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Self understanding

Cooper Truebridge

Cooper Truebridge

You can't be profitable in anything if you don't know yourself. Knowing yourself is a very important thing. Trading requires a lot of things like trading psychology, good analysis, and risk management. It is very important to have this kind of trading knowledge. If you do not understand which of you is lacking then how will you trade? For this, you need to know about yourself that there is a lack of trading-related things among you. By filling this gap you can make a profit in trading.
 
K

Kevin Vogt

Yes you are right. To know the market self understanding of the market and trading strategy is very important. Following a strategy blindly is nothing but gambling. One should focus on deep learning of the market.
 
M

Mark Dahl

Kevin Vogt said:
Yes you are right. To know the market self understanding of the market and trading strategy is very important. Following a strategy blindly is nothing but gambling. One should focus on deep learning of the market.
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Gambling has no place in trading. It cannot give you long term success.
 
H

High_t

Darragh Bell said:
Forex trader has high possibility to become poor also. So, invest carefully. Don’t jump into the market without knowing anything.
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100% on point. This is one thing we all should understand, forex is not only a profit making market, but it can also empty our pockets in no time. One has to know the pros and cons of every step that he takes here and managing the risk properly, should go forward.
 
A

Andrew McCalam

In order to me, it’s not a big deal to calculate how much pips you can earn . the main issue is consistency , that’s a big challenge and we can’t maintain this for all time when trading practically.
 
K

Kevin Vogt

Anderson said:
Self understanding is the best understanding. The quicker we understand, the better it is. Trading requires specific knowledge, skills, psychology and discipline. May be you are best for something else. No matter what people say the truth is very few people can make it. That's why trading is one of the most difficult jobs in the world.
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Yes, without a solid understanding of trading earning profits is not feasible. It is necessary to have deep knowledge about the markets. The majority of newbies commit the mistake of not being focused on learning. They concentrate on earning instead of taking the time to learn. Then they lose money on regular basis.
 
G

Gito Dinev

Some new traders trade haphazardly and some others fear of trading. Both the issues are harmful for traders because newbie traders should keep practicing in demo account more and more.
 
C

Crescendo

It’s not about how many books you read or how many videos you watch to learn trading. What matters is how well you can make use of the knowledge obtained. After reading, obtain some experience of trading practically too so that you know what it is going to be like to trade in the forex market.
 
Z

zoe

Crescendo said:
It’s not about how many books you read or how many videos you watch to learn trading. What matters is how well you can make use of the knowledge obtained. After reading, obtain some experience of trading practically too so that you know what it is going to be like to trade in the forex market.
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Exactly, and the best place to put those knowledge into us is to demo trade for a period or till you feel comfortable to go live with at least a small capital for a start.
 
FXOpen Trader

FXOpen Trader

zoe said:
Exactly, and the best place to put those knowledge into us is to demo trade for a period or till you feel comfortable to go live with at least a small capital for a start.
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When we are using the correct skills we can gain the profits from the markets.
 
S

Swissing

I would think of self understanding as an awareness of our own knowledge, skills and also flaws as a forex trader. A forex trader should always be quick to identify what mistakes they are making while trading and look for ways to trade better. This will help us to improve ourselves and get better eventually. Overconfidence and lack of confidence are both harmful for a forex trader. So, we must strike a balance and keep on learning from our experience.
 
F

Flabbergast

When traders apply their theoretical skills to practicality, they will realise the risk involved and they can revise their plan and move according to the trend in the market that they chose to follow. Getting to know the market sentiment is a huge bonus as they can tackle situations on their own, learning from their mistakes. Understanding who they are as a person is necessary if they’re passionate about sticking in the market for a long time.
 
F

Feticide

The best thing about self-understanding is that it can be a readily available remedy when a trader gets in over their head with money management. This knowledge helps keep traders on track to ensure that they aren't investing more than they can handle and it also helps them know how long one should remain in a trade for any given asset class or instrument.
 
P

Plexpe

It is possible to study on your own and become a profitable trader only if you're ready to put in the effort to learn and keep your mind open to new ideas while you're still in the learning process. I believe self–learning is the best and there’s no need to rely on someone else. Take help from the internet and some good books to understand the market in a better way.
 
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