Well a price movement in itself clearly translates a speculative logic of trading. Orders are placed by a human, while his behavior is predictable, considering we know what are basic drivers of his behavior in trading - desire to earn profits and limit losses. Maybe professional traders limited impact of their emotions in trading however they leave their footprints which prices perfectly reveals - take for example Support and Resistance areas at higher timeframes. A one with basic skills in money management can easily chunk profits little by little, the problem is greed sets in play driving us to take unreasonable risk to catch bigger opportunity what is of course out of calculations.
Best books on currency trading
- Thread starter Daal
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Well a price movement in itself clearly translates a speculative logic of trading. Orders are placed by a human, while his behavior is predictable, considering we know what are basic drivers of his behavior in trading - desire to earn profits and limit losses. Maybe professional traders limited impact of their emotions in trading however they leave their footprints which prices perfectly reveals - take for example Support and Resistance areas at higher timeframes. A one with basic skills in money management can easily chunk profits little by little, the problem is greed sets in play driving us to take unreasonable risk to catch bigger opportunity what is of course out of calculations.
Rather than books, I would prefer to learn about the Forex Trading from Demo Trading, and later you could make small investments to get a better idea about the real account.
You have absolutely no idea what you're talking about.
You're just repeating what you've always assumed and heard others saying.
You're just reinforcing a sentiment which is actually a deeply flawed and incorrect one.
In my opinion, the difference between asiring forex traders who have really had "a year's experience" (say) and those who think they have, but have actually had one month's experience (if that) repeated 12 times over, is that the first group are people who developed some real understanding of the theory, from textbooks or however else, before they started practising on a demo account.
Trying to put it into practice as you learn it, however "natural" it may seem, is - in this context - a bad mistake, and one that very regularly has seriously adverse long-term consequences without people realising the cause.
I think this is part (and maybe often a big part) of the reason why the failure-rate among aspiring forex traders is so very high. Bear in mind that this is a field of endeavour in which overall success-rates, whoever's figures you believe, are strikingly low.
"Following the majority view" is therefore unlikely to be a recipe for success.
Nobody can learn to be a successful trader without developing some real understanding of the probabilities and statistics involved. They're counterintuitive subjects, which some people are able to learn more easily than others.
The realities predicate that learning it after or at the same time as experimenting/practising with a demo account is really terribly difficult for most people. Because it's so counterintuitive, what tend to get reinforced, that way, are bad habits based on lack of understanding. And once they've been reinforced, it's really difficult to unlearn them.
The theory needs to come first, and the "demo practice" needs to come later. The plane needs a very long runway, if it's ever going to get in the air and fly. Trying to fly too early will keep it grounded. (It's not a perfect analogy, certainly, but it's the best I have at short notice, in some sort of attempt to correct the total nonsense you're so habitually posting here.)
it's completely understandable that a person won't learn how to write words until he learns the alphabet and all the letters.
I don't know what is this argument about.
reading books hasn't harmed any trader, as I think.
I agree with Xela that before identifying patterns one should know WHAT to identify .... on demo or real account... it doesn't matter
I don't know what is this argument about.
reading books hasn't harmed any trader, as I think.
I agree with Xela that before identifying patterns one should know WHAT to identify .... on demo or real account... it doesn't matter
Here is must have of books for newbie:
"Currency Trading for Dummies"
"Day Trading the Currency Market"
"Currency Forecasting"
"Japanese Candlestick Charting Techniques"
"Currency Trading for Dummies"
"Day Trading the Currency Market"
"Currency Forecasting"
"Japanese Candlestick Charting Techniques"
No I have tried to learn through books and it took me days, but from the Demo Trading it took me hours to get the same knowledge. I am not saying that learning through book is not good, but learning through Demo is more beneficial and easy and yeah most importantly, less time consuming.
You'll be rudely surprised, you as of yet do not know, what you don't know....
This is absolute nonsense. The reasons that it's absolute nonsense are explained just above, in post #33, but I appreciate that that isn't going to stop you from repeating the same nonsense over and over again (in this, as in many other threads) in an attempt to inflate your post-count. Why the forum continues to tolerate it, in spite of the complaints, is beyond me.
Because they not that I am not repeating any words, I am just answering you and also I am explaining you, but I think you are beyond explanation, so this is my last reply to you as I am not worried about the post counts Thanks again.