Discussion in 'Forex Trading' started by johnmmf, Jan 31, 2018.
Share something your views?
No interbank volume.
Not trading against other traders but trading against the broker.
Different prices at different companies.
Those are what I've heard, I don't trade Forex ever.
Corrupt brokers – find one that's thoroughly regulated.
Heavily manipulated. You not only have to learn how to trade, but how to identify when the big boys are moving it.
No accurate representation of volume.
Everyone knows the set ups. Gone are the days of the turtle traders. Back then, breakouts would break and keep going. Now, you never know if it's a breakout, or a fase-break.
Volatility - is a good thing, but also bad as it can get far too wild.
Fakers and false info - now days, pretty much everyone is a "forex expert" who teaches their "students" how to trade. (For the record, stay away from anyone who starts a video saying "alright guys, just going to do a little video about.." – traders trade, those who can't, teach). The amount of false information online is shocking also.
It's really, really hard. I know how to invest in stocks and it works well.. I switched to FX for something more exciting and I can honestly say.. if you take how hard everyone says it is, then multiply that by 10, then you get an accurate representation of how difficult currencies are.
The most common yet serious problems of a forex trader can be the following from my point of view:
1. Lack of proper training and expertise about forex trading
2. Trading with huge lots at one point of time
3. Neglecting the importance of various risk management techniques like stop loss, take profit, etc.
4. Ignoring the significance of demo trades
5. Spending little time in demo trades
6. Selection of wrong broker
7. Lack of proper understanding about various technical and fundamental analysis tools and techniques.
So who's the right broker?
I think that many people have more than seven problems. Most of them have problems with stress or they don't manage their funds properly. Some don't predict their risks, they don't analyze. It's a widespread moment.
The panic to operate is the main problem. Reviewing a broker before choosing it is better. But the panic and the emotions in the market are the main mistakes for me
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