Hey everyone, whether you're just starting or have been trading for a while, listen up. The real key to making money isn’t just forex or crypto it’s investing in yourself. The market's huge and tricky, and only those who really know what they're doing can profit. Just like any job, you’ve gotta be skilled to stick around. If you're not, you'll likely get wiped out.
A lot of traders rush in, throw their cash into their accounts, and end up losing everything. The truth is, what really drives profit is knowledge.
Sometimes it’s smarter to just step back from trading for a bit. Don't fund your account right away. Instead, shift your focus to learning. Try to pick up new insights from the market every single day. Look for those repeating patterns and see how they behave. When you spot them again down the line, you’ll know how to act; that could be your advantage. So if you’re struggling to make profits, maybe take a breather, study your charts, and the money will come eventually.
This is as good to say to invest on yourself first. Do not rush into making decisions just to gain personal gains, because obviously if you don't have your own knowledge, developed skills and strategies and positive attitudes towards an unpredictable trading outcome, you will never be good enough, and you will never be qualified enough to make yourself a successful and profitable trader.
Knowledge comes first before anything else, and then followed by learning experiences that could lead you making an edge in the market by becoming a knowledgeable and skillful trader throughout the process.
What you don't know will never gain you an edge. Just like in trading, if you don't know how to navigate the market well, if you are not good in reading the market patterns and analyzing it, you will never create a profitable trade. Stick to your knowledge acquisition first, and when you know quite well, proceed to demo trading until you can finally grasp it on yourself, that's the perfect time to risk yourself in the real field of trading.
Trading is hard and risky, but it will be a smooth one if you have clear and detailed plans on how to combat risks, and being able to stay on a positive side despite on an unpredictable trading outcome.
Technical analysis wouldn't guarantee you profit or save your ass from losses if there's a bad news that will affect the market. No matter how hou study and become a professional trader, you will definitely, run at loss in the long run because you cannot always get the price movement of the market. Trading is highly risky and have made a lot of people poor and some commited suicide.
So far as trading is concerned, knowledge is the principal thing, and if you don't have it, there is nothing you can do about it. The first thing every trader needs is not even capital but knowledge.
If you have capital to trade but no knowledge, trading is just a waste of money and effort. Knowledge is the most valuable thing every trader needs because your knowledge in trading will determine your outcome. This is why traders who think they can just come to the market to trade will always be at a loss. In trading, you need knowledge to be lucky in the market; if you don't have knowledge, you can't succeed in trading with just luck alone.
Yes, it is a long process with trading and to enjoy a profitable journey with trading we must have sound knowledge which is a basic requirement still knowledge alone cannot ensure success in trading. Yet, I agree that knowledge must be having significant role in profit making but how you are managing your trades against market volatility must be a big thing toward success in trading. Techniques of risk management and being discipline with pre-determined trading plans are having equal importance as well.
Knowledge about trading should not be just there theoretical but should be from real time as well. What we learn from books and videos should be practiced in real market but in papers alone. This way we can gain more knowledge about what we have learnt from books and videos and then fine tuning our knowledge in a way of suitable to market condition and for particular asset regarding as well.
How do you gain knowledge if you are not going to practice at all through trading. I thought trading is a journey of mistakes and positives, and through that you gain experience in what to do and what not to do.
Also, having theoretical "knowledge" does not mean that you are now a perfect trader. I have seen so many armchair technical analysts and chart readers fail miserably at trading
Knowledge is power, you can use knowledge to achieve greater height in life. You can also use knowledge to make money. Also anyone that have knowledge and experience in trading will know that patience is very important, the patience that can help to make money and which will also let the traders to know the right thing to do, but most traders do not have this and they continue to lose. The problem is that they will think they have the knowledge already but they will continue to lose for no two reasons which is lack of the knowledge they need to have to make trading to be positive for them.
If you jump in without thinking and just throw money around, you are probably going to lose it all. because you are not putting in the effort.
Like you said, stop putting money into your account and start learning. Put your money aside. Spend time studying charts, find trades that make sense to you, and see what works. That patient, smart work gives you an advantage.
If you are losing money, stop trading. Go learn how to trade instead. The money will still be there when youre ready. Its that simple.
Pretty well, investing in yourself is by attaining the right knowledge that can help you grow in your field of endeavour and time to time upskilling and updating your knowledge so you fade out.
However, as a trader you have to understand and follow trends, years behind the market movement could be closely speculation to what direction it might go next just by doing a thorough technical analysis. But today the market trends has evolved from where you can just depend only on technical analysis for your trade. Fundamentals now influence market movement, and if you aren't updated with the latest and right information as it breaks, your trade will continue to be the profit of another updated trader.
