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how do I know when i am gambling during trading? Replied 3 months ago - When you dont have specific/objective entry and exit parameters, you will definitely be gambling because anything goes for you. You will chase every trade and expose yourself to unnecessary risk.
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what do you check for before you open a buy/sell trade? Replied 3 months ago - I check the spread of the currency pair I am about to trade. If the spread is higher than what I was expecting, i will leave the pair. Strategy wise, I make sure the pair has presented my trade opportunity before I click a buy or a sell.
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whats the best risk to reward ratio in forex? Replied 3 months ago - The best risk to reward ratio is totally dependent on personality and strategy. Personally, based on my strategy my best risk to reward ratio is 1:3. I can always do more if the opportunity presents itself but the moment my trades gets to 1:3 , i secure at least 1:2 and let the rest ride .
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is trading a game of probability? Replied 3 months ago - When you study behavioural finance, you will learn that investors often take decisions based on emotions like fear even when the numbers are right in front of them. Because of this, even when the technicals show you that price is supposed to move in a certain direction, you can suddenly see a reversal and move in the opposite direction. So, nothing is guaranteed in trading, making it a game of chance.
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what is FOMO in trading & how does it manifest? Replied 3 months ago - 4. Emotional Decisions Decisions are driven by fear rather than analysis. Can cause impulsive entry or exit from trades. 5. Chasing Trends Traders feel they must “ride the trend” after it’s already moving fast. This often results in buying high and selling low, which is the opposite of smart trading practice.
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how to know when to exit a trade? Replied 3 months ago - What do you mean by automating the process?
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how will i know if i'm a profitable trader Replied 4 months ago - To determine if you're a profitable trader, with good psychology and risk management, check for; - consistent profits, - disciplined and emotional control - low drawdowns - positive trading edge - confidence under pressure and ongoing improvement through analysis and adaptation and moreover less losses.
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RISK MANAGEMENT Replied 4 months ago - Risk management is not trading but trading is risk management
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Wait for the market to act before you react Replied 4 months ago - It all comes down to being patient. Back in the day when I started trading I was so impatient. Sometimes I would not even wait for a candle to finish forming and I would just assume it would closed a certain way and then I jump into the market. Goes without saying I paid dearly as I was always making losses. Sometimes I would see a bearish candle forming and I would just jump into the market assuming it will close bearish, only for it to close bullish.
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No position is still a position Replied 4 months ago - Welll said! But this is easier said than done, the urge to trade always wins lol
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The smaller the candles, the bigger the lot size Replied 4 months ago - Small or short looking candles are a sign of low volatility most times it is when the market is expecting a news release that you see short candles forming everywhere. For me i would not trade when I see short candles all over the place, but I agree with you- trading a bigger lot size will mean even with the short candles you can still make good money as price moves.
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can i open more than one trading account with a broker? Replied 4 months ago - Precisely! Some brokers like Exness allow you open as many as 50 accounts
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will i get a refund if price gaps over my stop loss? Replied 4 months ago - Nice question, I am interested in knowing the answer too!!!
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what is the minimum lot size for a cent account? Replied 4 months ago - 0.01 is the minimum lot size. The cent account is designed so you dont trade more than 0.01 lot
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How much does it require to earn more profit Replied 5 months ago - 100k USD? The answer to your question depends on the leverage your broker allows for the instrument you are trading. Brokers give the highest leverage to major currency pairs like EUR/USD. So, lets say your broker allows you a leverage of 1:2000 you will require about $50k USD account balance to be able to make 100k USD profit
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What is the best leverage to use in forex for a $10 account balance? Replied 6 months ago - $10 is barely enough to open a reasonable lot size so you will ne needing high leverage like 1:2000 if you want to trade 0.02 lot size of a major fx pair
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How did you overcome overtrading? Replied 6 months ago - How can we build such an interface @patrader?
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how frequently should i monitor an open trade? Replied 7 months ago - I only monitor an open trade when it is nearing a level of support/resistance. outside that I dont bother to monitor i just set my TP
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as a trader don't hesitate to pull the trigger Replied 7 months ago - I would say always wait for confirmation of a candlestick pattern before entering. I don't enter immediately i see a candlestick pattern, I place a pending order 2 0r 3 pips above the pattern and wait for price to go to the pending order and trigger it. By doing this, I avoid fake outs.
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At the end of the day is forex trading really a profitable venture? I mean you can make profits here and there but it seems like the losses will always outweigh the profits Replied 8 months ago - When you are wrong how much do you lose and when you are right how much do you profit? You need to ride your winners for a bit longer to be able to remain profitable.
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