The difference between a forex trader and a gambler

 

What should be the overall condition of a forex trader? At present most of the forex traders have enough knowledge to understand, analyze, etc. of the trading market. But the mentality that is required to survive in the trading world for a long time by following the rules is found in very few traders. As a result, most traders are constantly losing money. But if we are a little more careful about a few things, our trading life can become more enjoyable. Although for many, forex is an annoyingly tempting business. So you can't throw it away and you have trouble digesting it again. So we need to change the way we think and plan in the world of Forex trading. Otherwise, there will be no difference between us and gamblers.

 

What should be the overall condition of a forex trader?

01) Take a position based on market analysis with most of the possibilities in front of you.
02) Avoid Exiting trade and trade on a plan basis.
03) Select the correct stop loss.
04) Choose the right size to trade, if you trade with the risk of doubling the full investment risk, then you are a gambler.
05) You need to understand what you are trading. Why are you doing this?
06) Be careful in choosing a time frame, keep calm if you see any symptoms like becoming a gamer.
07) Go back to your trading strategy and keep developing it.
08) Review your historical performance and find out the reasons for your success and failure.
09) Be disciplined, evaluate trade as a business, not a game.
10) Expand Your Thoughts: Go under a professional trader.


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Posted By garyskyner : 03 September, 2020
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I have been wanting to share with you my short experience with Elliott Wave for several days. I was not actually becoming a person of lazy nature. Today I thought I would write it down.   First of all, I share the experience with Fibonacci, Fibonacci is very well connected with Elliott Wave. I used to read a lot of science fiction as a child. Probably the first thing I found in any of Jafar Iqbal's books was the Fibonacci number. A very simple series whose number will be the sum of the previous 2 numbers.   Well, now I am a little surprised, everyone. Well, have you ever found the ratio of the length of the wrist and the rest of your hand while folding? The ratio of large numbers to small numbers will be close to 1.619. Who is called the GOLDEN RATIO.   Surely you've heard of Leonardo da Vinci's Mona Lisa or The Last Supper? If I say that this ratio has been accepted there. How the value of the ratio is 1.619 is actually understood through an equation. If you search on the net, you will find it and if you have difficulty in understanding, tell me. A number is an irrational number like pi. After the decimal, you will be able to calculate for eternity and will not get the repetition of any number or series.   I was talking about Fibonacci. Now let's see if this golden ratio has anything in common with Fibonacci? Well, you see 55 divided by 34 or 89 divided by 55 or 144 divided by 89 ... The most interesting thing is that you see 1.619 .... coming up. Available.   Well, then what happens if 69 is divided by its previous number? you mean 89/34? Not like 2.618. Yes, that's right!This time let's divide 89 by its previous number. What happens? you mean 89/21? Is it like 4.236? Why can't I go before 89? So what happens if the number after 89 is divided by 144? You mean 89/144? Oh 0.617The next number after 89 divided by 233 is 0.3791Well, what is the average of 0.618 and 0.3791? 0.50And what happens if 89 is divided by its next number? 89/38? 0.2360Do you know who publishes these numbers as a percentage?23.6, 36.2, 50.0, 61.8, 161.8, 261.8, 423.7.These numbers are not our Fibonacci level !!!: o   So if we pull the Fibonacci level we accept that the movement of the price is changing according to the Fibonacci number. And if that is the case then if we break the 61.7 resistance we can assume that the price will follow the 50.0 resistance and act as the 61.8 support.   I know this is very easy to understand, there is no need to know so much. But I was wondering why these fib levels would act as support and resistance. I was very happy to understand. Even if someone likes it so much, it is successful.   I'm trying to write about Elliott Wave. Elliott Wave seems very interesting to me. There is still some reading to be done on the corrective waves.

