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Post by traderAllen on Oct 10, 2014 10:33:47 GMT -5
Trading the Forex market is probably the hardest thing most people will ever attempt accomplish. It will not only challenge your technical ability. It will also challenge her intelligence where you will study for hours and hours think you have everything possible put into memory you know exactly what you're doing, but as soon as you enter a trade the market will smack you upside the head and show you you're wrong. From a psychological standpoint the ups and downs can be tremendous on one day you can be totally happy your trading with great, and the very next day you could have that wrenching pain in the pit of your stomach for taking or setting at a loss much bigger than you planned. However once you have created a methodology that works for you, that is profitable over time. Trading will evolve into a much more mechanical phase where you don't worry about being right or wrong. The focus on the chart you react to the current buying and selling pressures, place your trades accordingly, exit when you need to for a profit or loss and move on to the next set up. However even at this point you have to be wary of your emotions because at this stage overconfidence can destroy your account. It is at this point we you really have to focus on your methodology, you are now your own worst enemy. Stick to your plan or you'll be back at square one. On the bright side once you reach this level there is no limit to your profits in the long-term.
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Post by traderAllen on May 6, 2015 8:48:45 GMT -5
Just heard on the news that market makers are making a killing in the currency market with all the volatility. That's because they are taking the other side of the novice traders trades. (Translate, aspiring traders are losing there accounts)
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Post by ddtrader on May 6, 2015 8:59:04 GMT -5
Just heard on the news that market makers are making a killing in the currency market with all the volatility. That's because they are taking the other side of the novice traders trades. (Translate, aspiring traders are losing there accounts) Thanks for the confirmation Allen. You should be proud of your chatroom. We all saw there was no edge and we saved out pips till tomorrow.
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