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what is the most important thing(s) to know before going to trade real in Forex?

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  • what is the most important thing(s) to know before going to trade real in Forex?

    Dear All,

    Good day,

    From now on, I will try my best to spend some time here with you all at II to share my knowledge with you especially with beginners so we can guide you all to the right way in this big market,

    as you can see from the title, the question is " what is the most important thing(s) to know before going to trade real in Forex??"

    I want to hear out all of you posting your opinions and reasons of thinking this or that way,

    I will do my best to point out on the main points and edges in forex so you avoid a lot of none useful stuff.

    Waiting to hear from you all,

    P.S: please vote on what you think is most important factor for you in trading forex as indicated above

    Best wishes,

    Scarface
    32
    Money Managment
    37.50%
    12
    Good strategy, successful by 80%
    15.63%
    5
    Fx broker
    3.13%
    1
    All of the above
    43.75%
    14
    Last edited by scarface; 07-12-10, 05:11.

  • #2
    Hey, scarface,

    You are sounding as if you are some kind of authority, yes?

    And what exactly are your credentials?
    Last edited by conglo; 07-12-10, 05:10.

    Comment


    • #3
      Two of the things you need to know is 1 You need to have good knowledge about the market.
      2 Not every thing that glitters is gold.

      Comment


      • #4
        Wow. Dude.. that is DEEP, man.

        Originally posted by chetachukwu View Post
        Two of the things you need to know is 1 You need to have good knowledge about the market.
        2 Not every thing that glitters is gold.

        Comment


        • #5
          Originally posted by conglo View Post
          Hey, scarface,

          You are sounding as if you are some kind of authority, yes?

          And what exactly are your credentials?
          Hi conglo,

          Good day,

          I'm a mod here at II, but because of too much load of work, I couldn't be in touch frequently....

          However, here I'm back to kick some butts off...

          I just want to traders in general what they think about the essential factor to be succesful in this market, and in turn, I would share what I think as well.

          Best wishes,

          Scarface..

          Comment


          • #6
            Originally posted by chetachukwu View Post
            Two of the things you need to know is 1 You need to have good knowledge about the market.
            2 Not every thing that glitters is gold.
            Hi chetachukwu,

            Good day,

            good point of view... how about the poll?? can you vote also on one of the choices above if you don't mind, please...

            By the way, did you get my PM for your request??

            Please let me know,

            Best wishes,

            SF

            Comment


            • #7
              I don't think the opinion of traders in general is of any importance, as at least 90% of traders are losing money, meaning, they don't know what they are doing.

              No disrespect intended, please be clear on that point; but - being a moderator does not mean that you are a successful trader.

              If you are, then instead of asking the opinion of losing traders, please don't waste everyone's time, just share what you know to be important.

              The opinions of those who are incapable are worthless.

              Again- no disrespect intended, I just have no tolerance for BS.


              Originally posted by scarface View Post
              Hi conglo,

              Good day,

              I'm a mod here at II, but because of too much load of work, I couldn't be in touch frequently....

              However, here I'm back to kick some butts off...

              I just want to traders in general what they think about the essential factor to be succesful in this market, and in turn, I would share what I think as well.

              Best wishes,

              Scarface..
              Last edited by conglo; 07-12-10, 05:34.

              Comment


              • #8
                The points are all important, no weakness permitted, everything matters.

                About 80% successful:
                There are systems with a 10% success ratio but due to a very good profit:loss ratio they are profitable ....
                Another option not above: risk management. Good risk management is what allows you to make money with a system which has a win:lose ratio of less than 55% .

                Comment


                • #9
                  What are you saying? Are you saying that the opinions of rookie traders with no experience carry equal weight to those who may trade for a living?
                  Would you say the opinion of a tradesman's apprentice is as valuable as that of a journeyman with thirty years experience?

                  "Everything matters"? What does that mean? I respond with, "Nothing matters". It is just as meaningless.



                  Originally posted by PhiSquared2618 View Post
                  The points are all important, no weakness permitted, everything matters.

                  About 80% successful:
                  There are systems with a 10% success ratio but due to a very good profit:loss ratio they are profitable ....
                  Another option not above: risk management. Good risk management is what allows you to make money with a system which has a win:lose ratio of less than 55% .
                  Last edited by conglo; 07-12-10, 07:42.

                  Comment


                  • #10
                    Originally posted by conglo View Post
                    What are you saying? Are you saying that the opinions of rookie traders with no experience carry equal weight to those who may trade for a living?
                    Would you say the opinion of a tradesman's apprentice is as valuable as that of a journeyman with thirty years experience?.
                    No I did not say anything like that. I did not make a comment on anybody else's experience or lack of it. That was you.

                    Originally posted by conglo View Post
                    "Everything matters"? What does that mean? I respond with, "Nothing matters". It is just as meaningless.
                    It is an answer to the thread from the OP. It is in context and very clear.
                    I said everything listed in the poll matters, and I said risk management is not listed, but it should be.

                    It is not meaningless. My statement "Everything matters" is crystal clear. Any weak part of the trading process will compromise the other parts sooner rather than later.
                    Last edited by PhiSquared2618; 07-12-10, 09:51.

                    Comment


                    • #11
                      Eyow Scar

                      I voted for all of the above, all the options you gave are very important, there is no substitute there, you should have added more options, like six more.

                      I like this thread

                      Comment


                      • #12
                        Originally posted by PhiSquared2618 View Post
                        The points are all important, no weakness permitted, everything matters.

                        About 80% successful:
                        There are systems with a 10% success ratio but due to a very good profit:loss ratio they are profitable ....
                        Another option not above: risk management. Good risk management is what allows you to make money with a system which has a win:lose ratio of less than 55% .
                        excellent point... I've never thought about this point...

                        I will note it down and then dicuss it with you guys...

                        Thanks again.

                        Best wishes,

                        SF

                        Comment


                        • #13
                          Originally posted by chetachukwu View Post
                          Eyow Scar

                          I voted for all of the above, all the options you gave are very important, there is no substitute there, you should have added more options, like six more.

                          I like this thread
                          Thanks mate for the vote...

                          ok, you wanted me to add 6 more.....like what for example....

                          don't forget that the main thing in forex is the broker that comes first where you money never get wasted by fake broker that manupilate prices or positions...

                          waiting to here more from you, mate...

                          Best wishes,

                          SF

                          Comment


                          • #14
                            I would say being able to devote enough time for trading is the most important thing. Obviously swing trading on daily+ tf will require less time (probably once a day), but scalping or intra day will probably require a lot more. You need to make sure that your trading suits your lifestyle, work and family commitments.

                            Comment


                            • #15
                              Originally posted by chrisbenjy View Post
                              I would say being able to devote enough time for trading is the most important thing. Obviously swing trading on daily+ tf will require less time (probably once a day), but scalping or intra day will probably require a lot more. You need to make sure that your trading suits your lifestyle, work and family commitments.
                              Hi,

                              Good day,

                              It is true as well having enough time to trade, but that would be based on the trading style as you "chrisbenjy" metioned...

                              It is a good point, too...

                              waiting for more comments so I can start what I have...

                              Best wishes,

                              SF

                              Comment

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