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

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    Rookie Agustina's Avatar
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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. #1241
    Trader cutiekc's Avatar
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    Quote Originally Posted by Abhishekwala View Post
    Even in a casino we cannot be careless, need need to exercise planned gambling and for a business like Forex we need to put our best. When we have them all, awareness of risk appetite, strong psychology and discipline then alone we can properly regulate the risks entailed in Forex and make profits otherwise margin calls and stop outs will be frequent. When ever a loser also opens his eyes on his mistakes he can get better.
    You are right about that, but in the casino, it is more about luck, but in forex trading, I don't think there is any need for luck, in such a way that we ought to know what we are in for, before we can make money. If we are all about the being lucky, then we can't make money from the market. Forex trading is risky and we ought to be discipline to attain success.

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    Rookie Sascha's Avatar
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    Quote Originally Posted by cutiekc View Post
    You are right about that, but in the casino, it is more about luck, but in forex trading, I don't think there is any need for luck, in such a way that we ought to know what we are in for, before we can make money. If we are all about the being lucky, then we can't make money from the market. Forex trading is risky and we ought to be discipline to attain success.
    2 different things can't be compared at the same time because they have both different purposes and methods to make money. i like how we make money in trading with forex market because we'll get our reward based on our efforts in analyzing market, calculating possible reward, and manage our risk to the smallest rate. we'll be far from 50:50 chance as long as we use analysis, we can get more guaranteed profitability.

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  4. #1243
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    Quote Originally Posted by Sascha View Post
    2 different things can't be compared at the same time because they have both different purposes and methods to make money. i like how we make money in trading with forex market because we'll get our reward based on our efforts in analyzing market, calculating possible reward, and manage our risk to the smallest rate. we'll be far from 50:50 chance as long as we use analysis, we can get more guaranteed profitability.
    You are right about that, two different things cant be compared together and as a matter of fact, when the traders has been able to make good use of them in the right appropriate method, I think that will make the trader become profitable, so, it is more like a must that the traders should often get to learn and know the use of money and risk management and then also have a good strategy and forget about the use of luck.

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    Quote Originally Posted by Darkhorse View Post
    You are right about that, two different things cant be compared together and as a matter of fact, when the traders has been able to make good use of them in the right appropriate method, I think that will make the trader become profitable, so, it is more like a must that the traders should often get to learn and know the use of money and risk management and then also have a good strategy and forget about the use of luck.
    luck is better not to be involved and soon it'll be forgotten once we've finally built a strong trading system for ourself. money and risk management becomes part of our trading system and it takes time for us a little bit longer until we can complete our trading system. next thing to do is to make couple trials to find our system's errors and lacking first before we can use it for our live account.

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  6. #1245
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    Management is always the right thing in this business and must be followed if we ever have the goals to succeed in this trade. The right management plays a big role to save us from huge loss and with the best experience on predicting the market, we will be able to know what we should do at a time and get prepared to see we realize our very trading goals of earning at the right time.

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  7. #1246
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    Quote Originally Posted by Ulthred View Post
    Management is always the right thing in this business and must be followed if we ever have the goals to succeed in this trade. The right management plays a big role to save us from huge loss and with the best experience on predicting the market, we will be able to know what we should do at a time and get prepared to see we realize our very trading goals of earning at the right time.
    If any necessary thing is missing then it means more fear and more losses, strategy needs to be there, risk management has to be followed all the time. By following risk management we can make sure that our trading is conducted more smoothly without the fear of facing a lot of losses. Without discipline we cannot follow the rules and without a strategy we cannot know what to trade.

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    Last edited by MIGHTYRAMESH; 04-23-2019 at 11:01 PM.

  8. #1247
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    There is no luck, the way I have come to see the market. The traders should always ensure to learn, take lessons and never to be all about the money. Learn and have some good trading skills, that will help you develop and become a good trader, luck is for gambling, those who want to be lucky in forex trading gets to do the right thing and have the right mindset.

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  9. #1248
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    Quote Originally Posted by Darkhorse View Post
    There is no luck, the way I have come to see the market. The traders should always ensure to learn, take lessons and never to be all about the money. Learn and have some good trading skills, that will help you develop and become a good trader, luck is for gambling, those who want to be lucky in forex trading gets to do the right thing and have the right mindset.
    I believe the same way instead of bothering about luck we should bother about discharging our responsibilities as a trader. In Forex trading it may happen that People take trades on luck and they take high risk, they do not use stop loss. But all these are not the right way of trading and the sooner a trader gives up this wrong habits, the better for him in the field of Forex.

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  10. #1249
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    You have got to understand the business. Luck is not going to be needed in forex trading business. For you to become successful, know that there is no need to have luck, have the discipline and good trading approach, don't trade with the use of poor knowledge and then expecting luck to do magic for you, it will not happen that way, you will literally cause yourself some losses.

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  11. #1250
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    The biggest mistakes one could do as a trader is when is expecting to make money with the use of luck, apparently, forex trading market don't work that way, in as much as any one is willing to make money from the market. They should be willing to have done the right thing. You don't expect to earn money from the market whereas you are yet to take the right steps and then you believe luck too.

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