Dora Wi

I think the best way to improve your trading performance is to have a trading journal and evaluate your results regularly. Overall profitability is important to look at. Another thing to see is if you are following your plan right. If you have a trading plan but you let your emotions come in the way and not place or exit a trade the way you planned to, that's something to work on.

In my opinion there is no such thing as a universal "best strategy". The basic principle you choose to use as the basis of your trading should depend on how your mind works, how much time and capital you start with, etc. What matters is that you make a plan that is well thought-out and follow it.

Losing is very common among newbies. So proper knowledge is important - and that includes knowing how much risk and how much loss you can handle. Even the most profitable traders have losing trades. It's not the end of the world as long as your system in general works well and over a longer time period brings you more profit than loss.

Eurotrader is an existing broker itself, isn't it? You can become a trader on their platform, not a broker....

Technically, mastering trading psychology will earn you money, in the sense that it is necessary to make profits. It takes a lot of work and self-reflection to improve in this area, but I believe it is worth the effort, because we can even benefit from it in other areas of our life. I would recommend everybody learns about the biases and fallacies that the human brain is prone to. It can help notice and understand your own mistakes. Also everyone should find healthy ways of coping with / relieving stress so that it doesn't mess with the trading process.

Greed and consequential overtrading or revenge trading is certainly a dangerous thing. Some confuse greed with confidence, and while confidence is needed, we must not overdo it. It's better, especially in the beginning, if one focuses on progress and learning and tries to forget about the money as much as possible. That way it's easier to resist giving control to the emotions.

True, a person has to learn and practice a lot to become a successful trader. Luckily there are many sources available online that can help with that.

There's a lot that goes into successful trading. Knowledge and experience are important, and with that, a demo account can help a lot. We just need to be careful when transitioning from demo to real account because trading psychology is something that the demo account doesn't challenge as much, so we might find it harder to trade on a real account then a demo. Cent accounts are another great way to practice.

I'm confused, how are inexperience and ignorance good things? Knowledge and skill are both important, there's no denying that. We all start with no experience and little knowledge and those are things we have to improve.

I agree with this title. Many think that the most important thing is what percentage of your trades is made up of winning trades. It's natural that we want to be right most of the time. But this is not the most important thing because if your losses are big in comparison to your profits, you won't be a profitable trader even if you are right 99% of the time. Things can go wrong even if you use a stop loss order, but I still think that's the better option for most people. You don't need a heart attack or a stroke for a mental stop to not work, much more trivial things can deter you from exiting on time.

The two basic types are fundamental and technical analysis. They complement each other well so it's best to use both of them in your trading. Some people mention sentiment analysis as a third type - it kind of ties into fundamental analysis, taking into consideration how the majority of investors feel about a certain asset currently.

If you use band trading, support and resistance levels are very important. Using these levels is especially great if you are a swing trader.

Definitely, it magnifies losses as well as profits. In the end it all comes down to risk management - there are ways to use leverage recklessly, and there are ways to use it in a smart way.

What do you mean by buckling down? I'm not sure I understand.

I think what the first post refers to is fundamental analysis. Fundamental and technical analysis are both important tools for a trader. Fundamentals can help you find the general direction of a given trend and can help you choose what to invest in, while technical analysis can be used to choose entry and exit points. In my opinion, for fundamental analysis it's easier to rely on different sources but do the technical analysis for yourself. There's also the option of using indicators for technicals, just make sure the indicator is trustworthy before you start relying on it.

Well said, patience is very important. We have to be mindful of that because the emotions that arise when we trade - greed, fear, anger - can easily mess with our patience. It is something that can be improved over time.

My thoughts exactly. Quick profits are only possible if you are lucky, but at that point it's just gambling, not trading.

Having a strategy is key in trading. It helps with making rational decisions and being consistent. You should choose a strategy that suits you well personally, and test it and evaluate regularly to make sure it your trading is on point.

Choosing a good broker is of course very important. Everybody should do their own research about brokers to make sure they make the best choice. Apart from the things already mentioned, instant execution is also something you want in a good broker. Also, if you are a beginner, it is good if a broker has a demo account so that you can try yourself and get to know the platform before you start trading on a real account.

I agree that scalping can be both very profitable and very risky. It can cause you to overtrade, which is to be avoided. I think only experienced traders should do scalping.

I'm ambivalent on robots. If you can program a robot yourself, or at least have the skill to modify the program on an existing robot in case something doesn't work the way you want it to, that's great. But trusting a robot made by someone else is risky, so if you want to do that, make sure to test the robot very carefully first.

Demo is a very very good tool for learning how to trade without taking any risk. But you also have to be aware that there are differences between a demo and a real account. Especially in terms of trading psychology - you don't experience the same emotions as on a real account. That's not to say there's anything wrong with trading on a demo account, you just have to be careful when switching over to a real account.

I think it doesn't really matter when you get into the world of trading. It is an opportunity that is constantly there so one shouldn't feel rushed when making the decision to become a trader or investor. Trading activity has indeed increased during the pandemic, but forex was liquid enough to begin with, in my opinion.

It is definitely not a good attitude to treat forex as a get-rich-quick scheme. Unfortunately, some resources and ads can make it seem like it is. It's important to set realistic expectations when we enter the market. It's a great opportunity, but we have to work for it.

It is very important indeed that everyone's ideal strategy will be different. The way you trade has to suit your lifestyle, your personality, your capital and your goals, so learning about different ways to trade is an important step when you are just beginning.