We Should Control Forex Trading

[samuel23 10]

Foreign exchange is an opportunity to make a fortune and in same time it is an opportunity to loose our money, we can make a fortune if we knew how to handle Forex, if we don't know how to control Forex it will destroy us, so we must be stronger than it, and if we don't know how to control it with our own hands it will destroy us too. So how I can be stronger than this ferocious beast? It is simply by learning, observing, and practicing.

[Obsidian 10]

people are ready to give millions just to see a few seconds ahead...

[Mysticforex 13]

@samuel23 . . .

 

You have answered your own question.

[samuel23 10]

people are ready to give millions just to see a few seconds ahead...

 

Even though we give millions we will not be able to see a few seconds ahead.. We have to anticipate and try to forecast the market. We should have a good knowledge about high/low resistance. But still it would be difficult.

[ForexTraderX 10]

Even though we give millions we will not be able to see a few seconds ahead.. We have to anticipate and try to forecast the market. We should have a good knowledge about high/low resistance. But still it would be difficult.

 

Oddly, I don't get a sense of deliberate single minded focus in your tone that I would expect from "difficult". I DO however get a sense of uncertainty from you, as well as the obvious frustration... which leads me to conclude that really your in one of just 3 possible situations:

 

1. You don't really have a good understanding of what support and resistance levels are very likely to hold, and which ones are likely to just break away once the market touches them. If this is your situation, I would suggest you check out No Brainer Trades - Trading Forex and Other Markets Using Globally Identifiable Actions - Look around, and you'll find some great articles about support and resistance, and what to factor in when determining if a level is probably going to hold, or if it's probably going to give away and have price rip right through it.

 

2. You have allowed yourself to become very emotionally charged up during a recent trade (or series of recent trades) to the point where you went both long and short probably many times at the same level and around the same period of time.... and with each time you changed your mind, you felt more out of control, and more discouraged about your trading abilities. If this is the case, I suggest giving yourself some rules to follow regarding order entry, and executions. Even if you change your rules every single day...this could still be workable as long as you've considered how much your rules allow you to risk, and that you will be able and willing to follow your rules that trading day. Over time, with experience, you will find a better way to determine what parameters and risk amounts you are "comfortable with"...but until you have the experience to do so... your going to need to start with some hard rules on a daily basis.

 

3. You've probably lost a lot of money (or at least what felt like a lot of money to you).... and this further compounded the hopeless and/or disappointing feeling you experinced when you were totally confused and frustrated by the markets price action. If this is the case, you need to STOP TRADING WITH REAL MONEY RIGHT NOW. That is a pressure that can literally drive some to suicide, and you are clearly not anywhere close to being prepared to handle the additional pressures of real money. Nor does it sound like you have a significant edge at the momenth... though it seems you have some basic understanding of price action, and S/R...so you wlll likely get there if you want it bad enough. But until you can papertrade with some real, sustained success (probably at least a few months....ideally 6 months or more)... than trading with real money is only going to intensify your emotions...especially the bad emotions.

 

Take away the money, and this will take away much of the emotion. It will put you in a place where you can keep a relaxed, open mind, which is what you need most of all now as you try to learn how to read the markets, and profit from the opportunities that arise.

 

Good luck. You'll need it, and a whole lot more... but if you really want this, it's very possible for many people.

 

FTX

[Obsidian 10]

...But still it would be difficult.

 

what is wrong with that? unless you are born with millions (or adopted by a movie star) you have to work hard...

you can be a part-time programmer, teacher etc, if you have necessary skills..being part-time trader is not different..you have to learn first. however, this does not guarantee anything because knowing and using that knowledge are different things;)

[samuel23 10]

Oddly, I don't get a sense of deliberate single minded focus in your tone that I would expect from "difficult". I DO however get a sense of uncertainty from you, as well as the obvious frustration... which leads me to conclude that really your in one of just 3 possible situations:

 

1. You don't really have a good understanding of what support and resistance levels are very likely to hold, and which ones are likely to just break away once the market touches them. If this is your situation, I would suggest you check out No Brainer Trades - Trading Forex and Other Markets Using Globally Identifiable Actions - Look around, and you'll find some great articles about support and resistance, and what to factor in when determining if a level is probably going to hold, or if it's probably going to give away and have price rip right through it.

 

2. You have allowed yourself to become very emotionally charged up during a recent trade (or series of recent trades) to the point where you went both long and short probably many times at the same level and around the same period of time.... and with each time you changed your mind, you felt more out of control, and more discouraged about your trading abilities. If this is the case, I suggest giving yourself some rules to follow regarding order entry, and executions. Even if you change your rules every single day...this could still be workable as long as you've considered how much your rules allow you to risk, and that you will be able and willing to follow your rules that trading day. Over time, with experience, you will find a better way to determine what parameters and risk amounts you are "comfortable with"...but until you have the experience to do so... your going to need to start with some hard rules on a daily basis.

 

3. You've probably lost a lot of money (or at least what felt like a lot of money to you).... and this further compounded the hopeless and/or disappointing feeling you experinced when you were totally confused and frustrated by the markets price action. If this is the case, you need to STOP TRADING WITH REAL MONEY RIGHT NOW. That is a pressure that can literally drive some to suicide, and you are clearly not anywhere close to being prepared to handle the additional pressures of real money. Nor does it sound like you have a significant edge at the momenth... though it seems you have some basic understanding of price action, and S/R...so you wlll likely get there if you want it bad enough. But until you can papertrade with some real, sustained success (probably at least a few months....ideally 6 months or more)... than trading with real money is only going to intensify your emotions...especially the bad emotions.

 

Take away the money, and this will take away much of the emotion. It will put you in a place where you can keep a relaxed, open mind, which is what you need most of all now as you try to learn how to read the markets, and profit from the opportunities that arise.

 

Good luck. You'll need it, and a whole lot more... but if you really want this, it's very possible for many people.

 

FTX

 

Am pretty sure you know how to forecast people rather than trading!! I have stated in 3 lines what i think about forecasting and you have given in i do not how many paragraphs my biography which am sure is completely wrong and senseless :haha: I really do not know where you come from mate but am sure you might be mad :rofl:

[CrazyCzarina 17]

Forex is not a single person to handle it. It is made of so many people's contribution so it is not possible to handle it with few people.

[aimhi 10]

It is simply by learning, observing, and practicing.

 

We can excel our skills by learning, practicing and doing it on a consistent basis which also requires a lot of patience too..

[CrazyCzarina 17]

Right, practicing and managing yourself for the work is important we should keep doing it to control our trading work.

[divyanshisharma 2]

It all depends upon the traders who are willing to get good returns and does not care about their money to lose. 

[zuinjimi 0]

The global forex market does more than $5 trillion in average daily trading volume, making it the largest financial market in the world. Forex’s popularity entices traders of all levels, from greenhorns just learning about the financial markets to well-seasoned professionals. Because it is so easy to trade forex – with round-the-clock sessions, access to significant leverage and relatively low costs – it is also very easy to lose money trading forex

[mukti 0]

Forex’s popularity entices traders of all levels, from greenhorns just learning about the financial markets to well-seasoned professionals. Because it is so easy to trade forex with round-the-clock sessions, access to significant leverage and relatively low costs – it is also very easy to lose money trading forex.

[CrazyCzarina 17]

None trader or broker can control the market. There is no single person who is behind the Forex market so there is no way to be controlled the market with a man power.