these same principles. I know a subject and I monetize my knowledge. Master one thing first and start making money on it. Market is nothing, it has no value for you by itself. Market is just a liquidity but it has spreads and commission that you should beat at least to break even. So you better know what you're doing. All these systems and stuff are bullshit. I KNOW what I'm talking about because I get results and the reason is I don't follow the noise, and I don't do what I don't know.
https://www.myfxbook.com/members/georgiancapital/aaafx-newsgrabber-platinum-elite-1/1378344
https://www.myfxbook.com/members/georgiancapital/newsgrabber-platinum-elite/1190992
https://www.myfxbook.com/members/georgiancapital/imperial-scalper-icmarkets-live/1452835
Third party verified results!
Trends don't work!
Price action doesn't work!
Nothing does except:
Only your deep understanding of a particular subject is what makes you money, Forex or stock market is just a liquidity tool to get cash from.
There are so much thing to learn and so much I don't know. Master just one subject, a commodity, macroeconomics, Interest rates, or something you are passionate about and monetize on your knowledge.
https://www.myfxbook.com/members/georgiancapital/newsgrabber-platinum-elite/1190992
https://www.myfxbook.com/members/georgiancapital/imperial-scalper-icmarkets-live/1452835
Third party verified results!
Trends don't work!
Price action doesn't work!
Nothing does except:
Only your deep understanding of a particular subject is what makes you money, Forex or stock market is just a liquidity tool to get cash from.
There are so much thing to learn and so much I don't know. Master just one subject, a commodity, macroeconomics, Interest rates, or something you are passionate about and monetize on your knowledge.
IN fact many trader fail in forex, but forex still very promising, some trader might already addicted with forex and they treat forex as hobby or business, and indeed required good understanding with the kinds of market that giving higher possibility to obtained profit.
Newbie usually still lack in experience and also knowledge, spent time to learn basic with learn system trading and then implemented in demo account to forward test system and look how the end result, spent time to practice in demo acccount is good for newbie
1st. are your MM healthy enoughHi,
I'm new to forex. How to identify entry chances and how to track whether I'm on the right track? Any suggestion? I did invest in real money couple months ago. And I always fail to enter in right position and been lost a lot.
2. i suggest you to study classic technical analysis like trading with trend lines or study chart pattern.
you can browse brokerarena to find out detailed explanations
Learn about basic candlestick also important to making understand about range market on timeframe from high open low and close, there are so many candlestick pattern like as doji candle hammer candle, haramy, morning star etc, it's bassic education about candlestick pattern also important to learned
(1) First account is dead in the water and showing 71.7% drawdown;
(2) Second account has shown excellent results but has not traded since June 2015, so can't tell the ultimate outcome; and
(3) Third account is deleted from the system by it's creator.
Trend trading and price action trading DO work in the right hands, with the right knowledge. There's plenty of free knowledge out there...you just have to go an get it!
Candlestick charts are easier to use and they have gained much popularity due to their easiness.
I agree candlestick charts tend to simplify things with a lot greater accuracy.
Hi,
I'm new to forex. How to identify entry chances and how to track whether I'm on the right track? Any suggestion? I did invest in real money couple months ago. And I always fail to enter in right position and been lost a lot.
For a start determine whether you want to trade fundamentals (long-term) or technical (short-term or long-term). Please note that its important to trade using fundamental analysis on short timeframes (because 95% of price swings there is a noise). For a newbie basic strategy for determining price entries is searching for support&resistance levels, together with volatility changes it can give you some quality signals for entry and exit.
Hi. I have been studying forex trading in the past 5 years since I graduated from college and I have been working in related to forex trading. I am saddened about the failures you've had with forex as you mentioned. There is not a easy way to easily gain with this kind of trading. It really takes a lot of experiences along with studies on the appropriate time to invest.
I
think point 3 should be point 2, so he can demo trade with the broker he has chosen before going real on trading. And very very important for a newbie to start small and gradually increase our lot in the market. This helps to check mate progress and reduces risk!
think point 3 should be point 2, so he can demo trade with the broker he has chosen before going real on trading. And very very important for a newbie to start small and gradually increase our lot in the market. This helps to check mate progress and reduces risk!
The best traders in the world have an edge. So it is very important as a newbie to have an edge. You can’t succeed in Forex without it. Always remember that a poor strategy with no real edge will quickly undermine your mindset.
