I am agree with you. FOrex trading is very high risk bussiness. ITs much better if we can minimizing our risk using stop loss on every trade we made.
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It is very difficult to have grip on Forex as I have been here for years but can hjave any idea how to have grip/practice and hard work are key to success on Forex .More practice will make you prefect and hard work will help to know more and more about Forex.
if you want my advice so just listen to me , to be good trader you have to know thing first
knowledge + experience = wisdom so if you want to have the wisdom you have to never enough of knowledge then all you have to do is practice by your hand no direct tips just listen to your brain voice to make progress.
I agree with not using emotions in trading. because if we use emotion in trading, it will make us not be able to think well in making decisions. so it is likely that the decisions we take will also be a decision that is not good. therefore most likely to get a loss if we make decisions using emotions in forex trading. so we should really be menganalikan emotions well as trade.
My experience with the forex trade is to start trading in micro lots using strategy with simple indicators even at he cost of incurring initial losses and making small profits:). Read the charts of various timings with the same indicators and find the variation in interpretations. Later on changing over to more advanced strategies of longer durations . Discussion on the stratagies with professional trader immencely helps :)
The only way for this is gain experience.
Just focus on whatever you can learn in forex . Start from basics , learn and apply the technique.
By the time you will develop grip on forex
hey i read your reply even i m a beginner so i dont know what an indicator is in terms of forex , & this os is also not familiar to me, and can u plz tell what you mean by this line "trailing stop in cheezo ko lazmi use kro is se daikhna aap overall profit me raho ghay"????
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As a beginner i am also facing similar situations like you, all i can say is first go for basic terminologies as i started , as everyone here is talking in sense of some terminologies so, first terminologies, and later to start with small investment......this is all i hv planned.
apprenticeship in forex unnecessary if in executing forex trades done conformity with the rules that have been made. it will give the forex's security.
One has to choose to enjoy learning and always be ready to learn,develop a good strategy that can stand the test of time (it should produce consistent profit for a period of at least six months),and discipline to hiold on to the entry and exit strategy.
Learning is the way to avoid much loss from this business. Because from learning you can be gain more knowledge. And with knowledge you can easily made good analysis. And with good analysis you can easily make good profit from this business.