Rightly said. At the end its all about dealing with the various challenges that all of us face as traders. We have to have an optimistic approach and work on them. Its all about survival actually, all of us face challenges.
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Challenges as a Forex Trader
- Thread starter PriceAction Ltd
- Start date
the biggest challenge is to take this business seriously the decision to become a forex trader is a life-changing one because you could go to one of those paths through the way which are
1-you might lose a significant amount of money
2- you may get stuck for many years in it without being profitable ( even breakeven is a time-waster)
3- you might lose your social life while you are in point number 2
how can you take this business seriously?
this is a lot of hard work
1- you must read and learn everything about forex trading from brokers to platforms to asset pairs to fundamental news and how it affects the forex market etc etc ...
2- you must demo trade or use a cent account with 100-500 USD budget and keep doing so until you have a clear system that is not making you overtrade, overstress, gamble. that have clear and identified goals in terms when you enter and exit a trade when you should stop trading.
your main goal as a beginner is not to make a profit and not to have a good setup your main goal should be creating a profitable consistent stress-free trading system. that have clear goals and clear ext plans.
3- you must never let your emotions control your trading, the moment you make a trading decision based on an emotional feeling this could be based revenge trading, gambling trading, it can be called anything except a business
that's why i said first the biggest challenge is to take this business seriously
1-you might lose a significant amount of money
2- you may get stuck for many years in it without being profitable ( even breakeven is a time-waster)
3- you might lose your social life while you are in point number 2
how can you take this business seriously?
this is a lot of hard work
1- you must read and learn everything about forex trading from brokers to platforms to asset pairs to fundamental news and how it affects the forex market etc etc ...
2- you must demo trade or use a cent account with 100-500 USD budget and keep doing so until you have a clear system that is not making you overtrade, overstress, gamble. that have clear and identified goals in terms when you enter and exit a trade when you should stop trading.
your main goal as a beginner is not to make a profit and not to have a good setup your main goal should be creating a profitable consistent stress-free trading system. that have clear goals and clear ext plans.
3- you must never let your emotions control your trading, the moment you make a trading decision based on an emotional feeling this could be based revenge trading, gambling trading, it can be called anything except a business
that's why i said first the biggest challenge is to take this business seriously
Nicely explained..the biggest challenge is to take this business seriously the decision to become a forex trader is a life-changing one because you could go to one of those paths through the way which are
1-you might lose a significant amount of money
2- you may get stuck for many years in it without being profitable ( even breakeven is a time-waster)
3- you might lose your social life while you are in point number 2
how can you take this business seriously?
this is a lot of hard work
1- you must read and learn everything about forex trading from brokers to platforms to asset pairs to fundamental news and how it affects the forex market etc etc ...
2- you must demo trade or use a cent account with 100-500 USD budget and keep doing so until you have a clear system that is not making you overtrade, overstress, gamble. that have clear and identified goals in terms when you enter and exit a trade when you should stop trading.
your main goal as a beginner is not to make a profit and not to have a good setup your main goal should be creating a profitable consistent stress-free trading system. that have clear goals and clear ext plans.
3- you must never let your emotions control your trading, the moment you make a trading decision based on an emotional feeling this could be based revenge trading, gambling trading, it can be called anything except a business
that's why i said first the biggest challenge is to take this business seriously
The best way to avoid is to leave the room at that moment and regroup.Revenge trading
That's a good one. Traders got to understand this.when you win your not a winner and when you lose your not a loser
the trade either worked or it didn't - you must understand this
You are absolutely right. There are so many challenges that every forex trader faces and the frustration that comes with it is scary at times. After a few months of starting with forex, I was facing some withdrawals and fund transfer issues with a few brokers and I got scammed so many times that it’s difficult to keep a track of it. Now, I’m using regulated brokers to have some sort of security. These include, IB, Swissquote, Fxview. It’s going well for now. Fingers crossed!