- Get Rich Slow in Forex • forex4noobs
- Can You Get Rich By Trading Forex?
- Before you trade: Things to note
Argentine Market Collapses. Defining Facebook Libra. All Crypto Libra Forex. Daily Crypto Brief, Sept. What is Proof-of-Stake PoS? All Psychology Beginner Intermediate Advanced. Forex trading is basically gambling. Is it true that everyone loses money in the forex market? Forex is the place where one can make a quick buck. What are the proficiencies a trader must possess to find success in trading? All of the above. Please enter your comment! Please enter your name here. You have entered an incorrect email address! Realistically it takes several years to master Forex but you could be profitable in under a year.
You simply need to start on the right path which most of us do not do. Albeit a short article but nonetheless is of monumental importance.
In the past looking for the magic EA and indicators has cost me a lot of grief and money. Nick you have nailed it entirely. By far the best technique is knowing the key SR levels and the understanding of candlesticks which will betray who is in control of the market, the bulls or the bears at any given time. Larger time frames rule absolutely because they are reveal the true nature of PA movement. Add to this recipe good risk management and diligent patience and the market will reveal itself.
The market will not co operate with fools and and as such will chew and spit them out by the wayside. It pisses me off. Thanks for the beautiful and exiting facts shared above. I am new here and will like to share my experience. Sometimes 6 Years ago I walked into a Cyber Cafe where I saw a young guy with his Laptop containing some lines, charts, graphs and dots. I eventually decided to take a career in FX as I always to be free and be my own boss.
I later went to the drawing board and relaunched into the main FX Market. Thank you for sharing with the world. Truely forex is a get rich slow game. I have been back testing and demo trading for the last two years and it is untill now that I have been able to come up with a consistent strategy. Being in a position to harmonize displine,patience and self control is not a small task and definitely not something you can achive in a day. For those aspiring to become forex traders the road is not easy but with the right mind set and the willingness to learn and improve yourself there is nothing to stop you.
I remember back in the days I used to be exicited by moves that made 20 pips now that is normal. As one continous to learn you will know what to expect the market to do though that can only happen if you have a trading plan. In my country Kenya athletees are aready preparing for the olympics that will be held in four years to come they know well that to win there they have to start preparing now.
Those starting forex now give your self about one year and a half to develop a trading strategy and your self. Thank you NickB.
Get Rich Slow in Forex • forex4noobs
This got to be a tough business, still working at cracking this one. I am used to stocks but find it difficult crossing over here. It is quite hard to change the mentality of newbies when they try their hands on trading especially fx. With all the hype n promises of EAs and forex signal provider. But as long as you manage your loses properly and add position when winning.
I believe the odds can change.
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Back in like or , I started trading Forex. I tried to research and learn quickly but I dove right in. I had no idea how bad overleveraging could be. I had no idea what overleveraging could do or how fast the market can move on unexpected world events or when economic news comes out and it is not what the market expects.
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I found out. I am going to try to be patient and make a go of it.
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Hope I can eventually learn and make a go of it. I love Forex. Good luck and happy trading.
Can You Get Rich By Trading Forex?
I still remember when I used to have margin call so often that I lost count of them. I won a lot, but came to lose them all again, continue to deposit more money and repeated this process countless times. Until last year, I fine tuned my trading style and started making profits consistently. Most people have a profitable strategy, only to lose money to poor discipline. Trust me, fine tune your psychology and risk management, then have a go for it. Wish you success in fx trading! Its because I over-leveraged, I still remember having a particular trade that went opposite my bet for less than pips, then boom, I blew account.
How foolish I was at that moment. After some readings, I realised sound risk management system is the key to trade profitably. After all, what I learned from losing my entire account multiple times is, when you lose big, it is very hard to recover E. This is a good story and much to learn from your experience. Did you have a good trading plan established before you jumped in the market? I really appreciate the upfront to the point advice. This relates to any market i. Advice well taken! A good read for a new forex trader like me. I really agree that this is a good platform to make money but not a fast money.
You should start looking for investors as soon as you start making consistent profits. PAMM accounts are the way to go. Without investors, the profits would always be too small comparing to other businesses.
Before you trade: Things to note
Thanks for sharing a good story and the valuable advice! Hi, can anybody tell me what monthly profit can be for average forex trader? Can you get profit on every month? I know that depends on experience, etc. It depends on your capital. Nobody can possibly answer this question unless you tell them how much capital you have. Hi I am a fulltime realtor and that means that my time is my own. I tried to get rich fast 8 years ago when I was trading on the news with some on line friends and we were using a proprietary software that worked fine until the broker increased the pips spread and I lost all the money I had earmarked for learning how to trade.
That said I had to deal with a job loss and a new career and a kid in private school and so on …. I wanted to do this for a living. Now I have a decent career and think I can dip my toes into the pool again. I am in no rush! Any advice? Hi Bruce, sucks to hear you had to go through that! Forex trading is as much mindset as method. You will only make money, if you have courage, conviction, mental discipline and an ability to be cool under pressure. You can't buy success from anyone else, it's all on your shoulders and how successful you will be, will depend on how you apply yourself and how you deal with risk.
The fact is anyone can get rich in forex trading - but few have the mindset to stand alone and have the guts to take calculated risks and hold long term trends. If you have the desire to make money, your halfway there - as you're likely to work in the right way, to make forex trading work for you. Forex markets don't defeat you can only defeat yourself. The opportunity is there but it's up to you to make the opportunity work for you. Editorials » Business Resources » Foreign Exchange ».