What the most important thing in forex?

Wan Azaha Wan Jusoh
190
Wan Azaha Wan Jusoh  
What is the most important thing should be considered by all the trader before start trading in forex market?
JD4
838
JD4  

To me, knowing that it is possible to lose everything you have put into it if you aren't careful.  Once you can accept that as a very real possibility, you will be better prepared, or at least hopefully more inclined, to do what you can to prevent it.  Second, do not let emotion get into your trading.  That has been shown to be one of the bigger account killers out there.  While I do not know the magic order for what is more important than something else, education is also important.  This can be obtained from many places, not just the kind you get from books.  Book knowledge on this is important, to be sure, but what I mean is actual trading in a demo account first.  While you are reading and educating yourself, you can trade a demo account first with little to no risk to you.  There are so many sites out there that will offer you a demo account, I strongly suggest doing research on them even at this stage, because there is a good chance if you find a good one, when it comes time to trade real money, you will have a better understanding of what is out there.

Good luck with your trading.

Toby Horne
141
Toby Horne  

Risk management.

Knowing when to take a loss. Knowing how to take a loss.

Knowing when to take a profit. Knowing how to take a profit.

Francis Dogbe
10635
Francis Dogbe  
After all the learning, the most important thing is Money Management, Patient, No-greed and Following the trend. With this you can survive.
Ronnie Mansolillo
6815
Ronnie Mansolillo  
Wan Azaha Wan Jusoh:
What is the most important thing should be considered by all the trader before start trading in forex market?

A "trader" should have already all the skills and knoledge to do his job inside any kind of market. ( I mean manual trading).

If you mean people that approach trading for the first time I will say that main point is to understand how forex works. So for example trade 1 stardard lot means that inside market is going 100.000 real money.So consider personal leverage choosed calculate impact on personal balance when price moves against position and avoid to burn account for inexperience.

So I will say first thing is money management.

Xianjing Qian
120
Xianjing Qian  
Do a single must set a stop, even if it is wrong, but also to stop, do not be greedy, do not be crazy, do not regret. Make each one in a normal state of mind.
Wan Azaha Wan Jusoh
190
Wan Azaha Wan Jusoh  
JD4:

To me, knowing that it is possible to lose everything you have put into it if you aren't careful.  Once you can accept that as a very real possibility, you will be better prepared, or at least hopefully more inclined, to do what you can to prevent it.  Second, do not let emotion get into your.  That has been shown to be one of the bigger account killers out there.  While I do not know the magic order for what is more important than something else, education is also important.  This can be obtained from many places, not just the kind you get from books.  Book knowledge on this is important, to be sure, but what I mean is actual in a demo account first.  While you are reading and educating yourself, you can a demo account first with little to no risk to you.  There are so many sites out there that will offer you a demo account, I strongly suggest doing research on them even at this stage, because there is a good chance if you find a good one, when it comes time to trade real money, you will have a better understanding of what is out there.

Good luck with your trading.

Nice explanation very much thank you.. for conclusion the point:

1. careful

2. Dont emotional

3. education

4. start with demo account 

Wan Azaha Wan Jusoh
190
Wan Azaha Wan Jusoh  
Toby Horne:


Knowing when to take a loss. Knowing how to take a loss.

Knowing when to take a profit. Knowing how to take a profit.

very much thank you for response but how to know thats all.. can you share here.. thank you.
Wan Azaha Wan Jusoh
190
Wan Azaha Wan Jusoh  
Francis Dogbe:
After all the learning, the most important thing is Money Management, Patient, No-greed and Following the trend. With this you can survive.
take note.. tq
Wan Azaha Wan Jusoh
190
Wan Azaha Wan Jusoh  
Ronnie Mansolillo:

A "trader" should have already all the skills and knoledge to do his job inside any kind of market. ( I mean manual trading).

If you mean people that approach trading for the first time I will say that main point is to understand how forex works. So for example trade 1 stardard lot means that inside market is going 100.000 real money.So consider personal leverage choosed calculate impact on personal balance when price moves against position and avoid to burn account for inexperience.

So I will say first thing is money management.

most of experience trader said money management the priority one.. tq
Ronnie Mansolillo
6815
Ronnie Mansolillo  
Wan Azaha Wan Jusoh:
most of experience trader said money management the priority one.. tq
Do you know what is MM?   is what i have detailed. But also is Just the MM beginning.