Forex trading, is it profitable?
- Thread starter Immilash
- Start date
ojo2021
Banned
The common mistakes in forex trading are money management, risk managent, emotions etc. Many traders with low capital tend to use big lots size with small account. Another issue is where to take profit and place stop loss. Lack of discipline tends to blow account very fast.
Kingstone
Active member
Three of the biggest challenges a trader face are clearly mentioned here. Money management is almost similar to risk management since you are managing the account by setting Stop loss and using a good and balanced lot size according to your capital. I will be emphasizing emotions.
As humans, we have emotions and if we cannot control our emotions, trading can go south. Your losses will increase steadily especially when the losses begin to kick in. That is why some traders will go for a trading bot to help them trade. It is the best way to control our emotions but we can reduce that as time goes by
As humans, we have emotions and if we cannot control our emotions, trading can go south. Your losses will increase steadily especially when the losses begin to kick in. That is why some traders will go for a trading bot to help them trade. It is the best way to control our emotions but we can reduce that as time goes by
Jack Reacher
Verified member
Forex is a time efficient benefit business in the event that you know how to do it. You don't have to burn through 8 hours. With greatest a 4 hours work is sufficient for Forex trading. Sometime thirty minutes is sufficient. In any case, for this you need to examine a long way to go the specialty of trading. At that point you need to do significantly more practice in demo account. For my personal trading I spend 3 hours in average everyday. I am trading with Eurotrader broker that has over 100 trading instruments. You can choose your best from here.
moonchild
VIP Contributor
Excellent submission, I think they've said it all, especially the first guy, we tend to use big lots sizes on our tiny weeny accounts 😂, this is the quickest way to blow an account, we need to understand that the market is dynamic and it doesn't give a hoot about our emotions or our sentiments that's way I like this saying 'Trade what you see', we are humans we have emotions and sometimes they get the best of us, Forex market is ruthless to careless traders, so we need to really understand what we are up against to be able to win.
Yes, forex trading is profitable but making profits on a consistent basis is not that easy. Traders can increase their odds by carefully managing their risks, following sound money management techniques and determining the future market direction by analysing fundamentally as well as technically before taking any action. Above all discipline and right mindset is extremely important.
Sotherefore
VIP Contributor
Every business both offline and online is profitable but the most important thing is how you are approaching this business, are you approaching this business for the main purpose of making money? No sometimes most business are not to be approached that way because going into the business with a pure mindset of making money and not caring about what you have to offer is a good reason you may not likely to succeed, now I am not really interested on how to make money in any online business I have interest on but the most important thing I would be concentrating on is how to learn the business to understand how it worked perfectly so that I can be able to handle the business even in most terrible condition, with this strategy I believe that the chance of making money with online business will be very high just the same with forex trading, forex trading is profitable if you are approaching it to really learn about it to understand how it should be traded for maximum profit .without good understanding you may not be able to make money in any online business you have interest to start, that is just the simple fact.
tetramorium
Member
Market in itself is profitable but the problem is we don’t know how to get profits from here. Traders usually believe that being profitable is about winning maximum trades. To be blunt, it isn’t. You can win 90% of your trades and still 10% of the losing trades can wipe your entire account. To earn profits you also need to know how to protect those profits. This makes risk management an unavoidable aspect of trading.
cashisking149
Active member
Yes of course it is but it is also a multi-trillion dollar a day business and people who think they can just waltz into the markets without any education or practice and do anything other than blow their accounts are just dreamers.
It’s up to you how well you can do it. Making forex trading profitable is completely in your hands. Start with learning and understanding the basics of the market. Once you are through your learning, you can open a demo account to try your hands at it with virtual money. You will know whether you are doing good enough to risk your money in the live market or not.
Sotherefore
VIP Contributor
I believe also that the best way for you to be expert in forex trading is just to learn it and not just learning , you need to be disciplined to be able to dedicate your time to learn it successfully but personally I don't like the idea of learning forex trading with a demo account because this will not really give you any understanding of how the volatile market is ,you will only be able to trade based on your prediction which is not a professional prediction , it is the best for you to actually learn it from experts who understand how to predict the market professionally because this is how you can be able to make profit as a forex trader ..if you're not ready to learn about about it perfectly then the chance of losing as a forex trader may be high because the market is extremely volatile and s normally require smart people to trade successfully without losing, even top smart people are still losing in forex but the rate of profit is higher.
iomaralmaged
New member
I mean I just made a little bit more than a 300% last month 🤷♂️
Victorial
Active member
Forex is very profitable and one of the best ways to make cool money online if you know what you are doing. It takes time because there are many things to cover and you have to know it gradually. It is a school of no graduation as they used to say. So if you do not want to be patient, then forex is not for you. You have to know how to analyze and predict the market trend. If you think you can guess and make profits you are very wrong. It is quite risky also and that means you will lose funds too. Losing is even part of learning forex. It is your experience and it will shape you better
iomaralmaged
New member
This is a good point to understand. Mostly those traders fail at trading, who don’t give enough time to their careers to grow. They are probably these traders who get attracted towards the market because of the brokers promising good returns and when they don’t see them, they either leave to trade once and for all or start making revenge trades.
It is essential to note that forex trading is profitable but it will take time to show results. So, take risks only if you are ready to keep patience.
It is essential to note that forex trading is profitable but it will take time to show results. So, take risks only if you are ready to keep patience.
iomaralmaged
New member
Nothing is guaranteed in this market also this market has a lot of downsides but it kinda reflects the fact that if you want to be rich fast and you don't have patience even to look up what kind of platform or brokers you dealing with then I can't be surprised if what I've been promised not delivered.
Making profits in forex trading depends upon how to approach the market. If you enter the market and trade currency pairs after doing your due diligence, then you can expect good results. Forex trading is all about money management and risk management, so if you master these two aspects, you can do well in trading.
HeavLeighGill
Active member
Too many have the idea that it's super quick and easy to get into trading, so they rush on demo or go straight to live without being truly prepared. This is an avenue you can use to make money, but it does take a good bit of studying and trial and error in many cases.
