I know many people which are not profitable in forex. If they are not profitable in forex then I think they have not knowledge and planning about Forex so they could not eran in Forex.Am I right? Are you agree with me?
There are lots of reasons why a FX trader may not be profitable. Here are a few, to get the discourse going: 1. Using a broker offering commissions and spread that are too high relative to the way the trader is trying to trade 2. Not having a working strategy/edge 3. Having a working strategy/edge, but not applying it correctly and consistently 4. Applying a working strategy/edge correctly and consistently, but with excessive leverage 5. Applying a working strategy/edge correctly and consistently and with appropriate leverage, but being unlucky over the time that profitability is being measured 6. etc
Yes you are right brother. We should choose a regulated and reliable Forex broker and be disciplined in our trade.
A lot of times it is not necessarily knowledge losing traders lack, it's their money management skills. Risk management should be a traders #1 concern at all times. Over-leveraging and maximizing risk exposure WILL catch up to a trader that is not careful at some point. However, there are plenty of 'traders' who simply figured out how a candlestick chart works and think they're going to make millions. Spending time reading charts and watching price action is mandatory for becoming a successful trader.
Proper knowledge and experience is necessary for the traders and it will help the trader to achieve their goals of earning good and consistent profit. Trader should learn first and practice more and more to develop their trading skills.