Best way to become profitable in forex trading!! In September 2009, I opened a thread in Oanda titled "Best way to become profitable in forex trading!! ". Response and depth of the responses I received on my thread gave me the clarity and understanding if you want to be successful at something then you should / must socialize with people who are successful in the thing you want to be good in.. In other words I disappeared out of Oandas forum. Sometimes in all boredom or more correct only for entertainment value I have engaged me in some thread. But fortunately I have the gift to be banned from the moderators .. So what advice I would give a novice who asked me this question today 2012 ..!! For me is day trading a condition in which large portions of a trading session consists of a kind of uncertainty a kind of fog where you get glimpses of an understanding of the direction the price will go .. and then you reacting .. Listening to advice analyzes, suggestions from gurus, forum members bla bla is death to your wallet .. I avoid it like the plague in retrospect, I like to read analysis of what has happened about the same as someone reading a newspaper .. One time I posted a thread in a dull moment when the fxstreet expert panel's sentiment forecast was more than 70% agree about the direction of USD / YEN (week chart) then the price would move in 80% of the time in the opposite direction .. This over 1 1/2 year period,! this happened 26 times .. Otherwise, the individual "expert had about 60-65% error in their forcast. The main analyst on fxstreet is still bloody offended one me since I baptized my numbers from fxstreet expert panel as fxstreet mediocrity anti direction indicator .. Independence and critical thinking is key word in trading and I have sometimes joined a chat room max record is 20 minutes, it's too stupid for much foolishness and stupidity infects unfortunately .. Trading is focusing attention .. you go into a trance where time flies .. Normally I sit 3-4 hour break there after 3-4 hours a break .. then debrief ..journal .. Many people spend a lot of time to learn the technical set up, pattern, focus on what indicators tell you and miss the context in the situation. The most important thing in trading (my opinion) is to learn to think right, see things in context, you can not see a thing in context, you will not develop the ability to understand market movements .. _It is this ability that makes you profitable in trading, the ability to act appropriately when thinking right .. Many times I have thought right but acted improperly or not acted at all. Key word here for progress in the amount of training (screen time) , build a foundation of proper experience .. Which subjects literature in trading is best suited to develop you as a trader? .. Personally I would recommend to go in depth of Lance Beegs and Al Brooks's extensive material .. Both do not use indicators but emphasizes the ability to understand the market. They have a slightly different approach to trading .. But for me, they complement each other AL Brooks has what I missed in Lance Beeg and vice versa. Very few starting with forex has the ability or the willingness to go in depth to learn forex and work with the material, at times I have spent 12 hours each day getting to transforming knowledge that I have acquired over to my practical trading. Again build proper experience .. This is a tough process .. But when you drown you in the trading day in day out and look back you will always detect progression. I took a look at Oanda's forum since I was last there in 2009, new names, the old names who still still are there, playing with their $ 1,000 accounts .. That is the reality for most people starting with trading. The main reason for my thread is that I saw the discussion about Al Brooks in this forum .. There are things I disagree with as I read the books of Al Brooks and educational, they are a disaster. In other words, a hell to read and understand but you will not find one else has the depth or understanding of how the market moves that you find in his books.. _ But you have the ability, Al Brooks / Lance Beegs one of the best roads that lead to the title profitable trader if you manage to master the knowledge that Al Brooks / Lance Beeg trying to convey ..
Yes a good Forex broker like ONEDA is a good option to trade in forex because without good broker we can not succeed in Forex. So we should get a good and regulated Forex broker.
Day trading is very beneficial and we can earn lot of profit and i am also day trader and had achieve my targets of earning good and consistent profit and if we learn and develops our trading skills then trading become more profitable.