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Tips on Winning the GAME of FOREX

myfxlife · 95 · 32873

myfxlife

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on: Sep 12, 2012, 04:00 PM
Fellow Forex Traders, share naman natin ang ating thoughts or tips on how to win consistently sa FOREX na alam naman natin in reality na it is an online game.  :coffee:

Tips or thoughts from trading experiences that can benefit all of us traders and give us an extra income (if we win). :cool2:

Share ko lang ang my own thoughts about FOREX!
   1. Forex is unpredictable, so I don't have to be concern how far it will move up or go down, but my concern is how can I benefit from these movements.
   2. Forex movements are tricky, so how to avoid to be tricked and  loose money is by observing the movements
 before we really bet our money.
   3. Forex is exciting in a sense that we can easily make money  :applause: but depressing when we easily loose our money. :'(
« Last Edit: Oct 02, 2012, 08:36 AM by FutureGizmo »


ferrariEverest

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Reply #1 on: Sep 12, 2012, 04:22 PM
based on my experience
1. it IS predictable. kailangan lang na mapag-aralan at masanay.
kailangan mapagmatyag ka. may patterns. pag alam mo ang pattern, pwede mo sundan yun.
2. tricky, oo. lalo na kung bago ka pa lang. normal naman po yun. pag tumagal na, hindi na sya sobrang tricky.
3. oo, pwede kumita at matalo. don't be too excited. focus on trading well.

best tips, sa mga nag uumpisa pa lang:
wag maging agresibo
use low leverage
trade small position size
trade only yung EXTRA money nyo. wag yung perang pang tuition, pang check up, etc. wag gumamit ng perang inutang.
start small. $1 to $100.
respect the market.
mag aral at mag practice
magtrabaho/employment habang nag-te-trade. wag mag quit agad sa trabaho
if trading is your passion, study hard and do NOT quit.

sana wala ako nakalimutan :D


Lightwind_99

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Reply #2 on: Sep 12, 2012, 05:18 PM
Ferrari bigay ka naman ng tips o strategy makakuha ng chicks...e este Pips :D


myfxlife

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Reply #3 on: Sep 12, 2012, 05:19 PM
Sir FE, I agree it is predictable but only to a certain extent or in the short-term, you cannot predict it consistently correct but you will encounter also a mistake due to its volatility and trickiness brought about by the market movers, and even if you study it carefully, yes there are patterns but these patterns also break and when these patterns are going to break that is the one which is unpredictable.  :cool:
« Last Edit: Sep 12, 2012, 05:20 PM by myfxlife »


silent_investor

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Reply #4 on: Oct 09, 2012, 05:30 PM
It is true that technical analysis is not 100% accurate. But I would say that knowing and using it makes one a better trader since he/she would be able to anticipate and identify some patterns. My first tip would be to choose one currency pair and practice on this in your demo account. Only with practice can you increase your chances of identifying the patterns available. Then, when you have gotten a lot of experience, only then should you expand your trades to multiple pairs.


golyat

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Reply #5 on: Oct 09, 2012, 06:20 PM
IMO,Forex trading is also about winning more than you are losing.( Im sure you heard that before :))

 Example:W/L ratio @ 1:3

 Loss=7                     
Risk =50 pips
Gross=-350 pips


Win=3
Reward=+150 pips
Gross=+450 pips

Net= 450-350= +100pips

The question is do you believe in yourself that in every 10 trades you have at least 3 wins?  They said its not just about forex trading, its also about "faith" :)


Synapse

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Reply #6 on: Oct 09, 2012, 07:37 PM
Very well said Boss FE :)


silent_investor

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Reply #7 on: Oct 10, 2012, 01:02 PM
@golyat

Why not make it 3:1 (win:loss) =) That way, you are assured of success.

I also believe that it is possible to target 3 wins in every 10, but the gains should be big compared to the losses. This is easier said than done. I read in an article that the most common mistake of forex investors is cutting their profits early while extending their losses too much, hoping that the price will go their way soon.


bajoyjoy

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Reply #8 on: Oct 10, 2012, 05:32 PM
firstly, are you guys comfortable calling forex a "game"? is it really? sa tagalog kasi, it means, "laro".

secondly... ayyy, wala na palang second... :hihi:





EuroatYenpo

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Reply #9 on: Oct 10, 2012, 05:52 PM
How can you win if you treat it or call it a game?,...
You must treat and think of it as a business in order for you to belong to the 5%,.... 

Every trade/entry you make must have a plan and stick with the plan.
Follow and believe in your system if you are using one.

cheers,...  :D


silent_investor

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Reply #10 on: Oct 11, 2012, 05:48 PM
I personally see forex as a business because that is how I view the money that I put on the line. Maybe this is also the reason why casinos don't have any attraction to me.

However, I've met people who do treat forex as a "game". For some of them, it caused their downfall. But for others, they seemed to flourish. So I guess this is a case of whatever floats your boat. Maybe what they can do is think this as some kind of game which requires careful thinking and strategizing, like most team games and cerebral games (e.g. chess). This is better than looking at it as like some children's games which are based purely on luck rather than careful planning.


SAGAD

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Reply #11 on: Oct 17, 2012, 02:46 PM
Forex as a game or business....just different sides of the same coin... :hihi:

Forex can be predicted or not....i have given up trying to predict where the price will go...

Some fundamental "truths" that i adhere to when trading or when putting up a new strategy...

1) The future is unknown.  C'mon, can u really predict where the price will be tomorrow.  But then...read      no.2

2) Continuation is more likely than change...continuation of no.1...if i were to choose between going long or short on a pair which is on an uptrend, i would choose to go long as the probability of it continuing is higher than reversing...

3) Price fluctuates...price don't move in a straight line...they wiggle and shake (hint onplacing stops and targets)


ect1

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Reply #12 on: Nov 05, 2012, 07:26 AM
bat pa ganun madalas yung nasa calendar or news d naman umaayon sa takbo ng market hehe, pero yung mga employement something tsaka bank rate umaayon pa :D


leonine_zafiro

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Reply #13 on: Nov 05, 2012, 09:35 AM
DISCIPLINE! :)


Synapse

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Reply #14 on: Nov 10, 2012, 01:13 AM
Discipline and Patience.


 


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