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Author Topic: Difficulties in forex  (Read 1882 times)

Offline Gregory

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Difficulties in forex
« on: March 06, 2012, 10:06:27 AM »
What are all the difficulties that a trader getting before start the trade? Share your experience with forex before start trade!
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Offline SimonTemplar

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Re: Difficulties in forex
« Reply #1 on: March 08, 2012, 09:53:53 AM »
Gregory,

I think that you would likely get more responses if you rephrased your question to be more specific.  Do you mean what general challenges there are that one must overcome to become a good trader, what is particularly hard when starting out?  Or when addressing a specific, individual trade, what is the mental check list one must go through to get to the point of clicking buy/sell?  Or am I missing your point entirely?

Personally, and to start the ball rolling, this really depends on what sort of trader you are.  I am a technical trader, so I have a set of technical setups rules that I apply to the charts before I look to open a postion, I am looking for clear setups that fit my strategy.  This is not easy, it takes a lot of time to become familiar enough to do it as second nature and spot the possible pitfalls of a trade, but it is not hard in that most people could learn it over time.  In my experience, more of the difficulties kick in on the trade management/psychology side of things.  It's easy to throw hundreds of thousands around in demo, but risking evening a few hundred can feel very different when it is live trading and the amount risked could buy your weekly groceries, or a car, or a holiday...

So I would make sure to look for reasons not to take a trade as well as reasons to take it, make sure that there are strict money management rules in place, and ensure that you have a plan for how you will manage a trade once it is up and running.  Will you trail your Stop?  Close a percentage/all of the trade when it hits resistance?  Add to the position?  Set and forget?  There are many subtlties to be taken into account once the trade is open, and personally I find that that takes more thought than finding the setup in the first place.

Anyway, apologies if I have rambled off at a tangent - feel free to follow up with more specifics if I have missed the point.

ST

Offline Gregory

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Re: Difficulties in forex
« Reply #2 on: March 09, 2012, 12:43:31 PM »
Gregory,

I think that you would likely get more responses if you rephrased your question to be more specific.  Do you mean what general challenges there are that one must overcome to become a good trader, what is particularly hard when starting out?  Or when addressing a specific, individual trade, what is the mental check list one must go through to get to the point of clicking buy/sell?  Or am I missing your point entirely?

Personally, and to start the ball rolling, this really depends on what sort of trader you are.  I am a technical trader, so I have a set of technical setups rules that I apply to the charts before I look to open a postion, I am looking for clear setups that fit my strategy.  This is not easy, it takes a lot of time to become familiar enough to do it as second nature and spot the possible pitfalls of a trade, but it is not hard in that most people could learn it over time.  In my experience, more of the difficulties kick in on the trade management/psychology side of things.  It's easy to throw hundreds of thousands around in demo, but risking evening a few hundred can feel very different when it is live trading and the amount risked could buy your weekly groceries, or a car, or a holiday...

So I would make sure to look for reasons not to take a trade as well as reasons to take it, make sure that there are strict money management rules in place, and ensure that you have a plan for how you will manage a trade once it is up and running.  Will you trail your Stop?  Close a percentage/all of the trade when it hits resistance?  Add to the position?  Set and forget?  There are many subtlties to be taken into account once the trade is open, and personally I find that that takes more thought than finding the setup in the first place.

Anyway, apologies if I have rambled off at a tangent - feel free to follow up with more specifics if I have missed the point.

ST

Traders are getting difficulties to make perfect setup on trade right!
Forex Product Reviewers are at here --forex software

Offline SimonTemplar

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Re: Difficulties in forex
« Reply #3 on: March 14, 2012, 09:10:44 AM »
Gregory,

I think that you would likely get more responses if you rephrased your question to be more specific.  Do you mean what general challenges there are that one must overcome to become a good trader, what is particularly hard when starting out?  Or when addressing a specific, individual trade, what is the mental check list one must go through to get to the point of clicking buy/sell?  Or am I missing your point entirely?

