True. I discovered that I don't a lot about trading when I started to trade about live account, despite similarities in actions, same price sources it is extremely different especially from the standpoint of how you emotional response to profits and losses.
tips for become a good trader?
- Thread starter Mauwebluefinger
- Start date
Before placing the bet, traders need to become more aware of potential risks and determine how much money is at stake. A trader should not place a bet that he cannot afford to lose because it is hard to recover the loss when you are in the losing position.
@KCalhoun Isn’t it too good to be true.
Since the outcome of any trade is always unknown, if in the hopes of big gains you risk more there are chances of even losing more, because the results are not always in our favor.
I think the only way to make it feasible is to not take unnecessary trades.
Since the outcome of any trade is always unknown, if in the hopes of big gains you risk more there are chances of even losing more, because the results are not always in our favor.
I think the only way to make it feasible is to not take unnecessary trades.
What I have found true for me, when young trader I risked little and lost often, years goes by risk more and losing percentages went down, now I risk 4-7 points and losing percentages goes way down. Most will not understand when I speak of "mean" swing lengths of uptrend and down trends, every week automation comes out with swing point lengths, where in the current trend a signal is taken, risk changes whether taken early, in middle or near end of trends.
Spend 10,000 hours trading. You will then sometimes just know where price is headed by looking at a chart. Become less emotional. You can't win with scared money. Don't get mad when you have a losing trade so that you don't revenge trade. Don't get scared when you are in a profitable trade that it will reverse before it reaches your target and turn into a loss instead use a limit order to get out, don't kill it. Finally, if you are digging yourself into a hole, stop digging. Have more than one income stream for example even a part time job so if you have a losing day, you are still making money.
First of all, you've got to make a proper mindset and set your expectations right.
It is vital to understand that successful trading presupposes lots of learning and practice. You've got to reach psychological stability as well, so, making money on forex is definetely not an easy task.
As for the courses, I would recommend you to start with babypips. I feel that those guys did a great job to create such an educational center for the absolute beginners to forex market. You can get lots of valuable information which is conveyed in a simple form and you'll be definetely be able to understand it.
Later on, you can start practising and if you have any questions I advise you to ask them on trading forums like this one. There are lots of traders who share their ideas and thoughts with each other and they will be glad to help you with your learning process.
It is vital to understand that successful trading presupposes lots of learning and practice. You've got to reach psychological stability as well, so, making money on forex is definetely not an easy task.
As for the courses, I would recommend you to start with babypips. I feel that those guys did a great job to create such an educational center for the absolute beginners to forex market. You can get lots of valuable information which is conveyed in a simple form and you'll be definetely be able to understand it.
Later on, you can start practising and if you have any questions I advise you to ask them on trading forums like this one. There are lots of traders who share their ideas and thoughts with each other and they will be glad to help you with your learning process.
I don’t think there is anything better than your own experience to take trading lessons from. The more you trade, the more you understand the market and hence, get better with time. Obtaining knowledge and practicing on a demo account are okay, but if you don’t know how to trade in the live market, all of that won’t be of any use.
i think there is no good trader because there is no one who can avoid losses from this trading place. sorry , its my own opinion.
loss is a very common thing and good trade of course do looses but they dont make the same mistake again and again , this is the major difference between good trader and bad trader.