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fxeconomist
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Posts posted by fxeconomist
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On 6/15/2022 at 10:45 PM, CrazyCzarina said:Traders often fail because they don't take their trades seriously enough. Most inexperienced traders are looking for get-rich-quick methods and are not fully prepared for how they will enter the market. In fact, some inexperienced traders gamble without even realizing it.
Agree that's why I watched first Hotforex webinars to learn thoroughly emotional and psychological aspects of trading in order to avoid gambling
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On 6/1/2022 at 8:23 PM, aimhi said:I guess they already have MT4 and MT5 as well and both are good in my opinion however i am using the MT4 at the moment.
I use MT4 and when I'm on the go I use their iOS app to check my trades.
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I consider myself a winning trader with one reservation: I don't focus on short-term gains or losses which is inadequate in terms of measuring performance or ability of a trading system to generate profits but instead focus on yearly returns which are so far positive.
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I said farewell to binary options after I noticed that conditions in forex trading is much more beneficial. You can exit at any time and manage your risk more flexible. Also some brokers like Hotforex offer really low, almost zero spread which makes it similar to BO transaction costs but with additional features in risk management.
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On 5/10/2022 at 8:13 AM, aimhi said:The professional traders are the one who actually turned out their losing trades into profitable in my opinion.
How is this possible bro? Do you mean they learn the lessons from their losing trades?
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On 4/28/2022 at 12:27 AM, aimhi said:Stop loss feature can help cut off loses earlier than they become too big to afford. Bad days can occur to professional traders as well however they are skilled money managers and use tight stop losses to eject from a bad trade as soon as possible.
Agree they mastered the art of cutting losses short and controlled drawdown is part and parcel of successful trading.
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On 8/26/2021 at 10:23 PM, CrazyCzarina said:Yeah, Risks are going to be everywhere and you are going to be at brim at your initial stage, so you must learn about the Market and learn to do a proper analysis of the Market before getting involved.
If there is a risk there must be reward too, our goal is determined when probabilities are on our side so we get positive expectation of gain. It suffices to make correct predictions on average, not every time.
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On 4/12/2022 at 11:59 PM, aimhi said:I guess taking calculated risk we can make our account grew into good balance over the passage of time yet it requires patience and avoiding over trading and over leveraging the trades.
Yeah that's why I tend to trade fixed lot size I increase or decrease it periodically depending on account equity. It helps me to avoid mood swings because I don't go into gambling by raising stakes, hence I can avoid large losses.
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On 4/5/2022 at 2:08 AM, aimhi said:You might be right because many scalpers trades turned into hedging and then due to high leverage they ends up losing money and blaming others for their loses.
Yeah, locking positions is the worst thing that traders can do to limit risk. Unlocking positions usually end badly because at least you pay double costs at worst volatility doubles your loss.
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On 4/6/2022 at 11:21 PM, CrazyCzarina said:Day traders rarely hold positions overnight and try to profit from intraday price movements and trends. Day trading is a high-risk activity, and the vast majority of day traders lose money -- but for those who are successful, it can be lucrative.
Agree I also started from Hotforex demo and after some practice move on their live account with small deposit. I think it is essential to keep your demo trading time short so you don't get used to "easy" trading conditions.
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Trading can be whatever you want to make it. You can start small and grow as large as you want. The biggest difficulty with trading is that a person has to make all of the decisions and mistakes cost capital. There is a tough road ahead if you allow your capital to erode. My approach is to study, test, learn using various sources - books, forums, Hotforex technical analysis webinars as sometimes Mr Market decides to change the game and steal our money.
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On 2/22/2022 at 8:06 PM, aimhi said:Thanks for elaboration i am also willing to learn coding just to code some EA however i can't spare much time to code maybe i can hire someone to do it for me.
Yeah Hotforex is quote EA-friendly broker, welcomes scalping traders, nowadays not many brokers tolerate such type of traders.
