18 replies to this topic

[David30]

What do we need to know in becoming a trader? Are there any agents that would help us choose the right path to trading? What kind of training do we need to take?

[Rose223]

The ability to judge situations by the risk and reward is very important to become an effective trader. In addition you have to hate losing. If you lose, are you able to recover quickly enough to take advantage of another opportunity?

[Jwood]

A 'good' trader is someone who will respect his tried-and-tested rules and sticking by them no matter what.

[chessman]

A good trader has a good understanding of markets, knows about Fundamentals and Also Technical Analysis - AND they treat trading as a BUSINESS, not a game.
SO I don't duplicate a recent post I made please go to the thread "Is there Money in Forex"

[MANOLO]

A lot of investors have good reasons to shy away from studying what experienced traders know. One common reason is that they may not have the luxury of time to learn. They may be too busy with family and work. This is why they simply invest in managed accounts. On hindsight, this is a good option even if you eventually become a part time top trader. Holding on to a job even as huge earnings come in will secure you from possible market problems.

[amcfx]

What do we need to know in becoming a trader? Are there any agents that would help us choose the right path to trading? What kind of training do we need to take?

To become a trader you need to know the following..
- Learn how to navigate and use any tools in a trading terminal
- Learn what influences the market movement.
- A lot of theories like Fibonacci retracements

For the training you can easily get it with practice.

[Andry]

@amcfx
I think if we wanted to success in forex trading we shouldn't use only our knowledges but we must practice well too so our psychology can be improved because psychology can determine the result of our trading too.

[pjbabia]

To become a trader you need to know the following..
- Learn how to navigate and use any tools in a trading terminal
- Learn what influences the market movement.
- A lot of theories like Fibonacci retracements

For the training you can easily get it with practice.

I agree with you, but I do not understand what you mean by the third in the list. what do you mean with "A lot of theories like Fibonacci retracements"?

I think those two on the above list is the most essential part. I do not know about the third.

[amcfx]

I agree with you, but I do not understand what you mean by the third in the list. what do you mean with "A lot of theories like Fibonacci retracements"?

Fibo is a theory applied in forex trading involving ratios of numbers. It's quite popular in forex as "Fibonacci Retracement".

refer to babypips.
http://www.babypips....etracement.html

[Andry]

@pjbabia
I just tried to explain what amcfx posting. He said that you must learn a lot of theories in forex and one of those theories that you must learn, it's theory about Fibonacci retracement. That's what I got. Correct me if I wrong.

[pjbabia]

OK , i understand how it becomes an essential element in forex trading, But i still do not understand how it works or how to use it. Of course theories in the foreign exchange is important but it seems that i cannot apply that "theories" or "ideas" that is given by this Fibonacci retracement.

It seems that the word "retracement" is not found in the English vocabulary.

[cnbc]

OK , i understand how it becomes an essential element in forex trading, But i still do not understand how it works or how to use it. Of course theories in the foreign exchange is important but it seems that i cannot apply that "theories" or "ideas" that is given by this Fibonacci retracement.

It seems that the word "retracement" is not found in the English vocabulary.

allow me to help you. fibonaci retracement is fibonaci that use for retrace price. what is the meaning by retracement? retracement is the same as reverse. if you don't know what it means by reserve. let me give you an example. if you saw the price went down all the way, it means strong bearish. when the price is up for awhile, then going down again to continue the trend, that's what we call retracement. retracement is reverse for awhile. i hope i can help you. it is not that simple to implement fibonaci retracement, but it is the basic knowledge of retrace word in forex.

[pjbabia]

allow me to help you. fibonaci retracement is fibonaci that use for retrace price. what is the meaning by retracement? retracement is the same as reverse. if you don't know what it means by reserve. let me give you an example. if you saw the price went down all the way, it means strong bearish. when the price is up for awhile, then going down again to continue the trend, that's what we call retracement. retracement is reverse for awhile. i hope i can help you. it is not that simple to implement fibonaci retracement, but it is the basic knowledge of retrace word in forex.

Yes, I somehow understood it. It helps me understand what that term meant. But i think i needed to see it with my eyes later when the market is open. Though I have visualized it, I still need to see it. And most especially I need to read more about it and search it though our online bestfriend. Google. :)

[cnbc]

Yes, I somehow understood it. It helps me understand what that term meant. But i think i needed to see it with my eyes later when the market is open. Though I have visualized it, I still need to see it. And most especially I need to read more about it and search it though our online bestfriend. Google. :)

becareful when you are implementation fibonaci retracement. it has to be real retracement, not all the sudden reverse. almost all the things in forex are similar, but if you are really understand in ofrex, you can see clear picture that all similarity actually totally different with different result as well.

[Andry]

@cnbc
Thanks for your helping, I think that was good explanation and that will be good answer for pjbabia. I don't too much know of this theory too, so it's similiar with Fibonacci. Is it different with Fibonacci ?

[cnbc]

@cnbc
Thanks for your helping, I think that was good explanation and that will be good answer for pjbabia. I don't too much know of this theory too, so it's similiar with Fibonacci. Is it different with Fibonacci ?

it is part of fibonaci. i think to becoming a trader, we have to aware about indicator. remember there is no perfect indicator. there is no way that one indicator can lead you to profit all the time and there is no way that one indicator to shrink you to lose all the time. so you have to find out the right time and must really understand about it.

[Andry]

@cnbc
Yes, I knew that. There is no perfect indicator in this world. Indicator is only tools to help us to make decision so we shouldn't use indicator as single consideration to make decision. It's only our references to know open transaction, close transaction and predict the movement of market. But the decision is in our hand with looking another aspects.

[neng]

yes I agree but from what I know even if these indicators are not that reliable I think you should have at least two or three of them to be able to get the comparison of your trades although as what you had said we still make the last decision

[Andry]

@neng
We can use one indicator only if we are sure that our prediction with one indicator only is good. But normally, we used more than one indicator but we must remember that how much indicators that we used, that is not guarantee that our trading will be better than traders who used lesser indicators.