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Thread: How big is the role of management, mental, prediction or luck? >> Give Your Comment

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    How big is the role of management, mental, prediction or luck? >> Give Your Comment

    [lang=id]Hello all ,

    as commencement here I share and discuss four basic important things that must be owned trader if want to join in forex.

    Management: I mean here is not just a financial management but actually setting entirely from financial arrangements, risk or margin you use and others.

    Prediction: surely all aware of this, and despite the forex price movements seem chaotic and can not be predicted but some still can be predicted, whether the calculations and analysis with the help of indicators, it could also use fundamental effect or other means

    Mental: mental I mean is all about psychology, be it a feeling, logic , emotion, greed, fear, anxiety and many other things certainly related to psychic

    Luck: and of course trader also a little hope and little reliance on this factor though most serious trader in forex'm not too concerned about this ...

    > Continue to main topic

    Management has a great role and main course, because I see most traders can get their profit the main reason cause good management despite predictions are not too good . Weakness prediction / analysis can be covered with a variety of management systems , For example an ideal setting lot volume, placing SL and TP as accurately , setting Risk and reward ratio, averaging, martingale etc .... so 30% for management, is this feasible? What about you

    Prediction is a cursory look the most needed and most important because in doing entry position we have to make the analysis and predict, but forex is not something that the whole can be predicted, at certain moments we could accurately predict but most of it can not, because forex is not for accurately predicted for most people it means to be ready to prepare things because of predictions go wrong, . so for me predictions can only be the role of 15%, maybe I inconsequential, please correct me

    Mental, Its looks trivial but in fact quite vital role. we can look at many cases of failure because has a bad mental, such as emotions, doubts, greedy, anxiety and more, but in other hands it is a major support factor a trader can succeed. I'm sure many agree that the mental role is the most in this business, for me until 50%

    Luck is the latter. As suely, as a truly trader not be relied on this one factor , and I'm sure most serious traders do not count on this one, but it may be relied upon in the final sequence although we also not be kept based on the luck to get profit in forex. for me luck has a role only 5%. are in your trading have luck more than 5% in the role?

    ___________________________________

    of course, because humans have a mindset that is highly variable or many are of a different opinion or may even think of me that makes no sense and can not be digested . not a problem for me, please comment[/lang]

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  2. #101
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    Quote Originally Posted by Terror View Post
    I think that luck is something that we just can't think as exist in trading. Because once you start thinking about depending on luck in here, that might just be the start of your own downfall in the end. Traders need to reduce luck as much as possible but trade with fact and knowledge they have gained through experiences. That way they can trade better and calmer.
    In trading it is all about how good is our work and how sensible our trading. We need both theoretical & practical knowledge to give best trading performance. But if we have not theoretical knowledge that time we do not understand this business & we do not gather practical knowledge. So at first we need to gather theoretical knowledge & then practical knowledge.

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  3. #102
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    Quote Originally Posted by shivanandfx View Post
    In trading it is all about how good is our work and how sensible our trading. We need both theoretical & practical knowledge to give best trading performance. But if we have not theoretical knowledge that time we do not understand this business & we do not gather practical knowledge. So at first we need to gather theoretical knowledge & then practical knowledge.
    If we wish to know how good we are in this business then we just need to take a look at our last trading result. You will know your own skill both side in theoritical and practical by learning your own trading result but emotions tend to become a big factor that will change or even affect the entire result in here. Traders will need to lock emotions when they trade so they can trade in stable condition.

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  4. #103
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    I think margin protection or management plays a big role and these is the reason why the effort we put out there to bring the right perfect trading effort is all preffered to the source we know the right effort for us is to put together everything and that is the effort we know of the right idea is to manage the account perfectly

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  5. #104
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    Your metal balance and management have a very great role to play here because if your mental thinking or your managerial skill are working together, you will definitely become the Profesional of forex in a short period of time. Actually you mental ability have a very huge role to play here, so try to work on your mental thinking and your managerial skills as well. Good luck as you trade in forex.

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  6. #105
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    [lang=id]
    Quote Originally Posted by chioma View Post
    Your metal balance and management have a very great role to play here because if your mental thinking or your managerial skill are working together, you will definitely become the Profesional of forex in a short period of time. Actually you mental ability have a very huge role to play here, so try to work on your mental thinking and your managerial skills as well. Good luck as you trade in forex.
    Money management in here will be really important and traders will need to possess a good way to manage everything as well. If their mental is weak then the trading result they are wishing for might not be too good later too. They need to possess strong mental state so that they will not suddenly make any random decision without a proper preparation.[/lang]

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  7. #106
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    Quote Originally Posted by Vicko View Post
    [lang=id]
    Money management in here will be really important and traders will need to possess a good way to manage everything as well. If their mental is weak then the trading result they are wishing for might not be too good later too. They need to possess strong mental state so that they will not suddenly make any random decision without a proper preparation.[/lang]
    Of course indeed it can be seen in so many forex education websites all over the internet, The lack of psychological aspects control can lead to more losses and a trader would never be able to become successful until he don't have a good control of psychology. We need a long time and experience for this, I am also facing the problem of psychology in forex but hope regular experience would help me a lot to reduce it in future.

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    Quote Originally Posted by Dheeraj890 View Post
    Of course indeed it can be seen in so many forex education websites all over the internet, The lack of psychological aspects control can lead to more losses and a trader would never be able to become successful until he don't have a good control of psychology. We need a long time and experience for this, I am also facing the problem of psychology in forex but hope regular experience would help me a lot to reduce it in future.
    I think that the education in here will be very important but it is not like all the education from internet will be useable too. Some education from there might be useable but not all of them will be useable. We need to face the psychology part that not all traders will possess good knowledge and traders might lacking in experience in facing proper way to earn as well.

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  9. #108
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    I f we would want to make money from forex trading then one of the thing I will advice one should do is to learn and understand the market, forget about luck, there is nothing about luck in forex trading business as it is more about the knowledge and skills which you have got which means that the more the skills the more the money you can make.

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  10. #109
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    Quote Originally Posted by sharegistFX View Post
    I f we would want to make money from forex trading then one of the thing I will advice one should do is to learn and understand the market, forget about luck, there is nothing about luck in forex trading business as it is more about the knowledge and skills which you have got which means that the more the skills the more the money you can make.
    Making money in here will not be hard at all but we will need to possess the wisdom to make decisions in here first. If we want to try to depend on the luck, then we need to watch out for the risk in the market and whether a reversal might happen anytime soon. if we trade that way, maybe depending on luck will help a bit but don't keep trading that way to.

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  11. #110
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    The role of risk management in forex trading is indispensable because you can not get a substitute for it in fact it is the central nervous system of forex trading and if do not get things right here, you are surely going to come out a loser because that is where the success of forex trading hangs. On mental prediction,I think you are talking about using your cognitive domains to analyze the market , read charts and interpret patterns and take meaningful decision based on what you see on the chart.Luck is what no trader can depend on to be a successful trader though it plays out in trading once in a blue moon

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