Of all of the advice on the internet, keeping a trade journal is something that is surprisingly under represented. With all the variables involved having a baseline that you can revert to is extremely valuable.

The military looks at past campaigns for strategy, athletes look at play backs of their past games to avoid their previous mistakes, become more efficient and ultimately better at what they do. What makes you think traders couldn't benefit from that? Forex trading is all about timing. Markets are their most volatile during opening and overlapping times, after policy changes and announcements. Sometimes you need some time for volatility to normalize and see what trends are emerging, other times volatility is beneficial.

But most new traders are eager to trade and trade on impulse, which is never a good idea. Or in trading lingo, stick to your trading strategy. A side-note here - you are not married to one strategy and no one strategy is gospel. Those that adapt, survive once said an old British chap named Darwin. The same holds true for traders on the market.

Although there are many different ways to approach trading, and as many different trading theories as there are stars in the sky, one thing that is a given is; knowledge is king. Sometimes that knowledge comes directly from the source - traders like you on Reddit.

Select additional content:. Education Sponsored. GMT LON NY TKYO SYD Your email. First name. Last name. Trading offers from relevant providers. Like any community, it has members who are interested in different aspects of the forex market and from all over the world. This gives them a chance to exchange ideas and experiences. They can share tips and tricks for better trading and they can also share information about new platforms and systems that they have come across. You can even find traders that you may want to work with in the future.

They will be willing to mentor you and give advice if you are open to it. The third reason is that it gives you a chance to make new trades and get feedback from the live trades. Being able to do that allows you to make adjustments if necessary and get good information without having to wait for an official announcement by the authorities. This is especially useful when the market is volatile.

You may not want to make trades at a time like that and this is one way to get good information without all the waiting. The fourth reason why forex trading redditors are so useful comes down to discipline. The forex community is very concentrated. There is a lot of information on every topic imaginable.

For people who are active traders, they usually check the market every hour and take the most effective action. redditors, by comparison, have to be disciplined to only trade when they have a feeling that it is a good decision. When using forex tradingredditors, you should always know exactly what the price of your currency is going to be at any given moment.

What could possibly be the value of advice from an online forum like Reddit? The specific Forex subreddit , not only features success stories but horror stories of forex traders "blowing" their accounts in a myriad of ways. It's like being privy to an extensive trial and error process most traders experience , without actually putting your own investment on the line.

regulated - so sales comments or marketing materials are usually deleted. So, most. ForexLive seems to be Reddit's favorite source of Forex related info. Some other commenters mentioned Twitter as a great source for concise real-time information - a piece of advice we gave in our article about looking beyond technical analysis.

There are many a cautionary tale on the Forex trading subreddit, one that seems to consistently show up is the new trader that decimates their account by overleveraging. If you are unfamiliar with the term it's when a trader uses an ill-advised amount of leverage to open a position. Why ill-advised? Because a very small adverse movement, would close out the trade - or even multiple trades due to margin stop out.

This overlaps with the advice above, overleveraging increases your exposure, also known as risk. Managing this variable when trading, according to most institutional, retail and reddit traders - is key to protecting your investment.

Another interesting point made by the Forex redditors is - in the above vain, stop-loss defines position size, not vice versa. This is frequent reversal made by new traders which focus on their position size and potential gains, instead of their maximum risk. Impulsiveness when trading is very dangerous. Having a trading strategy and sticking to it is an extremely effective method to manage risk - the inverse on the other hand is an extremely effective method to lose all of your investment.

If you proactively try to recover your losses immediately after losing, then you are going to be in a world of pain - or at least your account is. It is very important to detach emotions from trading. Greed, fear, anger and pride which seem like biblical cardinal sins are in fact emotions that can influence and cause traders to make uninformed decisions.

Of all of the advice on the internet, keeping a trade journal is something that is surprisingly under represented. With all the variables involved having a baseline that you can revert to is extremely valuable. The military looks at past campaigns for strategy, athletes look at play backs of their past games to avoid their previous mistakes, become more efficient and ultimately better at what they do. What makes you think traders couldn't benefit from that?

Forex trading is all about timing. Markets are their most volatile during opening and overlapping times, after policy changes and announcements. Sometimes you need some time for volatility to normalize and see what trends are emerging, other times volatility is beneficial. But most new traders are eager to trade and trade on impulse, which is never a good idea.

Or in trading lingo, stick to your trading strategy. A side-note here - you are not married to one strategy and no one strategy is gospel. Those that adapt, survive once said an old British chap named Darwin.

The same holds true for traders on the market. Although there are many different ways to approach trading, and as many different trading theories as there are stars in the sky, one thing that is a given is; knowledge is king. Sometimes that knowledge comes directly from the source - traders like you on Reddit. Select additional content:. Education Sponsored. GMT LON NY TKYO SYD Your email. First name. Last name. Trading offers from relevant providers. SIGN UP.

Must Read Save The Date - Finance Magnates London Summit VIDEO: Seeing is believing. How do you take yourself from a gambler to a trader. Russell technical analysis. Bears just got faked out. Copper is the simplest investment thesis anywhere Russell technical analysis In 30 seconds.

ForexLive seems to be Reddit's favorite source of Forex related info. It can help you with timing your buy and sell decisions. They will be willing to mentor you and give advice if you are open to it. Sometimes you need some time for volatility to normalize and see what trends are emerging, other times volatility is beneficial. LON

Categories:

• Forex
• Forex Bitcoin
• Binary Options online
• Binary Options
• Forex Brokers