If so, what is your secret to success?
2006-07-20 15:38:42 · 3 answers · asked by tomleah_06 5 in Business & Finance ➔ Investing
Let me first try to give you a better perspective of forex trading. Only about 10% of traders make money overall. 90% lose money. to be in the 10% you have to be really good.
This take experience and training and discipline. one do not always make money in every trade one goes in. Sometimes we were wrong and sometimes we were right. What happen is that at the end we must make money to be considered successful.
It is about probability. We must have better odds. Like casinos where players have smaller odds of winning while casinos have higher odds of winning. Success forex traders make themselves the casinos. We must have higher odds of winning.
We do this by learning about technical analysis (chartings, use of indicators etc). It will be too long an answer to give you a complete picture. But this should give you some idea.
I belong to the 10% group.
2006-07-20 16:08:25 · answer #1 · answered by forex trader 1 · 2⤊ 0⤋
I'm not there yet. Doing allot of reading;
ie;
John Murphy - Technical Analysis
Boris Schlosserberg - Technical Analysis of the Currency Market
Lien - Day Trading The Currency Market
From what I can see there is no secret. Just hard work. If you're doing good...... 60% correct trades will be good. 70% will be incredible. Managing your risk is just as important as picking trades. There are no "systems" that work.
Keep in touch if you feel we can help each other.
2006-07-20 15:52:08 · answer #2 · answered by Common Sense 7 · 0⤊ 0⤋
Plenty of good advice here.
2006-07-20 18:13:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