There Is No Magic In Trading

Discussion in 'For novice traders' started by Francmorio, Feb 8, 2019.

  1. Francmorio

    Francmorio Member

    The whole secret to success in Forex is to understand that "There's no magic in Trading" . Forex is an art that must be learnt and skill fully practiced, if you want to succeed in forex. Follow these simple rules,
    1. Come up with a simple strategy.
    2. Practice the same strategy for 2 months and if you can make money consistently for that duration, then you can try it on a live account.

    NOTE:

    As a newbie, only trade these two things:
    1. Breakouts
    2. Reversals
     
  2. broforex

    broforex Member

    This trading breakout strategy allows traders to recognize opportunities for entry in the right direction. However, this trading setup will not be useful if you are not disciplined using stop loss according to the rules
     
  3. NewbieTrader

    NewbieTrader Member

    i think any strategy won't work if you're not disciplined :D but i get what you mean and i agree. stop loss is indeed important. the other day i was discussing with some traders who think we don't need SL and TP. oh well.
     
  4. Tengkorakfx

    Tengkorakfx Member

    This is a golden strategy if you pair it with supply and demand concepts. Why? Because those are the basic economical theories that apply on currency market and other instruments in the market itself...
     
  5. broforex

    broforex Member


    Yes, so many traders using this strategy so that's why it called "golden strategy" . Breakout and reverasl is so powerful strategy. You need a fast MT4 and 0 spread account to get maximum profit using those strategy.
     
  6. broforex

    broforex Member


    If you still want to continue trading forex, yes, you must succeed. Improve all of the mindset mindset, and practice developing skills. If the trading because of revenge, want to immediately return the missing from the forex will make you worse off. If you still have thoughts like that, better stop first ... stay away from forex
     
  7. Tengkorakfx

    Tengkorakfx Member

    This is the reason why logical decision is far much better. Because you trade only by opportunity, not by greed. And make sure you do proper money management to it.
     
  8. liafatlouie

    liafatlouie Member

    Trading should wait for the right moment.
    I need patience for all that.
    I especially need to control myself so that I'm not greedy.
     
  9. Tengkorakfx

    Tengkorakfx Member

    Although some can be very greedy as long as their keep their head cool. Stick to the plan and gather as many pips in profit as they want but at the other hand, still considering their risks.
     
  10. liafatlouie

    liafatlouie Member

    Still need a lot of experience to be calm even in greedy trading conditions :D
     
  11. broforex

    broforex Member

    No magic in trading, you have to learn how to do forex trading. Usually, Forex Traders argue that the absence of emotions can help when trading. But worries, fears, greed, hope, confidence, regret and happiness come together in the transaction process. Emotion is the first to ignore the sixth sense, intuition and finally ignore the knowledge that has been studied.
     
  12. liafatlouie

    liafatlouie Member

    I have experienced it all in one transaction process. Bad trading results and make a loss. The biggest struggle is controlling myself when trading.
     
  13. broforex

    broforex Member

    There is no magic and don't use your emotions. Overcoming emotions in trading is a must because when the emotions are already there ourselves, the transaction feels heating up and we want immediate results without think about the risk. So, understanding of this can happen when we get loss, profit, and when we use a particular system (robot). For that needed a way to overcome emotions in forex trading.
     

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