I've been very interested in forex trading but im still learning the ropes and I do understand the years of experience and education it takes to see substantial results. I am also however a talented musician and would like to build a career in music. Would it be possible to indulge in building a music career while being a forex trader? I would appericiate some advice any of you can give!

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Thank for the info, Lexys and PMH,

I also see that music is like trending (and math). The 5 wave than reversal pattern, is like the 5 measure in a song before the chorus. I should start playing backgammon again.

Might has similarities forex with chess, we need use strategy and also keep calm minds to running strategy to become winner, and as trader will always carefully to manage all game, and forex also need calm minds and far away from emotion, might trader will faced with mistake but they can take lesson from these mistake

Becoming a successful Forex trader is a process, and a long one at that. It seems that around every corner there is a new method, technique or even a new element to our mental game that needs to be considered.

Staying patient as a Forex trader is the number one key to success. It allows you to trade only the best setups, but more importantly it enables you to be able to preserve your trading capital for when it really matters.

The most important aspects of anything in life are often the most difficult to master, and staying patient as a trader is no exception. However knowing that the market will be here tomorrow and accepting the fact that it only takes one good trade per month to make it in this business will certainly help you with your patience.

This is a great topic to discuss after mentioning the daily time frame. One benefit of trading from a slower time frame is that it becomes easier to identify quality setups. You are also less likely to get sucked in to the trap of overtrading, a common and devastating pitfall for many Forex traders.

One of the most common errors I see among Forex traders is the practice of taking small profits and big losses. This is usually the result of moving a stop losses further away during drawdowns combined with taking profits prematurely.

Those who know me well will tell you that this is a big pet peeve of mine. I have written before about the ill-effects of blindly following someone else. Doing so can not only be damaging to your trading account, it can interfere with your learning process as a trader.

However, even a profitable trade made for the wrong reasons is a loss. Remember that becoming a great trader is a process, and a long one at that. This makes the process of exercising patience and discipline far more important than missing out on potential profits.

You see, if market conditions are unfavorable and there is nothing worth my hard earned money, then my position is that nothing is worth my while. In this way, having no position is having a position, which is a perfectly valid and often overlooked stance to have as a trader.

There is a big difference between the mindset of a trader who has no positions on versus the trader who has capital at risk. The most obvious difference is that the trader who has capital at risk is going to be prone to having an emotional bias.

Besides not using them at all, another common pitfall that beginning traders make is to move their stop further away from the current price. They often do this in hopes that the market will eventually reverse and move in their favor.

Doing nothing as a Forex trader is in fact the only guaranteed, risk-free way to join the top 10% of traders within a week or two. This is because 90% of Forex traders lose money on a consistent basis.

Many new traders feel that they can master a new strategy in a matter of days or weeks. Or perhaps they simply want to buy an Expert Advisor for $200 and have it trade for them for the rest of their life as they sit back and make millions.

If only it were that easy. Becoming a great Forex trader takes time, often years of practice combined with a healthy dose of perseverance. But regardless of how long it takes you to become consistently profitable, the journey to become the best that you can be never truly ends.

Everything we do as traders should be strategic and calculated. Your trading plan is strategic and well-defined. Your risk to reward ratio is always calculated beforehand. And in a similar way, your position size needs to be calculated before you even think about placing a trade.

A common teaching method for new traders is to master one or two currency pairs before adding any others to your routine. The idea is that by focusing your energy in this manner, you will be more likely to learn how a pair behaves and you will therefore increase your chances of finding consistent profits.

A common misconception among traders is that once found, a profitable style of trading stays the same over time. I can tell you that since 2007, my trading plan has changed many times and continued to change even once I found consistent profits in 2010.

This decision is usually the one that gives traders the most difficulty and frustration, and it is something that you must learn to effectively deal with if you want to make consistent money in the forex market. Trade management is often the area that gives forex traders the most trouble; it is relatively easy to get into a profitable trade but it is much harder to manage that profitable trade in such a way that it produces an outcome you are satisfied with.

While there are certainly worse problems to have in the world, trying to figure out what you should do with a trade that is deep in profit can actually be quite puzzling for many forex traders. The problem that traders in this situation face is whether they should hold their trade for an even larger gain that may or may not materialize, or close the trade out and walk away with a very nice profit.

nice one nial! great lesson, i must say that i have been practising some of these points you have just mentioned and they really are effective speacially resistance levels, and i do recomend to any new trader to really practise them, becouse it really does inprove your winning rate and like most things practise makes perfect.

High Risk Disclaimer and Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Please do not trade with borrowed money or money you cannot afford to lose.

The main trend in FX trade execution has been increased "electronification"- deeper penetration of the market by electronic and automated trading. Electronification comes in a variety of forms, catering to the needs of a diverse set of players (fast and slow traders, banks and non-banks etc). It enables automated and continuous trading, bringing together participants with diverse trading interests so that they can more seamlessly adjust and redistribute financial exposures.

Forex software programs are available for forex trading. They may claim their programs can let you know when to make trades. But no person or program can ever accurately predict movements in foreign currencies.

'One trial learning' is where a person learns a big lesson, because the impact from one event was large enough to make sure that behaviour was never repeated again. We all touch an oven once as a kid, but most of us learn from that one event not to do it again. Do you see traders experience one trial learning in the markets? 006ab0faaa

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