Recent content by bigdolly

One of the most detrimental habits in trading is depending on luck and attempting to trade without a stop loss. The primary reason behind this behavior is the difficulty traders face in accepting losses, as it involves emotionally challenging decisions. This tendency to avoid pain is a...

Absolutely, the high failure rate among forex traders underscores the complexity of the market. It highlights the critical need for thorough education, a deep understanding of market dynamics, disciplined risk management, and the development of robust, well-tested trading strategies to succeed...

Some common bad habits among beginner traders include overtrading, ignoring risk management principles, chasing losses, and letting emotions dictate trading decisions. It's essential for beginners to focus on developing a solid trading plan, practicing discipline, and continually learning from...

I find "Trading for a Living" by Dr. Alexander Elder and "The Disciplined Trader" by Mark Douglas particularly useful. They offer valuable insights into trading psychology and discipline, which are crucial for consistent success in forex trading.

Absolutely, analyzing patterns across multiple time frames can help confirm the validity of a trend and reduce the likelihood of false signals. By examining the trend direction and consistency across different time frames, we can gain a more comprehensive understanding of market dynamics and...

While it's technically possible for automated trading systems to generate consistent returns, a 12% monthly return is quite high and may raise skepticism. Be cautious of promises that seem too good to be true, as they often are. Trustworthy auto trading providers should have a transparent track...

Brokers report an average of 75% clients that lost money and the number is certainly higher for inexperienced traders who downplayed importance of paper trading and leap into real market without clear rules for entry, exits, stake management etc. However mistakes are great teacher especially...

Some popular self-help books in trading include "Trading for a Living" by Dr. Alexander Elder, "Market Wizards" series by Jack D. Schwager, and "Reminiscences of a Stock Operator" by Edwin Lefèvre. These books offer valuable insights into trading strategies, market psychology, and risk management

You can mitigate the impact of false signals by: 1. Using confirmation indicators or patterns to validate signals before entering trades. 2. Setting stop-loss orders at logical levels to limit potential losses if the trade turns out to be a false signal. 3. Waiting for additional confirmation...

Fear and emotional reactions are common challenges that traders face, often leading to irrational decision-making and poor trading outcomes. Recognizing and managing these emotions is crucial for successful trading. Strategies for dealing with fear and emotional reactions include maintaining a...

While a 12% monthly return is theoretically possible with auto trading, it often comes with heightened risk and may not be sustainable long-term. When evaluating auto trading systems, prioritize transparency, track record, and risk management practices. Look for reputable providers with verified...

When trading based on candlestick patterns, dealing with false signals requires a combination of patience and confirmation. Waiting for additional confirmation from other technical indicators or the next candlestick can help filter out potential false signals and improve the accuracy of trades.

Yes it's possible but not every month. Also this strategy looks quite risky because compounding return gives 280% yearly return which is insanely high.

Yeah it delivered great returns from the start of this year, now it becomes scary to invest in this asset

In MetaTrader, "Volumes" refers to the volume indicator, which displays the total number of transactions executed during a specified period. It can be used to analyze market activity and confirm the strength of price movements. I often use volume alongside price analysis to assess the validity...