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Forex To be a successful trader

Discussion in 'Forex Forum' started by Robert D, May 9, 2020.

  1. Robert D

    Robert D New Member

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    To be a successful trader, it is important to comprehend the estimation of misfortunes, as without that we are not going to be make benefits either. Regardless of what happens we ought to dependably hope to gain from a trader, as it is not just the cash that is sure in a trade, yet additionally to have the capacity to learn and get a decent lesson is another crucial part. In this manner I want to trade just with [removed], as they give me their master analysis and up to date news. It also provides ulta low spreads as low as 0 pip.
     
  2. Diego San

    Diego San Member

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    When it comes to trading styles, focusing on trading strategies is key, as traders can get themselves into unknown territories. As a result, you end up making a trading mistake because you are not used to it. However, you can test your trading strategy with a demo account. Once you're used to it and understand your strategy, move to a live account.
     
  3. Bago

    Bago Well-Known Member

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    The problem with demo accounts is like playing with fake money at Roulette, you are taking big risks by rising your bets, the psychological impact is none as it is not your real money invested, and in the short run you will get the illusion your strategy cannot lose. Therefore it is much smarter to begin to invest directly with real money but small positions, to respect your money management, learn discipline and respect your strategy with a predefined take profit and stop loss.
     
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  4. Lavinia Schiavone

    Lavinia Schiavone New Member

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    To be a successful trader you must follow the basic rules of forex. If you want to be a successful trader you have to choose a reliable broker and gain strong knowledge about forex. You can’t be successful without a reliable broker and strong knowledge. I trade with [removed]. They are a very reliable broker. I trade with them full of my forex knowledge. They are very supportive and helpful. Their 24/7 helps always make me pleased. They are one of the best brokers I believe.
     
    Last edited by a moderator: Aug 14, 2020
  5. Teresa Garfield

    Teresa Garfield New Member

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    When planning your next move, analyze the movement of the market and review your psychology. Mastering Psychology can protect you from many losses along the path of trade development. Identify the cause of your stress and try to eliminate it. Take a deep breath and concentrate on trading. I am now trading with a regulated broker called [removed, pay to advertise]. My broker helps me lot to survive this market.
     
    Last edited: Aug 16, 2020
  6. form200

    form200 New Member

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    True, but it still remains the closest thing you will get to a live trade. And honestly there is no better way to practice all you have learned than on demo trade before going live.
     
  7. Coffee22

    Coffee22 New Member

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    Nobody can deny the fact that for a newbie to get familiar with the market and it's trading tech, demo trading is the best way to do so. Though not 100% same with live trade, but it can get you very close to it.
     

  8. Nathan

    Nathan Member

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    I totally agree, for me nobody should skip demo trades. You have to go through that process before you go live, as this gets you familiarized with the market and its robes.
     
  9. George45

    George45 Member

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    Of course, nobody should neglect this stage of the market, especially when you are just coming into the market. You have to learn and practice before you go live.
     
  10. Nathan

    Nathan Member

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    More to this is what I read from a source; "That the key to success in the forex market is to specialize in the currency pairs that trade when you're available and to use strategies that don't require around-the-clock monitoring. An automated trading platform may be the best way to accomplish this, especially for new traders or those with limited experience."
     
  11. George45

    George45 Member

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    It is also essential to treat forex trading as a business and to remember that individual wins and losses don’t matter in the short run. It is how the trading business performs over time that is important.
     
  12. Nathan

    Nathan Member

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    True, but doesn't mean should trade blindly and always know when to exit the market when things are not going your way.
     
  13. George45

    George45 Member

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    Of course not, but when you are sure of your setup sometimes a little more patience and is required.
     
  14. Nathan

    Nathan Member

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    Bro, being too patient cost me a lot today. Sometimes it's ok to quit a trade.
     

  15. George45

    George45 Member

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    I can understand, sorry about your bad trade, but it can go both ways. What if the trade had gone well, my point is always know that losses will come too.
     
  16. Nathan

    Nathan Member

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    Hmmm, honestly the market can mess with someone. We just have to be focused at the end of the day.
     
  17. George45

    George45 Member

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    Tell me about it, today taught me that lesson. Entered a trade on GBPUSD, it was going well but sudden went side ways, small lotsize and SL saved me.
     

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