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Why only 5%? According to Hotforex around 20% of traders are winning. I think it depends a lot on broker and its services.
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Actually starting with small amount of money if you don't have trading skills is the only way to avoid large loss because during initial stages of studying you will have more losses than wins and it's important to reduce exposure during this time by trading small lots.
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On 3/25/2022 at 4:04 PM, barako said:u need lots ot TA (technical analysis) knowledge, the more the merrier, and lots of time to study any certain pair u wanna trade, and a good broker, not so sure about course though, most of what u need u can find online for free
Not sure you can find worthwhile trading course online, most of the teach basics... you can get the same on Hotforex webinars for free, something more advanced need self-study and research.
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On 10/10/2011 at 2:00 PM, timsingapore said:Dear friends of trading
Sometimes I am confused and have this question in mind.Can retails traders start trading in a humble way,such as on part time basis or small capital,then gradually grow it into something like an established profitable business?
The answer is definitely yes if we're talking about traditional business.But is it the same in trading?Perhaps due to the influence of media which make me think that if I am not someone working as a professional trader or dealer,the best I can get from trading is just an extra income for pocket money because consistent profitability is something that can only achieved by the pro,and it's very difficult for retails trader.
To some extents I think it makes sense because no matter how many books we read and workshop we attend,we still lack of the environment(trading hardware,software and surrounded by other pro traders), knowledge and interaction with the market that professional traders have.
Can we,retails traders, turn our trading into established business?
Please give me some guides and advice.Thank you very much!
Confused trader
Of course you can turn trading into source of stable income however I don't know ways to make it quick. I spent three years with Hotforex before I found the system that has positive edge, however it was thorny path had to lose some money which I consider as essential investment.
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On 2/23/2022 at 11:43 PM, CrazyCzarina said:To access the stock market as a trader or investor, you must open a demat account or brokerage account. Without a demat account, you will not be able to trade on the stock market. A demat account works like a bank account where you hold funds for trading.
Agree I also started from Hotforex demo and after some practice move on their live account with small deposit. I think it is essential to keep your demo trading time short so you don't get used to "easy" trading conditions.
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On 2/12/2022 at 6:36 PM, aimhi said:These forex sites can surely be helpful in finding some true broker but i think we should only go with the one who is reputed in the market.
I would not advice to keep all eggs in one basket, at least you can compare execution if you use several brokers and choose the fastest and your choice will be justified.
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Better to trade with regulated brokers like Hotforex or invest in their PAMMs if you don't want to trade yourself rather than investing in scam
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FX and equity markets offer higher returns especially in case of central bank policy support so I just wait for signals from major central banks to make some buy-and-hold medium term trades. I though use Hotforex CFDs to create exposure because I don't need dividends since I'm focused on capital gains.
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I used micro account of Hotforex with starting equity of 5K and leverage 1:50 to make conditions close to my future live account and looking back I see that I managed to avoid major psychological pitfall
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On 2/4/2022 at 5:38 PM, aimhi said:It is really hard recomendation of any broker because there are too many brokers right now so we better need doing some research before finalizing any right broker.
Agree, after careful research I set my choice on Hotforex and quite satisfied with trading conditions on their platform. Great for both for scalping and for swing trading, withdrawals are processed quickly.
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have you tried Hotforex or similar brokers? I like their zero spread account very efficient for scalping and other types of high frequency trading.
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On 1/24/2022 at 7:30 PM, tradeforever said:I first time hear about Ocata 😂 All others are well-known.
Yeah very strange name for a broker. To add my two cents I would also vote for Hotforex very honest broker with reliable platform. Filled my orders perfectly at yesterday breakout on Gold after the Fed meeting.
Best Forex Accounts Managers
in General Trading
Posted
You can try PAMM services, for example from Hotforex, you can build diversified portfolio investing in strategies of the managers presented there with different risk and expected returns. I managed to achieve 7-10% monthly return with good sharpe ratio.