Investment in yourself is not a one-time thing but rather a continuous process because the market is constantly evolving, and if you cannot continue to invest in yourself, the investment you made in yourself yesterday may no longer be relevant for your success today in trading. The reality is that the strategy of yesterday may no longer be functional or be as effective as it was today, and if you are depending on the investment you made in yourself yesterday, you will keep making losses, become discouraged in the market, and then simply quit trading. But if you constantly invest in yourself, you will evolve with the market and be constantly able to formulate new strategies or adjust your trading strategy to remain profitable.
If you dream to create a difference by having a life-changing potential income from trading, don't rush into trading all by yourself. You need to start digging on yourself first and bring out the best potentials in you that can make your future trades guarantee earnings, not on being dependent on luck just like what gamblers most often do.
Knowledge is power, and power is knowledge. Start on being knowledgeable so you can slowly get rid of the possible barriers that could refrain you from achieving your future goals with trading.
Thats on you man, there are a lot of traders making it in life, living a good life and profiting from the market regardless of what ever you say, the forex market is only meant for those who believe the can make good profit from it, what you belive is what will work for you,
If one has good understanding of the market he or she will definitely profit from it. As a matter of fact not only forex but nothing in life is guranteed in the normal regular world, except you have a higher power that you depend on. So talking about forex profit not being guranteed is not is something to talk about. No investment or job is guranteed as when they can crash even before you think of profits,
So the finacial hustle is all about belief not about any one's opinion brother
It is true that leaving your account for sometimes to go into more research can be good to further reinvent yourself emotionally is good but some traders end up being worse after coming back because they start chasing loses from the past and making higher targets. This puts them in the same loses they have encountered because they have ended up with same issue which is greed. As a trader you must do away with greed. If you have good strategy but you are battling with greed, you must make a mistake at no distant time that will wipe your account off and get you to start up again. Greed is what a trader needs to work against most times.
Don't just jump into any pattern you think is repeated because it is also dangerous to go in without proper analysis and use your stop loss to avoid unbearable loses.
This is good advice because we traders sometimes forget the importance of little and humble beginnings and we only notice how much stale we have gotten with our overused strategies that we must then go back to learn new patterns or strategies to adopt or improvise on.
Self improvement will help any trader become better than the trader who only wants to make quick profit from trading without taking time to understand the theatrics involved. Self improvement will help a trader understand and practice risk management without being told and be more successful and a master at trading in no time sooner than a trader who believes in that old strategy that they learnt from a mentor or learnt haphazardly.
Those who have become poor and committed suicide through trading really missed out on what trading is all about. They wouldnt have become poor or committed suicide if theyve traded with caution, set rules and boundaries that theyll also obey. Trading is not a get rich quick scheme and the moment you make it looks so, you would at that time begin to trade past your budget and what you can afford to lose. You will begin to chase after your losses which will really affect your overall trading rules. So stay true to the reality of trading and grow gradually in it.
Having a sufficient amount of knowledge builds you a good foundation. And where there is great foundation, that's where a good flow of income becomes highly visible and possible. However, greed takes over and set aside knowledge, and its undebatable. That is the biggest reason why majority fail and losing, while only few have successfully did it.
Knowledge is always an edge. If you are knowledgeable, you can easily avoid barriers and stick to your goal. But if you lack even those basic knowledge and understanding towards your goal, you will gain no clear vision on it, and instead take the wrong path and play blame game in the end.
I agree that sometimes, it's best not to participate the market even if we think that we're going to profit from it but in reality we're not, and we're losing.
Because when things that are getting you to the point of losing most what you've got, taking time to learn how it goes for the market on that moment will save you.
So, to those traders that are profitable, there's no need for them to stop. But if the results are not favorable to them, it's better that they'll analyze first whether they'd proceed or not.
That's basically it. A trader should understand all factors in trading before entering. Thinking about making a profit before entering the market is like gambling, because we're relying on gut feelings instead of analyzing. If that's the case, it's understandable why people consider trading a form of gambling.
Stopping when you experience a loss doesn't mean giving up; rather, it's a process of analyzing what went wrong with your trade and why you ultimately suffered a loss.
But we all need that money! That's why the urge to do it soon is there.
OP has a point, and we can relate it to "not all of the time is good to trade". Like it doesn't mean you already close your long position, it means you are already bearish or it's already good to short the market as soonas you exit your long position.