Basics - Currency Trading

[mj123]

Good evening fellow members.
this thread will be about the basics of currency trading on forex. Everyone is requested to post in their experiences and beginners are given full liberty to ask as many questions as they want.
Chao

 

[kalpeshmkm]

I want to tall you about some very basic and much needed for successful trading for beginners is do not make your trade without stop loss, do not push back your trades stop loss and most impotent do not go against the trend.

 

[rexway]

Yea actually using stoploss to trade is very good and important and also trading with take profit but what I will love to add is that trader should not trade with greed to avoid overconfidene and loss.

 

[Syrine22]

Yeah greed should be what beginners should be avoiding at the early stage of forex because it would be making them lose a huge amount of money.They should not feel that because they are making good profits then they should be putting a huge amount that they cant afford to lose.

 

[zebrut]

indeed emotional factors and greed makes beginners feel confident that it will be able to win this trade but they do not understand that forex trading is actually trading not only need capital but capital readiness requires good preparation, readiness psychology and emotional control and emergency preparedness knowledge about forex, without there were all certain that they will always have a capital loss even though they spend so much but can not guarantee that they will benefit.

 

[Syrine22]

Yeah that's true i think majority of forex guys that fall into the possibility of loss are forex beginners and that is because they dont take their time to learn before putting huge funds which would finally result in pain and frustration.

 

[indieover]

it is just for newbies to lose because of the lack of knowledge specially when the newbies are not patient enough to read and learn first before they would do some trading on live account. but a lot of newbies are impatient and would trade immediately on the live account that is why they would lose a lot of money.

 

[Syrine22]

Yeah that's true.Impatience is another weakness that is like a sickness to majority of beginners.They usually think forex is a bed of roses that is easy.sincerely beginners got to learn to be patient and go through the stages of learning before thinking of earning.

 

[riddick09]

It's not sickness but the lacking part of a trader. We all patience but what we differ from other traders is how much patience we have in things to handle those. Traders should know their weaknesses to make it the reasons of their losses and to make it as their advantage also.

 

[Syrine22]

Well i think we are treading along the same line.Majorly traders that are already engulfed in forex are to know their weakness which would be of great help intimes of future but to me newbies are majorly impatient which to me is like a sickness they need to work on.

 

[Cutiekc]

What we should avoid in forex tradind is trading with greed,greed has always been the reason behinds so many losser,we should avoid being greed by sticking to our trading plans and close our trade when our plans says so,though its hard to keep.

 

[rexway]

Yes even me I hate greed which is one of the bad emotion I ever encounter in forex market so the best solution to some of this problem in forex trading is cause by greed and overconfidence so this two emotion has to be avoided.

- - - Updated - - -

Yes even me I hate greed which is one of the bad emotion I ever encounter in forex market so the best solution to some of this problem in forex trading is cause by greed and overconfidence so this two emotion has to be avoided.

 

[zebrut]

therefore we need a mastery of emotional learning and psychological control but to learn the mastery takes a long time and should be done in a real account so that the capital that we use is also not the least because if we do the learning in the demo account will never succeed and emotional control psychology as a demo account is not real money we have, and therefore we need capital to start trading in a real account.

 

[Syrine22]

Yeah that's true.Emotional mastering can be done in a live account and that should be done when we have undergone the necessary learning process.Another thing we should be knowing is that we should only be doing it with a low amount that is lossable.

 

[budado]

Self motivation is the most basic needs in forex trading. Without self motivation you are already have way to giving up and having encounter one problem to another will going to give you a reason to give up forex trading. But if you are motivated to trade even if you incur loses you can still end up trading until you make good income.

 

[zebrut]

is true with the motivation for being one of the capital good in learning forex trading to become a successful trader, with the motivation to spur andrenalin us to keep trying despite of the road to profit always had stumbling blocks, but with the motivation to make spirit and we assume that the failure is one of the keys to success are pending.

 

[indieover]

Yeah we should have the motivation to keep on trading. It's not that easy to maintain the motivation. There's a lot of times we had to make ourselves motivated because we don't feel the motivation naturally. So I just hope that I would not lose my motivation now.

 

[rexway]

Motivation have to be accomplish with seriousness because when you are motivated be rest assured that you will have some good success rate to failure and also in forex trading seriousness should be another thing which we can not neglect

 

[martyn]

Stop loss is required in trading, but we also have to have the proper calculations to position the proper stop loss. because if we put a stop loss on a position that is not right, it will make us suffer losses only.

 

[budado]

Stop loss usage will depends on the strategy that you are using. Its not always follows that if you don't use stop loss you will end up not doing the right thing. I do hope I can really make good income in forex also and I never use SL and still manage to earn for ten months straight already.