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Everything posted by Sininfinity
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I think it was not meant that way. There are various ways we can try to make profit. And there are many who can't come up with a decent trading plan. For them it definitely will be a difficult thing and also everyone is not made for taking risk. So everyone can not earn profit.
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Well what you said should be done but it is not what people do. I myself don't this lol. Keeping a journal and evaluating your trades time to time will make you better but we get too lazy in doing this thing.
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- Learning forex
- Should i trade in forex
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Actually finding the right mentor is a big problem. For a fees, anyone will be willing to teach another forex trading. And also some would offer to make them successful traders. But what we should be looking from mentors are clearing the concepts and answer to the things we are have in our mind. An experienced trader should have gone through that process already.
- 361 replies
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- Forexmentor
- forex mentor necessity
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Unrealistic/irrational expectations from traders
Sininfinity replied to analyst75's topic in Forex Newbies
Market does not move according to anyone's wish or as they want. The market's direction is always determined by supply and demand of collective effort of traders. In this market we can only predict what can happen and we should have rational target based on our analysis. Entering a trade and hoping for the best is not going to get us anywhere. -
This is the problem with binary options. They don't offer sufficient return of what people risk. And also when there are chances of making some profit they turn off trading that option. It is basically brokers against their traders. In forex it is advised to avoid those brokers who trade against their traders.
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Longer term trading suits those who have decent amount of capital and has good knowledge on fundamentals. Newbies can have a economic background and may understand where the economic activities will take currency pair. Also they should consider they are new to the market so they should not go all in with their capital. First they should create a trading plan based on their knowledge.
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Well it's not like I never use take profit. I have a profit target in mind if my trade goes in the right direction. And also sometimes when I am not going to be in front of my PC then I set up take profit. I don't put it on my order does not mean I don't have one. :')
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Can no deposit free money help you achieve success on forex ?
Sininfinity replied to kaito kid's topic in Forex Newbies
Most newbie traders blow their first account. And when they know there is a way to get free money for trading they keep looking for those offers. And trade carelessly and try to fulfill the conditions that comes with the free money. See they are going far away from making a decent trading plan to looking for free money. I am not saying everybody but it is in our nature to do things the wrong way. So I don't prefer it. -
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Well it is an indicator and it will give false signals. That is not the big issue. The thing is you know about it and you have to find a way to filter false signals if you intend to use this indicator.
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Predicting whether that big move will happen or not is a difficult thing. If it does not happen then the loss will be small in gap trading strategy and if the market moves then good chance of making some decent pips.
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Hedging a Substitute of Stop Loss
Sininfinity replied to ellliottt's topic in Forex Development Technique
Hedging instead of using stop loss will have to pay extra for spreads for opening another position and keeping them overnight will increase the negative cost of trading. This is not a good idea. Some may argue that on Islamic accounts there is no overnight fees but brokers may stop giving services if they suffer too much negative swap because of it. -
Fundamentalist or Technicalist?
Sininfinity replied to dhanpreet's topic in Forex Development Technique
Not all technical traders use indicators. There are many naked traders who has trained their eyes to read the chart without any indicators. Also funamental analysis takes a lot of knowledge to do prediction and technical analysis is comparatively easy. -
Never using a stop loss is a good way to reduce balance to zero. It is one of the worst things a trade does. When a trade goes wrong way then the trader freezes and has no idea on what to do next. Before entering a trade a trader should always define stop loss and scale lot size accordingly.
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Technical or Fundamental that you like more?
Sininfinity replied to andry777's topic in Forex General Discussion
Well if you are comfortable with it then so be it. The thing is our purpose with trading is to make profit and the more comfortable we can make it the better. There is no harm in that as long as we fulfuill our goals. The method does not matter. -
Virtual Trading and the Global Economy
Sininfinity replied to Nadilapars's topic in Forex General Discussion
As long as we don't abuse leverage, it's all good. And leverage can not harm us in any way. But the moment we start thinking like with leverage we can make huge money overnight then we are done for. The market always does not reward the greedy and we should take caution while trading. -
Well it's a matter of perspective. I agree that we are our own boss. But also a PAMM trader only trades for himself with other's money. If he makes profit then he will attract investors and get more from his profit. In forex trading we don't need to sell anything.
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