Forex trading advice - by Reddit

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Nobel prize-winning clinical psychologist Daniel Kahneman based on his research on decision making. Please let us know how you would like to proceed. The actual distance you place your stops and limits will depend on the conditions in the market at the time, such as volatility, currency pair, and where you see support and resistance. Past performance is not indicative of future results, but the results certainly support it. Remember, it is natural for humans to want to hold on to losses and take profits early, but it makes for bad trading.

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How To Trade Using Reddit [Best Forex Trading Platform Reddit] - Best Forex Trading Platform - Published in Binary Options Reddit for beginners Brokers best day trading platform forex strategy that works currency trading course Aftab khan forex trader rsi indicator in forex best trading platform forex trading methods broker recommendation.

If you follow this simple rule, you can be right on the direction of only half of your trades and still make money because you will earn more profits on your winning trades than losses on your losing trades. What ratio should you use? It depends on the type of trade you are making. We recommend to always use a minimum 1: That way, if you are right only half the time, you will at least break even.

Certain strategies and trading techniques tend to produce high winning percentages as we saw with real trader data. We will discuss different trading techniques in further detail in subsequent installments of this series. Remember, it is natural for humans to want to hold on to losses and take profits early, but it makes for bad trading.

We must overcome this natural tendency and remove our emotions from trading. The best way to do this is to set up your trade with Stop-Loss and Limit orders from the beginning. Since they practice good money management, they cut their losses quickly and let their profits run, so they are still profitable in their overall trading.

Our data certainly suggest it does. We use our data on our top 15 currency pairs to determine which trader accounts closed their Average Gain at least as large as their Average Loss—or a minimum Reward: Were traders ultimately profitable if they stuck to this rule? Past performance is not indicative of future results, but the results certainly support it. Our data shows that 53 percent of all accounts which operated on at least a 1: A mere 17 percent.

T raders who adhered to this rule were 3 times more likely to turn a profit over the course of these 12 months—a substantial difference. Whenever you place a trade, make sure that you use a stop-loss order. Always make sure that your profit target is at least as far away from your entry price as your stop-loss is. You can certainly set your price target higher, and probably should aim for at least 1: Then you can choose the market direction correctly only half the time and still make money in your account.

The actual distance you place your stops and limits will depend on the conditions in the market at the time, such as volatility, currency pair, and where you see support and resistance. If you have a stop level 40 pips away from entry, you should have a profit target 40 pips or more away. If you have a stop level pips away, your profit target should be at least pips away. We will use this as a basis for further study on real trader behavior as we look to uncover the traits of successful traders.

Do the Hours I Trade Matter? Yes - Quite a Bit. We have gone through an enormous number of statistics and anonymized trading records in order to answer one question: Stay tuned for the next article in the Traits of Successful Traders Series.

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Date of Birth 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 01 02 03 04 05 06 07 08 09 10 11 12 Or in trading lingo, stick to your trading strategy.

A side-note here - you are not married to one strategy and no one strategy is gospel. Those that adapt, survive once said an old British chap named Darwin. The same holds true for traders on the market. Title text for next article. Join our Telegram group. Get the ForexLive Newsletter. Forex trading advice - by Reddit Thu 9 Aug Can Reddit offer anything to traders? A further benefit is that most of the commenters on Reddit are or where active traders and have experienced the pitfalls and advantages of trading.

Subreddits are also regulated - so sales comments or marketing materials are usually deleted. So, most of the points you'll find are unbiased, advice by traders for traders. ForexLive seems to be Reddit's favorite source of Forex related info.