Sininfinity

Long ago I read some prop trader sharing his experience with working as a trader. Managers force them to take more trades and achieve certain targets which become very difficult for them. And when they are not able to meet those targets they get fired for not able to achieve those targets.

Well there are thousands of money management methods out there. A trader has to find the one that is suitable for him. Compounding works well with high winning strategies. Otherwise it will reduce profit in my opinion.

Well only risk management is not enough. A trader needs a complete trading plan. Also about the weekly part, I have to disagree with you. Making profit daily is extremely difficult but making consistent weekly profit is totally possible. Once or twice week may not go good but overall majority of the weeks giving profit is possible.

Well I was not talking about trader types but about the nature of forex as a business. What type of trade a trader wants to do it totally up to him. I never judge any trader for his methods. As long as they can make positive pips it is good in my view.

Yup. Offering lucrative bonuses. And when a person makes some profit then freezing account and forced asking to deposit. Another would be, a trader made profit and their company has rules that they can cancel profit at their discretion etc. So dealing desks are totally no no for each and every trader.

This thing does not remain when people enter trading contest. Most try to get competitive and win the prize. And in the process they forget they are trying to learn but instead they are doing something else. And just my opinion, comparing others with my own won't be bringing me anything. But building a profitable trading plan will.

Agree with you. Forex is a business in which people should be able to look at the bigger picture and not short term gains. People should also consider that it will take time to build a decent amount of capital from a smaller amount. It won't happen overnight. With the right approach traders can fulfill their financial targets.

Well in my opinion having a daily target is a bad idea. Every day won't be a profitable day for a trader. But those who have such targets I am not against them. We try to make profit in our own way. So trying it is not a bad thing. A trader may or may not be able to make daily profit but they may find profitable method that can give them profit after certain period of time.

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But is it everyone's piece of cake? The possibilities compounding shows is great and appealing but traders who think about using compounding in their trading should have a higher winning rate and a good risk reward ratio. Then they can take full advantage of it. For me it is not a thing at the moment.

@sidejob, agree with you. Demo contests are a distraction to new traders who are trying to learn. They think in the process they may earn something but in the process they forget their purpose is to learn and not earn money from the contest. So they better avoid it in my opinion.

Lol newbie forever. Well a trader may not get profitable but he won't be newbie forever. lol Eventually if a person sticks to something then he gains certain amount of knowledge. And even if by a little bit he will improve and understand the market dynamics.

Such mindset can bring disaster to a trader's account. It is true that the more risk one takes the higher the return. But what happens when one loses few consecutive trades? They fall in certain situation from which they may not be able to recover.

I don't encourage daily profit targets. Perhaps some people can achieve it but it is extremely difficult to make profit everyday. There may be few strategies out there which can do such thing but most can not achieve daily profit.

Right. Traders can do so many things with demo account. But they need to be sure what do they expect from long term trading career. They should understand that forex trading is not some short term thing. It is a business can be operated without selling anything to anyone. And they should take the time they need to prepare.

Making profit in the forex market is not easy. Even for the highly experienced trader it is difficult to predict things accurately. And consistent profit comes after that. So it is nowhere near easy.

Not necessarily. It all depends on the trading plan a trader is using. Some can make decent amount with lower winning ratio but knows how to apply proper risk management which will cover all losses when winning.

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Well there are many retail traders who are making more than that. They have a established trading method and large capital. So they can earn that much. For me it is still far away from my expectations. lol But someday may be I will be able to do that. But I won't expect to make it daily. May be weekly.