Avoid this Rookie mistake - Page 5
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Thread: Avoid this Rookie mistake

  1. #41
    Quote Originally Posted by ;
    quote BE means break. It's when you move your stop loss (SL) in the direction of the tendency or price movement to at least cover your own risk (i.e. the number of pips or amount of money you risked because a stop loss). KP
    ic. Thank you to the suggestions

    simply to make an example to make sure I know

    Let's say I long EURUSD at 1.0005 and my SL is 1.0000

    If it move in my direction and I shift my SL to 1.0005, that is BE. Correct?

    I see folks wrote BE 3. Foundation on the above example, does this mean that he alter his stop loss to 1.0008 ?

  2. #42
    Yeah, Currency Market trading is high risky, risk control should be top important for new ones, if without stoploss or higher leverage, that'll be dangerous for trading.

  3. #43
    Quote Originally Posted by ;
    I occasionally get messages from desperate new traders who say that they simply lost some massive amount of money on the market, and that they need help. Please avoid this mistake: DO NOT TRADE LARGE SUMS OF YOUR OWN MONEY. If you losing $5,000 would damage, then you need to deposit just $500. Likewise, if losing $500 would hurt you, then you need to deposit just $50.00! The purpose in trading would be to reach a point where you're trading the cash you've won on the market. The faster you can reach this stage, the greater your trading decisions would be. Only residue,...
    I humbly disagree.
    An individual must trade with money that someone cannot afford to lose


    there's no quantity of money little enough I can afford to lose.


  4. #44
    To trade well you must be emotionally comfortable.and trading with money you cannot loose will make you see charts with allot of dread and you willnot be able to concentrate.try this simple test. Trade with money set aside for rent for example and you'll see the level of immersion is out of the window and you're going to start seeing trades where none exists.and this starts of a series of response which goes into over trading,revenge trading and over leveraging and after that account dismissed.

  5. #45
    Quote Originally Posted by ;
    to trade well you must be emotionally comfortable.and trading with money which you cannot loose will force you to see charts with allot of dread and you willnot be able to concentrate.try this very simple test. Trade with money set aside for lease for example and you will observe the amount of immersion is from the window and you're going to start seeing trades where none exists.and this starts of a series of reaction which goes into more than trading,revenge trading and more than leveraging and then account blown.
    I completely agree, although I don't believe the evaluation is necessary, if only simply to prevent experimenting with cash which you really cannot afford to lose.

  6. #46
    Hello,

    My names Alex I am 21 years old and from London and I am a learning just how to trade FX,

    I have had this account for quite a while but I need to start becoming involved in talks and contribute.

    I've a question,

    How relevant would you state fundamental knowledge of currencies are if trading over 1-4 hour? I've been speaking to some trader and he spoke about how the effects of specific news releases can have the capability to cause abrupt moves, but what about if its all calm on the trading front and no news is expected is it wise to lean towards analysing price patterns??

  7. #47
    Excellent to read so many Specialist advice

  8. #48
    Quote Originally Posted by ;
    Yeah, Foreign Exchange trading is high risky, risk control ought to be very important for new ones, if minus stoploss or higher leverage, that'll be dangerous for trading.
    I really don't understand why you've said large leverage can dangerous , I do not think about according to me high leverage at high risk , if there's a risk it's completely with non-sense planning and zero risk management approach , nothing to do with high leverage at all.

  9. #49
    Do not get your hopes up too high.

    You will not be creating a dime from the market for the first couple of decades, in fact you could lose what you put in. So trade with what it is possible to lose. If you can not make a dollar from that 50$ account, likely you will not be earning anything from that 5000$ or 10K$ account.

    Do not quit your work too soon. Trade part time. Figure out what works for you and what satisfies you. Quit wasting your time following this system to this system. In the long run success resides inside you, its constructed on tens of thousands of hours of hard work. There is no brief cut. Take it easy. To learn anything you'll need the time to works its magic. Do not rush profitability that quickly. It will take years for you to have the ability to profit on the market.

  10. #50
    Well, traders need to invest their own money after making consistent result within their demo! Investing money without sufficient preparation will be costly! Do not invest your full money into your 1st account! Because, more than 75% traders lose their 1st trading funds!

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