A mature advise to beginners

[keegan99k9]

You may have found that most of the new traders in fx market seems to have luckiness with them. Their first deals always bring them good profits. This luckiness, however, disappears after a short period of time. Some of they start to lose money, or even leave the market finally.

What is the reason for the so called "beginner's luck"? Why it is not long-lasting? How to gain real luckiness in fx market?

[Raul Lopez]

Hello Keegan,

Once in a while we all get lucky. The thing is, trading successfully might seem easy at the beginning because anyone can put a winning trade, you dont need any kind of knowledge, just a bit of luck. What is hard to do though is to keep your profits and the only way to keep them is through consistency.

When you achieve consistency you dont care about individual trades but the whole sample of trades in a chosen period. Once you achieve consistency you can trade more aggressively (money managmenet).

How do you achieve consistency? you need to develop a system that fits your needs and personality, this way you will have no problem trying to follow it. Set realistic goals to yourself and go one step at the time.

Hope this helps,

Regards,

Raul Lopez

[alex.stewart]

well in ma view the beginners tend to have a luck in the trading arena whereas the luck doesnt support in long term. the reason being the phsycology of the trader as he makes much in the beginning, he tends to think in terms of more greedy which is the one of the major reason why traders lose much in the long term. having thinking of "making more" they tend to lose more at the point that they need to close the positions. as stated above u must have clear goals, "making 2-3 pips" a day is more than enough...

alex

[fred31]

I think you are right. At the beginning of trading you are lucky but later sometimes this luck disappears.So if you want to be a good trader you must not depend only on luck , but you have to predict and be careful to make good protifs and limit less your losses. Forex trading is risky so don't alway depend on luck. But i also wish you all good luck because it is sometimes needed.:)

[Raul Lopez]

Yep, I agree... You cant rely on luck to have good results, there is where consistency come into play, in order to become a successful trader, you need to be consistent, you need to use a methodology consistently and obtain good results following that strategy. Obviously there are other factors that influence your results like: money management, trade management, risk management, psychology, etc.

Anyway, luck, at least for me, means opporunity and knowledge... anybody else here thinks that we create our own luck???

Cheers,

RL

[Raul Lopez]

No problem man!!!

Cheers,

RL

[James101]

thanks alot for your kindly advice.... this is a great help to all beginners.

[dambrosmarket]

Of course!!! Luck is for all but just every year, no so often, the thing is to be ready when the luck is not with you. Get ready means, read, listen, talk about news, forex, market, etc. ********* Forex is a good source for the MT4.

[Anne09]

You may have found that most of the new traders in fx market seems to have luckiness with them. Their first deals always bring them good profits. This luckiness, however, disappears after a short period of time. Some of they start to lose money, or even leave the market finally.
What is the reason for the so called "beginner's luck"? Why it is not long-lasting? How to gain real luckiness in fx market?

I don't think so luck favors in forex market. even 92% Traders are looser and only 8% traders are Gainer, so how can we say that new traders are lucky. Few New Traders make profit in their initial trades because they don't scare to lose and don't have greed to make huge profit but after getting the experience they become greedy and scared later on they start loosing money. but i am sure that if you have chosen a good broker and your broker suggests to everything and great tips also, you will never lose much money. when i started forex trading i was also loser but AVAfx supported me very much and now i have become a gainer and i want to see you all gainer, i don't want to let you lose money in forex market, avafx.com is site of avafx forex broker and use the code AVAQZ12.

[forex_TINE]

Your trades depend on your knowledge of the markets and a little bit of luck hihi. Forex is very profitable, but in this market you speculate about economical events so maybe some trades will be profitable and some other not so much…
I think is all about the spreads and the currency pairs you chose.
http://www.ac-markets.com/online-forex/spread-rates.aspx
Look for a broker that doesn’t charge commission, (acm doesn’t) …
Regards

[fxcbsar]

Thank you for your topic

Good luck