Personally, and to start the ball rolling, this really depends on what sort of trader you are.  I am a technical trader, so I have a set of technical setups rules that I apply to the charts before I look to open a postion, I am looking for clear setups that fit my strategy.  This is not easy, it takes a lot of time to become familiar enough to do it as second nature and spot the possible pitfalls of a trade, but it is not hard in that most people could learn it over time.  In my experience, more of the difficulties kick in on the trade management/psychology side of things.  It's easy to throw hundreds of thousands around in demo, but risking evening a few hundred can feel very different when it is live trading and the amount risked could buy your weekly groceries, or a car, or a holiday...

So I would make sure to look for reasons not to take a trade as well as reasons to take it, make sure that there are strict money management rules in place, and ensure that you have a plan for how you will manage a trade once it is up and running.  Will you trail your Stop?  Close a percentage/all of the trade when it hits resistance?  Add to the position?  Set and forget?  There are many subtlties to be taken into account once the trade is open, and personally I find that that takes more thought than finding the setup in the first place.

Anyway, apologies if I have rambled off at a tangent - feel free to follow up with more specifics if I have missed the point.

ST

Traders are getting difficulties to make perfect setup on trade right!

I would not entirely agree - I think that with practice, finding trade setups is not the difficult part.  Knowing where to place a Stop, where is a sensible place to set a TP, understanding how much of the account to risk on that trade, deciding which other trades - if any - to have open at the same time and understanding the nuances of how to manage that trade once up and running, for me those are all much more complex areas of trading.

With not a lot of effort, one can learn how to place horizontal S&R lines on a chart, and pick up enough understanding of PA to understand when Price might reject that level.  That can show trade setups which, when managed well, can be profitable more often than not.  Setups are just a matter of practice, trade management is a matter of experience and aptitude.

Anyone can be taught to spot good setups, in my opinion, but not everyone can make money as a trader, in my experience.

Anyway, apologies if I have misunderstood your point, I was not entirely clear what you were asking, so hope that this is at least of interest!

ST

Offline hamdane

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Re: Difficulties in forex
« Reply #4 on: March 16, 2012, 01:36:51 PM »
I had a problem uploading money to brokers, here in Algeria it aint easy at all )

Offline hamdane

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Re: Difficulties in forex
« Reply #5 on: March 27, 2012, 01:52:57 PM »
also receiving money was a problem because of bank policies here ! you can only get local currency even if the money sent was in dollars but then I found the right bank here ! it was hard like one week searching for a bank

Offline Peter Nevill

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Re: Difficulties in forex
« Reply #6 on: March 24, 2017, 09:38:30 PM »
There is nobody who can predict the real faction of this market place with certainly , so it is obviously is difficult trading place , and for getting success from this volatile trading place we have to acquire proper trading knowledge besides a reliable support from a credible trading broker. Because the broker can affect the result of our trading with certainly. 

Offline indicator

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Re: Difficulties in forex
« Reply #7 on: April 03, 2017, 10:00:07 AM »
There are different types of difficulties a trader faces during trading.  Market analysis is one of them , we not know right entry and exit in trading. If analysis and predictions are good we can make some profit in trading.


Offline Paul.Trafford

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Re: Difficulties in forex
« Reply #8 on: April 04, 2017, 09:48:48 AM »
Difficulties in Forex trading:
1. Find a good broker.
2. Create a good strategy.
3. Have fast deposit and withdrawal procedure (I used to trade with brokers that were taking 7 10 days for withdrawing funds absolutely ridiculous living in the 21st century with all the modern technology).
4. Find a good platform that suits your needs.
5. Have enough funds/capital to achieve the maximum from your strategy.
6. Hope there are no sharp movements in the market.
This is pretty much from me. Cheers!

Offline Winjak

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Re: Difficulties in forex
« Reply #9 on: April 04, 2017, 01:10:05 PM »
Difficulties in Forex trading:
1. Find a good broker.
2. Create a good strategy.
3. Have fast deposit and withdrawal procedure (I used to trade with brokers that were taking 7 10 days for withdrawing funds absolutely ridiculous living in the 21st century with all the modern technology).
4. Find a good platform that suits your needs.
5. Have enough funds/capital to achieve the maximum from your strategy.
6. Hope there are no sharp movements in the market.
This is pretty much from me. Cheers!