What is Forex, where to go to learn? How long will it take? How much money is the guarantee of income? How much to invest? Is it possible to trade without investment? As a profession, what can everyone do? Explain all this a little. - Trader, non-trader for everyone.Before moving on to the main discussion, Halka gets to know a little bit about the benefits of Forex and what it can be like as a profession. I am actually sharing the matter with a little unknown person, I have been facing a question for several days, many people are annoyed to hear the word forex, where to go to learn forex? Many people are talking about various benefits, some people are saying that training is a guaranteed income, while others are saying that it is an unlimited income system with Rs. 50,000-60,000 per month, again showing someone who is earning Rs. 1,00,000 (one lakh) per month. Earn more than money through forex trading. All in all, the matter is still unclear to many. So my intention is to try to solve the above problems and possibilities from my experience of Forex trading. We hope you will share your Forex trading experience. The minimum benefit is that the newcomers will not be misguided.What is Forex?In a new way it seems that there is no need to explain to anyone that Forex is still in the interest of discussion and those who are absolutely novices are telling them; Forex is a trading market where one currency can be traded against another to make a profit. And newcomers can know the trading facilities in this market once.Where to go to learn forex?The simplest answer is to go to a forex training center or if you know someone who knows forex, start learning from the star anyway. Let's go a little deeper this time. How to learn Forex by going to the training center At present the training fee for general Forex trading in almost all Forex training centers in our country is between Rs. 8,000-10,000. Time 2-4 weeks. Good. There is no substitute for training if you want to know something better. Not everyone can do everything on their own. In this one month training at the training center, you have stepped into the realm of forex trading. Now the rest of the work is yours, with regular study and effort, you can become a trader. He needs to start practicing for a long time. And to do this you are not obliged to win at the training center, you can master the subject on your own if you want. However, if it is readymade, it takes less time. Note first that Forex is not a pill made by a doctor who sang in an instant or a package that understood everything in a month. Forex is a "long time learning process for life time and live learning". Just as a little knowledge is terrible, so is the thought of mastering the subject with a little effort. Then youHow to get started?Step 1 #You first mark any site, domestic or foreign, then take out a specific time every day from your regular routine and then start studying little by little. Remember, don't rush to load. Do not try to control something by force. If you give time to time then time will give you time. Divide your study into three parts or you may get confused (at these three levels of Beginning, Professional and Advanced). Step 2 #In the forum ask your problem or something you don't understand as many things can be vague to continue the study. There are many experienced traders who can give you a good solution to your problem.Demo practice starts as soon as you finish the demo trading chapter of the study. And continue your regular study as well. Fix the demo trading practice in the same way you did regular study.Step 3 #Assuming your basic study course is over, now you can understand and trade fairly. So what to do now.In fact, you will decide now. Is it really possible for you to trade? How happy have you been with the intention of learning Forex for so long or how happy are you with Forex? Take the answer to this question on your own, if your answer is you are quite enjoying and this kind of earning concept is giving you a lot of pleasure then I would say you can decide to do forex. And start your next step. And if you can't cope with this kind of learning system, or you don't understand the subject, you're not really happy, then I say you can't force yourself, you have to understand that this kind of earning is not suitable for you. , You can do any other business of your choice without trying too hard. Because as much as you understand in the first stage, at least I hope you understand that this is an art, the better you can spend your time happily, the sooner you can succeed. So since your assessment period is not positive then you should skip this type of business thinking. Because not everything happens with everyone, you know that very well.Step - 4 #OK, let's assume you have decided you will trade. Then now is the time to make yourself the main trader. Are you a student or an employee? Take 1-2 hours out of your normal routine every day as you are very interested and enjoying the subject.This is your second assessment: - I am focusing on feeling very good, because the results of forced work are not good. This time practice Forex as a completely optional subject while keeping your normal activities in order, do not expect a quick return from this market. One more thing to keep in mind when you are not discovering that you are trading well and if your 4-6 months of regular practice gives you an overall positive result then you can invest and think.Step - 5 #Basically you now know that forex trading has many formulas and many strategies. You also learned that strategies can be created individually with each subject. But it is not possible to trade all the issues together again. So now your job is to make a regular trade in any style you decide. You know that there are basically three formulas to tradeTechnical analysisFundamental AnalysisAnd candlestick analysis.Most trades are based on technical analysis strategies and this strategy is the largest and most time consuming.Step - 6 #Assuming you decide to trade in Technical Analysis Strategy, the goal this time is to learn the technical terms. You already know that the special method for Trend Power Trading is to identify the trends and trade them. You have to do a lot of tools and study for that. And so start drawing different patterns, standing and execution. This will give you a better idea of ​​the pattern then start working with Advance Pivot Point and Fibonacci Retracement.   Step - 6 #In this step you will go one step further with the chart, until you know how to convince him by drawing a pattern with Fivanci. Now basically do that job again with more strength than before. Let's take Trading Classic Chart Patterns, basically by following the book, you will become clear how far the chart patterns work and how effectively they work in different market situations. If you have a good chart pattern book in your reference, you can follow it. Basically the purpose is the same. Learning chart patterns and not taking all the patterns together at the same time can be so frightening. So after mastering a few patterns, create 4-5 strategies with them and mark their trading success through demo trading. Keep up the good work.Step - 6 #Let's take a simple and transparent path this time, you must have got the MACD indicator, you don't need to think about this indicator at all, because you may not know how much power this indicator has, you will be happy to know the favorite trading strategies of many expert traders who are earning much more from forex. But with MACD. So when you understand the pattern, start the strategy with the MACD and trade regularly. Remember that you will find thousands of strategies for trading in the Forex market. If you throw yourself into the trap of all of them, you don't have to trade anymore, so you don't need to be such a strategy expert.Step - 9 #You've come a long way and now that you've come this far, you must be doing well. Then you know that you have also passed the second assessment so you can do forex. It's final. Now it's time to become an expert. How is that possible? In fact, it is not too difficult for you. What does Expert Trading mean? Is it a medal or a recognition? Expert trading is when you trade well, your maximum trade is profitable and you have a very good knowledge of the market and understand the market volatility and can trade accordingly. Now all these things but you will not get