I have been engaged in Forex since early 2007, and it takes about six months until I decided to open a real account. Study of related books, articles, news, and analysis make up most of my daily activities.
I think experience is the most important factor in success and any other ability, such as talent, knowledge, or dedication, just makes difference in time and the effectiveness of getting experienced.
Confidence is another factor which I think is a matter of experience or faith though I hardly see any source of faith in the Forex! Importance of confidence appears when you are going to press the buy or sell button, and I think it is the experience which ultimately determines how confident you are.
I believe that the plan of a trade must be based on a "clear" fundamental reason. The trader should determine how upcoming data can affect the current balance in the market; then supportive technical facts may be needed to trigger opening or closing a position. Fundamental and technical data should support each other in the whole life of a position, and any divergence should be considered as a notice for reviewing the decisions.
Profits and losses are two constant part of trading. There is no way to eliminate risk of loss but with knowledge and experience you try to limit this risk as much as possible.
May 1, 2008
About ForexDiarist
There are thousands places on Internet echoing every seconds of forex market but there are not thousands traders willing to disclose their actual performance every day, and this is what makes ForexDiarist unique.
But why I do this. It is a right question and this is my answer:
I strongly believe that it helps me improve my performance. When I am writing I am more concerned about the accuracy and worthiness of it. It is clearly in my interest to reflect facts and events in a more balanced way, keeping it far from any biases which sometimes appear in a commercial media. I try to see everything from the point of view of a trader whose priority is taking profit from every event.
After all, this place gives me a chance to be in touch with others. So I warmly welcome any comments.
Finally, let me remind that ForexDiarist is not a news panel; it is just diaries of a trader.
But why I do this. It is a right question and this is my answer:
I strongly believe that it helps me improve my performance. When I am writing I am more concerned about the accuracy and worthiness of it. It is clearly in my interest to reflect facts and events in a more balanced way, keeping it far from any biases which sometimes appear in a commercial media. I try to see everything from the point of view of a trader whose priority is taking profit from every event.
After all, this place gives me a chance to be in touch with others. So I warmly welcome any comments.
Finally, let me remind that ForexDiarist is not a news panel; it is just diaries of a trader.
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