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Joined Apr 2018
|393 Posts
Yes choosing a right broker is more appropriate to ensure successful trading life, but practically its really difficult to find right one , because almost thousands broker in online and most of them are found to be scams.
{quote} And find a good broker, I'd add. Learning how to trade and then losing your money to a scam is horrible.
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True. It's sad to see those who are involved in this. It's very important to research and test well before deciding to choose the right broker for them.
{quote} Can you recommend any good books on the matter? I confess that fundamental analysis goes right over my head.
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For starters try to follow the biggest fish in the pound (Central Bankers) and have understanding at what they doing (sentiment) and what they are concerned with. For starters look at the recent decision by the BOE. All ifs voting members were in sync and as such the pound has been bouncing. Look at who the voting members (of any central bank) are they (hawkish or dovish). So when one is speaking and says something that is unexpected it can move the market in a direction. An indicator will not tell you this. Indicators are based on a set of rules and why most are not consistent (markets are unruly, anyone who has traded understands this and why most traders fail) and those traders that focus solely on TA/indicators alone will fail in the end. Think about it most brokers are "B-booking" you and you are playing on their software, the deck is stacked against you, imho
{quote} For starters try to follow the biggest fish in the pound (Central Bankers) and have understanding at what they doing (sentiment) and what they are concerned with. For starters look at the recent decision by the BOE. All ifs voting members were in sync and as such the pound has been bouncing. Look at who the voting members (of any central bank) are they (hawkish or dovish). So when one is speaking and says something that is unexpected it can move the market in a direction. An indicator will not tell you this. Indicators are based on a set...
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Thank you so much for the detailed advice! I will try to do that!
I found my path to success by following a great forex discussion forum like forexfactory..
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Yes, ForexFactory is very much useful Forex forum, I have also learned a lot; on the other hand; others popular forums are plying a very important role to train up new traders!
{quote} Yes, ForexFactory is very much useful Forex forum, I have also learned a lot; on the other hand; others popular forums are plying a very important role to train up new traders!
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I agree. It is the one of the most preferred forums for many forex traders and for the right reasons
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Joined Apr 2018
|393 Posts
Yes, from all forums , FF is most popular and informative, I like their all activates particularly economic calendar that always supportive to trade with successfully during news.
{quote} How are the majority trading though? Usually in a forum there are about as many opinions as there are people.
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Exactly!
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You can't tell what the majority are trading. Even if you could see there were 100 buyers and 5 large sellers...which 'majority' would win? The majority of money or the majority of number of traders? You just trade what is showing in the market, that's it.
All these oddly defined 'trading psychology quotes' just wear me out. When I see things like "Trading is a war. Be careful and be wary of the enemy!" I just shake my head. You're not fighting the market. It's not a 'war' with anyone.
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Just focus on whatever tools you're using to see what's happening with the price (even if it's JUST the price movement) and base your trades on that. Ignore this psychological nonsense that gets spouted out around here. I read so much on here over the years and tried and tried to try consider what these little 'nuggets' of knowledge were saying. What I found was that they're saying nothing much. Just noise from people that want to be active in this forum and be seen as contributing value (which they are not).
I much prefer talking about actual, realistic things that should be done:
- Money management
- Reasonable trade size vs account size
- Reasonably well defined trading plan (don't care what it is)
- Doing the steps necessary to help minimise emotions (as suggested elsewhere)
- Adding trades to a working, profitable trend
- Letting profitable trades run
Stuff like that makes sense and actually means something. The rest is just noise.
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Joined Apr 2018
|393 Posts
sometimes i feel success is a temporary session , its not a big deal to find success , anyone can acquire it for once but the main issue to keep consistence for all time, its rare and only 5% people can maintain it. they are not like general human being, their sacrifice , focus , determination is more different than others.
Not giving up is the main hurdle, learning to be profitable takes time and you have to stick to the right knowledge, at first its exciting and painful getting to where you dream, then it becomes boring, after the boredom and after you achieve everything you didnt think possible you have to be careful not to fall into depression. (sometimes life at the top isnt as exciting as you once thought).
Not giving up is the main hurdle, learning to be profitable takes time and you have to stick to the right knowledge, at first its exciting and painful getting to where you dream, then it becomes boring, after the boredom and after you achieve everything you didnt think possible you have to be careful not to fall into depression. (sometimes life at the top isnt as exciting as you once thought).
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Yes mate; it takes such a long time to understand the market principle! But as you know, the result is always amazing.