in one kind of analysis, so you need to know about currency falling and rising issues which you will find a lot in fundamental analysis, remember that fundamental analysis means but not just being able to read economic calendar but what causes currency. Fluctuating means knowing and having knowledge about economic data points. So you understand how important your technical analysis as well as fundamental analysis is.Let's learn about another common analysis, if you want to develop yourself as a Forex expert. That is candlestick analysis. There is no need to think lightly about candlestick analysis because there are so many different negative opinions. I am not denying the different patterns of candlestick, but I can give some formulas so that your trade can be successful, notice when you enter the trade with technical analysis. You can also match your candlestick pattern, but your trade is not supposed to be negative. Now maybe the mood is getting worse or you think you should do so much analysis and not trade, but in the morning it seems like it is now but in fact it is not the case. Because when you come up with a good idea about different analyzes, it is only a matter of seconds to make the order positive with different analyzes in one order, so don't worry.Step - 10 #Yes, you know a lot about Forex. So now there is nothing to learn? Just trade and earn more and more dollars? I'm not going to let you down, but I want to remind you that the Forex trading market is not the same all year round, the same strategy you are using now to make a profit but at another time in another month of the year may not work or completely. Your target may not be filled or the trade may go against your order. So how do you trade all year round? No-tension boss! When I say that, it doesn't happen all the time, but it's not something that doesn't happen at all, so I'm a little careful. In this case, simply divide the whole year into three parts. E.g.October-January,February-MayAnd June-September.If you notice or have a good trading experience, you can assume that no matter how good or bad the market is throughout the year, 3-4 time circles no longer react outside. So take the idea out of the annual chart. You have become so breathless that you have to clear so many steps, in fact you will not be able to do these things in one day and you will not be able to. So take a short break if you get a little tired in the middle of learning or if you get a little annoyed, because learning to be bored will make you more annoyed. Will increase. Because Forex is a total art where an extreme value of your talent is found.Of course, I hope you have invested as much as you can and traded a lot before expecting so far, then I would like to say as a recommendation, if you want a good return, you have to give good input. I'm not saying you have to start trading with, 500,1000,2000 or শুধু 5,000, I just want to say you understand the trade so think about all your aspects and invest as you like, maybe that's $ 10,000 or more. All your analysis as well as investment is a huge factor, yes, you may have huge amount to invest but you need to know how to use it in a risk free way. And when you finish learning up to this point in my discussion, I'm sure you don't have to tell me how much to invest.Is it possible to trade without investment?I want to give the answer very simply, it is not possible to trade without investment, boss! When you are in this market, you may have heard that there are various Forex sites that offer bonus dollars for posting that can be traded, or some brokers offer a bonus of-5-10 for their brand promotion. True, this can be bypassed-but not unless you're a techie who knows what he's doing. He is a professional trader and you don't have to worry about good discipline and unconditional trading. If you like the subject a lot and if you really want to collect trading money this way, you may lose your interest in the original trading and your business sentiment will be lost and you will be annoyed to make the condition oblique so come directly to trade without getting addicted to all these things. . Think of it as a business, not an opportunity seeker. And since you are doing business, you know that there is no profit without investment, so keep that in mind.I hope you have found a new business concept for those who don't know anything about Forex yet but have read this article. Now you have a plan for how you want to go about this new business with all your thoughts in mind. Surely you know that a beautiful beginning of something is half finished. So far those who have been harassed, annoyed, losers by trading Forex will do a little research on their history and you will see that they have traded randomly or started trading without adequate practice of risk management or key issues. So guys, just like any other business, think about it, as hard work and dedication are at the root of business success. Yes Forex is a different kind of business. Working here is the work of your talent. So business is not acceptable to everyone and not everyone can. Don't go for less that your full potential. Don't think of this as a way to get rich overnight.Forex is full-time or part-time, as a professionThis is very important because in many cases it has been seen that part-time traders can do the same amount of income that full-time forex traders earn throughout the day. Moreover, 85% of total Forex traders are part-time traders. Moreover full-time traders have very good mental pressure which is why they tend to be a bit lazy in nature. Something else does not become their very style. There is no need to take it full-time in the beginning. Basically the main difference between full-time and part-time trading is the pressure, how much pressure you can take. So keep moving forward according to your own sentiments without making the matter too complicated. You can take advantage of three types of Forex careers.Professional trader or institutional trader.Forex analyst or currency researcherE.A DeveloperYou can also do many high level jobs in various interesting posts including regulator and exchange manager.If you can be a good analyst in skilled trading then besides trading there is another huge potential for you to work as an analyst. Of all the brokers, a huge sector of the various forex service providers is that currency analysis is basically the more and the better the effective analysis that can be gifted to the customers, the better the market will be and the long-jump of all forex organizations but this is one thing. So if you can develop yourself as a skilled analyst then forex companies will take you and give you a high rise salary which can be 3-5 lakh rupees per month. You will continue to work from the comfort of your own home as you trade from the comfort of your own home. So there is a lot of potential in this sector.The key to success in the Forex market is to:Patience + humility + education = successSo many people are trading for a long time and developing analytical skills in different ways such as chart patterns, pivot points, vignettes retracement, Elliott Wave, researching mathematical explanations and gaining the ability to understand the price movement. So if you have a target to be an analyst, then keep notes of your trade formulas down from the beginning, update and make a form of the logic of each strategy, you can proceed in this way. In fact, you are an analyst because you need analysis in every trade the way you enter the trade. So always emphasize on the subject. At one stage you will get your targeted area while practicing. However, to reach that position, you need to cross a milestone of 3-5 years or more with regular study. So keep trading normally for a few years through all those things.Some straightforward words: If you do not get the benefits, you may have to suffer.1. Do not trade on loan.2. Do not trade force to fill the target.3. Demo trade with exactly the amount of money you invest in live trading.4. Do not trade in Yes or No function.5. Occasionally take a break from trading.. Do not compete.. Keep records of all trades, compare positive and negative trades. Review and correct negative trades.. After getting positive result in two consecutive trades, do not increase the volume in trade number 3.9. Don't trade against your will if you don't want to.10. Do a minimum of 5 minutes chart analysis before opening a trade.