And what's the problem with a trading platform?
I think that uneasy tasks such as research and creating a strategy may seem difficult as they ARE SO. It requires time and efforts. Of course, they are difficult

As for withdrawals, may I ask, did you use a wire transfer when you were awaiting for a week? It can take you in average 5 days... and it's normal. But if it was a broker's problem, than I agree. It's a serious issue to think about

Offline Paul.Trafford

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Re: Difficulties in forex
« Reply #10 on: April 04, 2017, 05:28:52 PM »
Difficulties in Forex trading:
1. Find a good broker.
2. Create a good strategy.
3. Have fast deposit and withdrawal procedure (I used to trade with brokers that were taking 7 10 days for withdrawing funds absolutely ridiculous living in the 21st century with all the modern technology).
4. Find a good platform that suits your needs.
5. Have enough funds/capital to achieve the maximum from your strategy.
6. Hope there are no sharp movements in the market.
This is pretty much from me. Cheers!

And what's the problem with a trading platform?
I think that uneasy tasks such as research and creating a strategy may seem difficult as they ARE SO. It requires time and efforts. Of course, they are difficult

As for withdrawals, may I ask, did you use a wire transfer when you were awaiting for a week? It can take you in average 5 days... and it's normal. But if it was a broker's problem, than I agree. It's a serious issue to think about

I dont really get the question regarding the trading platform, there is no problem. But you have to consider what platform will suit you better, because there is a large diversity of trading platforms and some of them are very complicated. (Off course the majority of brokers are offering MT4 and it is a easy platform to learn.) Now imagine you find a broker and he is Offering AgenaTrader ( just na example of course) it will take you at least 10 times more time to learn it rather then learning MT4. Regarding the withdrawals, no not wire transfers online transfers for small amounts , sometimes were taking 10 days, and off course the broker was accusing the bank, but come on . 10 days for making an online transfer of 500 $ absolutely ridicules

Offline Mitchell Marsh

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Re: Difficulties in forex
« Reply #11 on: April 19, 2017, 09:13:54 PM »
Forex is not difficult but it is risky for those who are here only for earning and not want to spend time on learning. If you want to earn here then you must learn first then only you can make Forex easy.

Offline MadBob

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Re: Difficulties in forex
« Reply #12 on: April 20, 2017, 05:37:33 PM »
I disagree. Forex is really difficult. Even if you put the time in there is no guarantee that you will make any money

Offline Winjak

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Re: Difficulties in forex
« Reply #13 on: April 21, 2017, 10:31:34 AM »
I dont really get the question regarding the trading platform, there is no problem. But you have to consider what platform will suit you better, because there is a large diversity of trading platforms and some of them are very complicated. (Off course the majority of brokers are offering MT4 and it is a easy platform to learn.) Now imagine you find a broker and he is Offering AgenaTrader ( just na example of course) it will take you at least 10 times more time to learn it rather then learning MT4. Regarding the withdrawals, no not wire transfers online transfers for small amounts , sometimes were taking 10 days, and off course the broker was accusing the bank, but come on . 10 days for making an online transfer of 500 $ absolutely ridicules
I was asking about if a trading platform can be a great difficulty in Forex, as it seems to me that even learning mt4 is not so uneasy. I haven't worked with Agenda, but I'd like to compare them, will search for some youtube videos, thank you for the suggestion!

Oh, 10 days for an online transfer is just horrible ! Too long, and may be considered like an issue of argument with a broker..

Offline Corey Anderson

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Re: Difficulties in forex
« Reply #14 on: April 26, 2017, 10:58:17 AM »
Forex trading is not any kind of lottery or gambling, so I seem; traders need to open their demo after completing basic topics on Forex! Actually, when I opened my demo account then I didnt know how to ride on Mt4 trading platform perfectly, so I faced initial problem with my Mt4 trading platform! So, you can work with your trading platform before starting your trading!

 

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