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Forex Trading Thread - Investment - Nairaland

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Forex Trading Thread by CDavidd(m): 11:33am On Sep 08, 2021
I am going to give you an honest outlook of the skill called forex.

Patience is key for us to win but that's not all...
Forex requires long term CONSISTENCY.
Perseverance is also very important, we continue trying no matter what.

Tell me that you lost money and you already know that it is ok.
In the past I lost many times but I never stopped trying for a single day.
There is no need to feel discouraged, learn from your mistakes.

Forex is not a get rich qick scheme, it takes time to build genuine wealth.
SUCCESS WON'T HAPPEN OVERNIGHT: Keep your eyes on the long term and not the short term, don't loose your enthusiasm and DON'T GIVE UP.

There is no holy grail strategy out there. Don't waste your money buying bots (EAs) promising you high returns. Starting from small and intangible and turning it into something big.
Once you have a proven strategy, the rest is just to choose your favorite trade, place it and wait patiently for it to hit your TP or SL.

A good psychology and RISK MANAGEMENT are the only Criteria to becoming a profitable trader. Hardest part by far is psychology.
FUNDED ACCOUNT MONEY MANAGEMENT
Risk 0.5% until 5% gain is achieved
Risk 1% until 10% gain is achieved
Risk 2% of initial deposit after 10% gain is achieved
2 Trades a day

Know when to close a trade, protect the profit you already made by trailling your stoploss. Some traders hold a Winning trade for too long that it end up turning back to negative and hit their stop loss because they failed to manage their trades And they don't know when to close a trade.

Lastly for beginners, Don't forget to play around with your Demo on MT4|MT5, go on the charts, practice, train your eyes to spot an Imbalance, S& D Zones, Order block, BOS etc. Put everything you learn in to practice. Keep Backtesting, don't rush to go live.

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