The foreign exchange market or Forex has the incontestable advantages thanks to those everyone regardless of location, education and income, has the opportunity to trade. All you need is a computer and an internet access. Forex is the biggest market that develops dynamically due to some fundamental advantages over other financial markets. These advantages include the high liquidity, operating time 24 hours Monday to Friday, low cost deals, margin trading and many others.     Now we are going to describe in detail each of them.   High liquidity The Forex market volume of trade is about $1.5 trln per day that is 50 times more than the one of the New York Stock Exchange. The high liquidity allows traders to make a deal of a different volume for the same market quote. Moreover, the big volume of trade does not permit the major traders to make the market to be in their own interests. The high liquidity means that Forex is always attended by the great number of traders and buyers, and there is no difficulties to open or to close position. Trader has an opportunity to get the quote with the minimum spread. The market liquidity provides the rate flow even at the time of economic crisis.   Round-the-clock operating Forex market works 24 hours Monday to Friday that allows the traders all over the world to have a deal at any time. Unlike other financial markets, the Forex market participants do not have to wait till they can respond to the particular event. Forex gives the opportunity to its traders to take a decision and act right after the important news comes up. The traders of other markets who are provided with the same information and the same solution, have to wait till the stock opens.   No limitations Forex as distinct from the stock markets is independent, i.e. the prices are formed in accordance with demand and the supply. Usually that causes the strong trends that may provide the great profit.   Unlike on the stock, where the trade can be stopped upon the occurrence of certain conditions, trading on Forex never stops, because it does not have any regulators. Forex works every day except for the weekends and international holidays. There are also no limits to currency rate movements.   Margin trading Forex has a margin trade scheme that enables the traders to make deals, which value significantly exceeding their startup capitals. The successive deal brings a great profit.   Furthermore, the trade is conducted without real currency delivery to their buyers that reduces the additional expenses and lets to open long or short position.   High dynamics The foreign exchange market supposes to get the quick profits. The trader can earn in several hours from the position opening position or even in few minutes. The fast speed of the currency rate movement means that the risk on Forex is much higher than on other financial markets. However, the availability of short-term deals attracts a lot of people, who ensure the high liquidity. That state of affairs reduces the trader's risks.   Wide choice of trading instruments Forex offers a great choice of trading instruments. Every trader can choose the one that suits his personal purposes and preferences.   Thousands of shares on stock markets are traded only by specialized funds and organizations, which have their own traders in each state. These traders purposefully trace the certain set of shares. 


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