Challenges of a Forex Trader!!

priti24701

Newbie
4 0
As a beginner Forex trader, what problem or challenges do you usually face? And what do you think would help you do better?
 

MichaelJohnFX

Senior member
2,888 321
Not a beginner myself, but i think newbie traders could do with sitting down in front of a screen and understanding price action - despite what the industry tells you. When you're more advanced / intermediate, can stay away from screens. Also, risk management is something a lot of retail traders struggle with massively e.g. where to put stops.
 

Henow1969

Active member
236 25
At the beginning of my trading, I face getting some good material to learn my trade and after it, consistency was my big problem and i never make a good profit consistently.
 

Terez93

Junior member
10 1
When I had begun, the biggest issue used to be the right entry/exit of my trades. I used to lack that focus somewhere and handling emotions used to put me off track. But yeah, practice does help one getting out of such issues.
 

amtradingfx

Newbie
3 2
Risk management
Risk management
Risk management

if you don’t have that forget the rest

focus on getting robust set of rules for risk management in and you will be better than 90% of people

because 90% people focus on their entries exits bla bla when in fact all that is pointless if you don’t have a solid risk management strategy in place
 
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MacroBeat

Member
64 11
Risk management
Risk management
Risk management

if you don’t have that forget the rest

focus on getting robust set of rules for risk management in and you will be better than 90% of people

because 90% people focus on their entries exits bla bla when in fact all that is pointless if you don’t have a solid risk management strategy in place
could not agree with you more antradingfx. the most important thing in trading is a clear risk management structure, that gives you a clear idea of what your daily loss should be and from that amount, you can structure the size of your risk and then plan the entry and exit levels.... most Retail trader do NOT understand risk or the risk they are taking, nor do they understand that a trade is planned before you even have risk.... as that way your account survives even the odd bad day... and you are around to fight another day, as we all lose at times but it has to be in sync with the account.... if you get that part right.. thats already a great first step
 
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Hi3rophante

Active member
112 6
The big problem fo the beginner : not facing the truth ; that's why it is very important to track your results with some software or website, so you can see FOR REAL how you are actually performing -and eventually improve if needed.
 

Kathrikelv

Newbie
5 0
It is necessary to really look at how trading in the forex market will take place and that many problems will have to be faced.
 

MacroBeat

Member
64 11
It is necessary to really look at how trading in the forex market will take place and that many problems will have to be faced.
That depends on what you want FX trading to be for you.... if you want to make money on a sustainable basis , you have no other choice than to learn it all... easiest way to look at it is... look at it as if it were your job (for some people, including myself it is my job) but what i mean is.... if you want to be good in something.. you got to learn all there is to learn to really reach your potential... as anything less, makes little sense unless you say it is just a hobby and if you lose small deposits you not bothered but that would be an odd starting point
 

maby8

Junior member
29 3
I think that the main problem is not feeling knowledgeable enough when you are first starting out. You feel unsure and somewhat uneasy as even though you tried to read and understand what is going on, you are still new to it all. There is also that sense of insecurity that may impact your decision from being rational. That is why it is best to start off with a demo account.
 
 
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