Is analytic skill enough for earning in forex?

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There are some important things for newbie as a good trader, They need to maintain high concentration as well as more patience to perform good trading. If you manage these factors, then you will get some improvement surely in Forex trading. I am sure that you will get this, if you follow your trading plan. Remember its not enough to have a good strategy, good feeling of market or some other analysis that is very good, your emotion control and risk management will play crucial role.

 
april:
There are some important things for newbie as a good trader, They need to maintain high concentration as well as more patience to perform good trading. If you manage these factors, then you will get some improvement surely in Forex trading. I am sure that you will get this, if you follow your trading plan. Remember its not enough to have a good strategy, good feeling of market or some other analysis that is very good, your emotion control and risk management will play crucial role.

I can understand your point very clearly and what i have observed from my own trading experiences is that many times i have faced losses and the reason were not known to me.

But now after some time i am able ti understand them

 
Bruce Mendes:
I can understand your point very clearly and what i have observed from my own trading experiences is that many times i have faced losses and the reason were not known to me. But now after some time i am able ti understand them

Trading is not easy but still we must know what is the best form of trading strategy that we will need to use so that we can take advantage of it.

 

It's a fusion of lots and lots of qualities, but on the top i believe it's emotional stability and rational decision making.

 

In the end it is about luck (remember SNB)

 
techmac:
In the end it is about luck (remember SNB)

Or what can happen with next FOMC statement

 
on my own:
Or what can happen with next FOMC statement

Regarding the outlook of the FOMC we can never say what is going to happen in the future and this is why we should remain careful while trading the news

 

Of course maintaning emotions is very much important. Your forex education begins exactly with trading on liva account. Trading demo teaches you how to use platform but not how to trade. When you risk your own money, the live trading turns out to be completely different from demo trading. As you have answered in your post on your thread question, analytical skill is not enough yet. Emotion handling, technical or fundamental analysis, trading strategy, etc. are intertwined quite tightly and all works as a single mechanism.

 

It is not enough

 

Emotional control and risk management plan are crucial, you are right. At the same time, fundamental analysis would be really much helpful. If you don't invest in a broker more money that you can afford to lose, it is really very much easier to control your emotions.

 

Hello,

Analytical skills are no doubt very important to posses but fundamental analysis carries equal importance. Majority of the times, it's the economic news which affects a particular pair or a stock. These things need to be noted and studied by the trader too while trading. Sometimes these news lead to gap down or up opening of a stock or forex pair. For eg: EURUSD, if US releases economic/macro data stating rise in unemployment claims/retail sales etc. we expect USD to perform better than EUR. So if the EURUSD was rising, it may start falling due to positive USD data.

Other analysis which can be done while trading is statistical analysis which I feel is a cup of tea for expert traders or a person who has a knowledge of statistical tools.

I hope my answer helped!

Happy Trading

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