I always follow some indicators to predict the price of the market and these indicators are RSI, Stokistics, Moving average, Bollinger bands and trendlines.
Traders with weak psychology can’t survive for a longer time in the market. So, we have to make a strong psychology for trading because a strong psychology is an asset.
Traders mostly follow wrong way of trading, which is a divergence from the right path. And traders have to learn how to use these tools to analyze the market.
Loss occurs due to the deficiency of knowledge and traders don’t actually want to enhance their trading knowledge. They feel knowledge earning is a burden.
The better our market analysis, the higher the return is. And a better analysis encompasses both technical and fundamental sides that give us a good lead on the market.
I think Forex suits me the best because I have other professions besides forex trading and forex allows me sufficient amount of flexibility and time to run those other businesses.
We can sharpen our trading knowledge by earning market analyzing skill and this skill is of two types including technical and fundamental. Our skill should encompass both these sides.
We can manage our risk by lowering trading leverage and trading in low spread-consuming trading pairs. But most of the time, we don’t do it as a result we are the worst sufferer to this problem.
For success, in-depth market knowledge is essential and you have to make the best use of market opportunities. Keeping eyes on the market all the time creates greed in traders about taking entries again and again.
Investment is possible when you have money but earning is impossible without skill. So, I always suggest traders develop trading skill and it will pave the way for more and more earning.
Actually, the question shouldn’t be about liking and disliking rather we are bound to trade on demo account for the betterment of us. Demo trading helps us rectify our trading mistakes.
We need good trading approach and sustainable trading strategy to become profitable in trading. Testifying strategy for a long time is essential to justify its effectiveness.