General advises and experiences sharing for forex traders

[sunar14]

Discipline and emotional control are indeed crucial. Have you found any specific techniques (something more advanced than setting tp and sl, not exceeding lot size or leverage) that help maintain this discipline during volatile market conditions?

 

[RainbowRain]

I do not set any specific daily goals for myself. I have a monthly plan. After all, not every day from the strategy can there be good and profitable signals to try to earn every day at all costs. Therefore, very often many lose their money, during the day not fulfilling their plan for profit and receiving losses when they try to recoup them at any cost, even increasing the risks, which ultimately leads to even greater losses.

 

[Callahan Sinclair]

Can't give an average amount!

 

[RainbowRain]

Successful trading requires strict discipline. Having a good trading strategy is meaningless if a trader is unable to consistently follow its rules due to emotional impulses. Therefore, it is important to be able to control your reactions to mistakes and maintain discipline to consistently follow your trading plan.

 

[RainbowRain]

Some losses can occur, it's a part of the business.

Yes, losses are an integral part of trading. But we can minimize them if we control the risks. Also, we need to learn from our losses, learning from them and gradually adjusting and improving our strategy with constant analysis of our losing trades.

 

[sunar14]

As a beginner trading with HFM I was told million‑dollar capital makes everything easier—but experienced traders here point out that without discipline and a plan even big funds just burn through margin. Capital isn’t a substitute for edge

 

[RainbowRain]

Of course, you should not trade by chance, but according to the rules and conditions of your strategy, built on technical and fundamental analysis of the market. Only in this case your actions and decisions will be justified and balanced with a greater chance of success in transactions.

 

[RainbowRain]

I spent about six months on a demo account until I managed to create, test and optimize my trading strategy. There is no point in rushing in this matter, because in order not to lose real money on your real account, you must make sure of the efficiency and quality of the strategy over a longer period of time and under different market conditions.

 

[riyofx]

I am really curious to know the number? In addition, I hope maximum members of this Forex community opened their live after spending enough sessions in their demo. Please share your experience.

more than 2 years i used demo

 

[RainbowRain]

If a trader does not have a smart and reliable trading strategy and proper risk management, then any amount of capital can be destroyed by incorrect entries and ignoring risks. Therefore, knowledge is important first, and only then capital.