Psychology of Forex Trading - page 6
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Hello,
I think that there is a serious misunderstanding in that analysis. A "goodness" of a trader cannot be measured from the profit trades percentage.
i think that the sentence "traders make money most of the time as over 50% of trades are closed out at a gain", or
"In our study we saw that traders were very good at identifying profitable trading opportunities--closing trades out at a profit over 50 percent of the time"
all are meaningless.
yeah Paolo but sometimes you can trade without stoploss but you must cut your loss at certain levels due to your analysis of the chart
the news make the market prices go up & down too fast while you analyze the market in such direction lets say uptrend the market go down and hits your stoploss and then go to the opposite direction
yeah Paolo but sometimes you can trade without stoploss but you must cut your loss at certain levels due to your analysis of the chart
the news make the market prices go up & down too fast while you analyze the market in such direction lets say uptrend the market go down and hits your stoploss and then go to the opposite direction
yes you're right, but my point was just that one cannot evaluate a trader from the profit trades percentage.
The only way to do that is from his (sufficiently)long-term results.
I've seen good strategies (i.e., with profitable long-term returns) in which the stoploss was generally smaller than the takeprofit, and thus the profit trades were less the 50%.
yes you're right, but my point was just that one cannot evaluate a trader from the profit trades percentage.
The only way to do that is from his (sufficiently)long-term results.
I've seen good strategies (i.e., with profitable long-term returns) in which the stoploss was generally smaller than the takeprofit, and thus the profit trades were less the 50%.
Forex Psychology: FEAR and TRADING don't MIX
KNOWLEDGE + LEARNING = PROFITS
Forex Psychology: FEAR and TRADING don't MIX
KNOWLEDGE + LEARNING = PROFITS
I would say:
KNOWLEDGE + LEARNING - EMOTIONS = PROFITS
I would say:
KNOWLEDGE + LEARNING - EMOTIONS = PROFITS
When trading Forex, you must have no greed. Well most importantly, you must first do your research about forex and do your studying part.
I see lots of beginners that come into Forex and invest real money only to blow it all a while later and become desperate...
If you truly want to make money with Forex, you have to understand that this is not a "get rich over night" kind of business but rather "step by step, long term" which can make you a lot of money eventually.
Believe me, getting into Forex without first doing your research and studying is just going to make you waste more time to sort it all out as well as money.
My suggestion is: Get some good books on amazon (Well known books), find some good blogs or courses about Forex online which has reputation, and finally, after you've done you're studying part and understand all the ins and outs of Forex and what you're actually getting into, then finally open yourself a demo trading account and find a strategy that you like and become as good as possible at it.
Coming back to emotions, risking a % that you are fine with losing is going to help a lot to be able to control your emotions and actually think rationally. Trading is supposed to be boring and actually making 20% a month is great. Most beginners believe they can make over hundreds of percent a month but that is totally not safe and unprofessional. If you've adopted that way of thinking, then you're simply wasting your time. Furthermore, how much do you really need to make a month? People put as goals to make in the hundreds of thousands in a month, you can't jump to the 95th step from the first step. You have to understand that eventually you will be making a lot of money and that risking less lets your edge work out even more. And that everyone has to start from somewhere.. If you can achieve consistency, then you're on the right path! All that is left is to tweak your strategy where it must be tweaked and become as good with your strategy as you can to increase your monthly gains.
My golden advice, when trading Forex, always think in terms of long term and not in making a ton of money out of a single position but rather out of few.
Good luck!
Here we will talk about how to plan your trade and what to do before, during and after
When trading Forex, you must have no greed. Well most importantly, you must first do your research about forex and do your studying part.
I see lots of beginners that come into Forex and invest real money only to blow it all a while later and become desperate...
If you truly want to make money with Forex, you have to understand that this is not a "get rich over night" kind of business but rather "step by step, long term" which can make you a lot of money eventually.
Believe me, getting into Forex without first doing your research and studying is just going to make you waste more time to sort it all out as well as money.
you are right
most beginners trade forex as they will be millionaire with small amount of investment
they don't even learn or read something