Success in Forex - page 2
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tips and tricks are usefull. I don't agree with KumoBreake. They can help especially on first steps.
I do agree with Kumo. There are so many tipps, "do this" and "do that in that way" then you can't loose, right? Wrong! Tipps do nothing but you loose your focus because you don't understand why as newbie. As older trader you laugh about that. Not everything others repeat over and over again and what sounds reasonable is right. Forget the tips, understand the market and learn the game they play. Respect the rules and you will win.
PS: If you write notes about your trades you are going most likely a bad way.
I do agree with Kumo. There are so many tipps, "do this" and "do that in that way" then you can't loose, right? Wrong! Tipps do nothing but you loose your focus because you don't understand why as newbie. As older trader you laugh about that. Not everything others repeat over and over again and what sounds reasonable is right. Forget the tips, understand the market and learn the game they play. Respect the rules and you will win.
PS: If you write notes about your trades you are going most likely a bad way.
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1) don't count on the media for facts cause they are heavily biased
2)how can u learn from your mistake when u don't know the complete reality(nor the guys at MIT - oxford , ....) & ur prone to gizilion biases( read Daniel Kahneman thinkin fast and slow) ? there are 2 reason for mistakes one is lack of knowledge which in this case u cant learn from mistakes, u just gain experience (doesn't mean anything cause u might not lose like past but u will lose another way) another reason for mistakes in my opinion is that often people cant see the big picture . u win some & u lose some !! u have to just take milion chances to success and find a best path for this journey (maybe taking chances in forex is not necessarily worth it , u might have better odds in poker!! )
3)there are some facts ! and i mean proven facts that u can find in academic texts & yes u should learn them before taking any action . as a trader u need to study facts from these fields : math , psychology , finance , economy , law , engineering ,.... !! these reading may take up to 3-4 years & at the end u'r just a bachelor ! i mean if u spend 4 years learnin food & cookin u have good chance to be a profitable chief !
& finally if u believe trading forex can be profitable cause some guys did it ! then okay ! i'm not gonna argue with u , but it doesnt mean "u" can do it ! isn't it better to take 2 month to find those profitable traders and contact with them & maybe buy their signals ? i bet not all of them are scammers !
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p.s:to all the successful traders with winning strategies ! your income is probably less than milion dollar a month right ? why not selling your strategy to hedge funds or investment banks ? they will buy'em good you know !
& god knows most of them violate each other all the time !!
The only way to be successful in forex trading, is through constant trading through demo and also you need to grab each and every opportunity to earn profit