Printable View
Proper knowledge of markets is required to perform better trades but at the same time one needs to control their emotions as well to make maximum profits from their trades and for that the best way is to trade with proper money management and keep you losses and risks to minimum.
Under bad times it is better for a trader to take a short break and try to figure on cause of his losses and work on them and then gather his funds and trade slowly with proper study and analysis and stay away from the markets if he does not know what to do during volatile and uncertain markets
Forex is a business or a trade and it is done with proper study and analysis and if the traders perform their trades without any study or analysis then it is compared to gambling , so one must trade and not gamble .
A new or a beginner trader can not make daily profits or consistent profits in forex as keeping in this trade itself and surviving is the primary aim of a new trader . For a experienced trader it is quite possible for a trader to trade and make daily profits on regular bas
Moving average is a very good indicator for a newbie if used on the right time frame according to the trades and works well on stand alone basis as well. It can also be combined with RSI or MACD to get some better results .
Also in demo account losses are not real and therefore any new trader should first trade in demo account and make profits and if he is not possible to do so he does not loose real money and can practice there until he becomes perfect .
---------- Post added at 01:09 PM ---------- Previous post was at 01:02 PM ----------
A trader can always trade and practice in demo account without any fear and make sure they try to make profits with their trading and actually in demo account they they do not have nothing to worry about their losses and so they can trade and try different things there .
If want to make profit consistently we can. We should not say because we dont make profits consistently, that forex is a part time job. It all has to do with how much you can do and how well you can do it If we have developed a good trading plan that comprises good and sound money management, then we can make consistent profit as long as we have the discipline to stick to our trading system which we must have thoroughly tested. I have a small job that i do 8 hours and i have tried to trade as well but it is not working cos i miss some opportunities so i decided to get a mobile device to do mobile trading.
I have been trading forex trading for about one year. So I would like to trade as professional forex trader. I think all the business is risky. So I would like to gain the risk for making good profit from forex trading.
---------- Post added at 01:10 PM ---------- Previous post was at 12:31 PM ----------
It takes time to become a full time and professional trader and one needs to learn and practice and it comes with time and experience and once a trader is able to make consistent profits then they can make it as their career .
stop loss is very important, it can save your floating loss.
my suggestion about placing SL, is that you have to know price tollerance that your system gave you
its really healthy if you can set 1:3 stop loss. for example, set the tp 10p, and sl 30p.
Yes one must choose a trading style which suits him and what he is good doing at but also at the same time make sure he practices the same consistently in demo account and get desired results before trading with the same in real account .