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  1. #11
    Senior Trader
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    Quote Originally Posted by Noin1976 View Post
    when you start trading you must trade with the right mindset and never hesitate to learn it and also keep learning it and never lose hope and try to trade with your strategy and plan so you will be a successful trader one day.
    I think so; learning mindset is very much important here! But unfortunately, a number of new Forex traders start their trading journey with an earning mindset! As a result, they want quick success! This is why, you may know more than 90% retail Forex traders are the losers! But no doubt, knowledgeable Forex traders are the successful in this financial industry! So, learn more and more if you are not happy on your trading performance.

  2. #12
    Trader
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    Before you start trading you need to forex market basic statistics.
    When testing an FX strategy or system, it is tested to find out whether it is profitable and its trading results are consistent. To assess the testing results properly, you need to use the objective evidence-based parameters or statistics. Beginning traders sometimes believe that there is some single magical statistical parameter that should be optimized. In reality, this is not the case as you have to work with a complex set of interconnected values to find a successful and persistent trading method. It is not sufficient to develop a trading system with a huge win rate to succeed here. A huge win rate is just one part of the system's profit expectancy, which by itself is also not the only important parameter.

    The market of Forex statistics:
    1. The global forex trading market is worth $1,934,500,000,000 (that’s $1.93 quadrillion). Put another way, this is 2.5X larger than the global GDP. 1

    2. $5.3 trillion dollars per are traded every day in the forex market.

    3. More than 85% of the global forex market transactions happen on only 7 currency pairs known as the majors (EURUSD, USDJPY, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDCHF).

    4. If you spent one dollar every second around the clock, it would take you 31,688 years to spend a trillion dollars. Therefore, to spend $5.3 Trillion, the daily volume of the forex market, would take you 126,118 years.

    on the other hand, Daily data are available for approximately 80 economies. While the starting date of most daily series ranges from 1970 to 1995, series starting in the 1950s are available for 14 currencies. For lower frequencies, more historical data are available: the monthly, quarterly and annual series are substantially longer than the daily ones for several currencies. These time series are calculated as end-of-period or averages over daily data, but extended backwards with the additional low-frequency historical data. Most monthly, quarterly and annual series start in 1957.

  3. #13
    Trader
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    You should always have a trading plan. And you need to be aware of what the market is indicating. You have to be knowledgeable and this is not something you can achieve quickly and easily. It takes time and experiences equip yuou with insights and knowhow, but you also need to keep updated with market news, trends etc.

  4. #14
    Senior Trader
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    Quote Originally Posted by maby81 View Post
    You should always have a trading plan. And you need to be aware of what the market is indicating. You have to be knowledgeable and this is not something you can achieve quickly and easily. It takes time and experiences equip yuou with insights and knowhow, but you also need to keep updated with market news, trends etc.
    We will have to understand this fact that if we are doing our trades with a Trading Plan then we will be able to get Better Trading Results.
    Also we need to know that when we are making use of a Trading Plan then we can get Regular Profits also.
    FXOpen - one of the most successful and fastest-growing Forex brokers.
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  5. #15
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    While trading one thing is of the most importance that we learn from our mistakes and not repeat it again.. If we learn this, we can become a successful trader.

  6. #16
    Junior Trader
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    When you trade, the most important thing is the skill of reading the market. You are not a trader if you can't predict the market even for the most noticeable changes. As for me, I'm making money in the crypto market via bitscalp.io. It's hard as hell to predict how cryptogoods will change, but still, it's possible. Especially if watching every trade that huge players do. The speeches about mind concentration and so on are good, but they touch your life as a whole. Your physical and emotional level should always be fine, no matter what you do.

  7. ARIONFORXtarder
 

 
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