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Everything posted by Sininfinity
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Nah! Use leverage to make your trading comfortable but not for using bigger lot size. Many have tried and failed miserably. A trade should never abuse leverage.
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If you are a newbie investor then one thing you can do is use demo accounts to copy trade and try to see how it goes for you. Or you can find some good combination of traders who can give you positive pips at the end of the period.
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Some people think that they can maximize their profit if they trade daily. But it is not really a good idea in my opinion. Trade when the opportunity occurs and you should not force yourself to trade.
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Well there are various ways to do scalping. Not just in trending market. I am not saying you are wrong. Also it is a good idea to trade in the trending direction. But people should search for what they are looking for and should not limit their ways.
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Don’t misunderstand. The thing is in forex market we speculate. And our speculations will not always be correct. And there is no way to be correct all the time. So losses will happen and you have to make more profit than your losses. Take losses positively.
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You really don’t have a long term vision do you? This is one of the things I suggest people to avoid. Because once you start looking for free money then you will keep looking for it and may not be a good trader in the long run.
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That’s not a good way to choose. Do some research on your own and you will find people share their experiences on various sites. Also check whether their trading conditions suit your needs or not.
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I believe people here trading, are not using huge amount of money so that they have to go seek help from their regulators. Their main concern should be whether their broker will give them their earned profit or not. It is one of the reasons I put more priority on honesty than regulation.
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Lol nicely put. I also do the same. I do not use take profit all the time but stop loss is a prerequisite before entering a trade. If I don't see a good place to put stop loss then I don't enter a trade.
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Losses are part of being successful. It has been said many times before that you can not be right all the time. So accept the fact and move ahead. If you put effort then success will come sooner or later.
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hone your trading with a demo account and a real account
Sininfinity replied to rizal83's topic in Forex Newbies
Well remember that it won't be an easy journey to reach your destination. And also it will take a toll on you while doing so.. But if you stay patient then the end of the journey would be fruitful. -
Support and resistance are always helpful and every trader who educates themselves learn them. But support and resistance alone is not enough. They are helpful but traders also need other tools to become profitable.
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Sad you did not get a reply. Well SL and TP are part of the risk management process but there are other things traders consider. It varies from individual to individual. My suggestion is to first build your strategy and then experiment.
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First you have to trade and understand that what you are doing and how you are doing things. Then you will have an idea of where should maximized focus be put on.
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A good money managment system can give you success
Sininfinity replied to Levie's topic in Forex Newbies
True that good traders never settle down for what they have and try to stay updated with the market. But sometimes it requires not to improve their method of optimal performance and they also do that when necessary. -
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Well if your reward is greater than your risk then even a 50% losing strategy will bring profit. it is possible to build a sound strategy which loses 30% or 40% of the time. And if the risk reward is higher then it can bring decent amount of pips in the account.
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It is really a bad advice to suggest newbie traders to join demo contests. This will jeopardize their learning process because if they focus on the prize then they are not putting effort on learning. Be careful of what suggestions you follow.