My Forex journey - Page 68
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Thread: My Forex journey

  1. #1
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    My Forex journey

    I was in the search of reliable online business. I joined too many business and sites but I got nothing. In online business groups I heard about Forex. The 1st mistake I made is I started taking reviews of people about Forex. I did not get satisfactory answer. In short the answer was " never get into the Forex business it's no use".

    Then I became conscious about Forex and I started watching videos and came to know that how Forex works. I found Forex business interesting and I joined Forex as I was in search of an online reliable business. In the begining I did not practice demo and I was curious to trade on real. I made some profits then I started losing money and I realised that demo practice is very important for getting started.

    The Mistakes I made:
    1. I should not take reviews of people because their reviews set my mind as it is unlimited earning opportunity and I can earn or lose many money at once. The sentence "everyone can make money as much as they can" is not the right begining for a trader. Traders set their minds to earn huge money in short time with just selling or buying without learning.

    2. I should approach to expert traders before getting started with real trading. I found it useful when I started discussing with expert traders because their company increased my information and I started learning and understanding Forex more deeply afterwords.

    3. The biggest mistake I made ever in my trading is, I always increased my lot size after getting even a single profitable trade. The increase in lot size always blew my account and I never used stop loss and take profit.

    4. I did not committed my mistakes and I always tried to take revenge from market after losing accounts. Instead of accepting mistakes and correcting them.

    5. Whenever I saw a long candle I opened trade immediately considering it as trend.


    Now I am an average trader, trades with money and risk management and plan before trading. These are the common mistakes that every second trader does. The purpose of this thread is if you are making such mistakes then correct it before you give up on consistent loss.

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  2. #671
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    Quote Originally Posted by naeem555 View Post
    yes mostly people are losing money here because of these mistakes, i was also one of them with every profitable trade increases lot size and because of big lot size some time lose all profit and balance with single trade, but now i have control on it because i always trade with a target after achieving that target i leave trade for that day, now i prefer little profit instead of loss and this is good really
    It is good that you have learned with the passage of time, I would like to say all the newbies that losing money does not mean we should stop forex, I think all the newbies get the loss initially and with the passage of time they get more confidence while learning from the mistakes, I was also get some trouble in the beginning and now I am confident trader as I am earning reasonable amount from this business.

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  3. #672
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    Quote Originally Posted by Nova View Post
    It is good that you have learned with the passage of time, I would like to say all the newbies that losing money does not mean we should stop forex, I think all the newbies get the loss initially and with the passage of time they get more confidence while learning from the mistakes, I was also get some trouble in the beginning and now I am confident trader as I am earning reasonable amount from this business.
    The losses should instead be a way of learning to build our understanding, whereas knowing the reason why the losses has occurred because then we can cure the cause. Forex is like other business which when we start newly we will have some challenges and then as time passes and as we learn we grow in experience and trading skills.

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  4. #673
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    Quote Originally Posted by +greenpip View Post
    The losses should instead be a way of learning to build our understanding, whereas knowing the reason why the losses has occurred because then we can cure the cause. Forex is like other business which when we start newly we will have some challenges and then as time passes and as we learn we grow in experience and trading skills.
    A trader that knows the reason why they have lost and then get to learn from it will become successful. Forex trading is a risky business but the best part of it is that with the demo account we get to learn a lot and build the strategy that will work for us for a very long time. My forex trading journey was never easy at all, most people are losing because they don't have the skills it takes.

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  5. #674
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    My journey is getting interesting day by day because I get to learn more and know more about the market , now I know that making money will be so much depending on my trading ability. forex is such a good business, we can earn huge amount of money from it. Therefore to make it more easier, lets take learning much more serious and that will bring earnings.

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