Yes, Forex is great, forex is money and forex is success but forex is also uncertainty! Due to being an international market and untimely economic changes, the prices can change suddenly so beware and keep risk supervision tools at hand for you can come in the risk of losing money anytime!
It is almost impossible to exclude the uncertainty and unpredictability in Forex trading, each trader has to find his own approach to deal with these issues. There is no any method allowing to predict the direction of price movement with 100% accuracy. In other words, trading is such specific type of activity where there are no any ways to get the results guaranteed. That is why traders should focus on two aspects: probabilities and risk management. The main concept of Forex strategy development is to find strategy that helps trader to make as accurate predicitions, as possible. For this purpose, traders use various tools, such as price patterns, indicators and setups. Some of the traders also analyze fundamental background to understand the reasons moving prices. To be able to benefit from such predictions, trader should keep proper risk-reward ratio. This means that it is necessary to earn more when you win and lose less when you lose. Proper risk managent helps trader to be profitable even if he has only a few winning trades. Sometimes it is quite difficult to evaluate the efficiency of trading system before starting trading, especially for newbie trader. Trading with real money is always associated with risk of financial loss, so many traders start with demo trading. At the same time, the results of demo trading could be unaccurate since they are impacted by the trader`s psychology. That is why traders could use another approach - backtesting, which is the process of making simulated trades using historical data. Nowadays it is quite easy to backtest strategies and ideas with the help of special software like Forex Tester. Backtesting software conducts dozens of trades based on the rules prescribed by trading system and provides trader with the detailed information on the performance of the strategy, including such important elements as risk-reward ratio, win rate and other. This could be also useful to make changes to the strategy to improve its performance. That is why each trader has to find his own way to manage with uncertainty using such categories as probabilities and risk management.
There is certainly no 100% certainty in Forex. Even if you follow technical analysis, the economic factors are still at play. I prefer following the fundamentals, as these tend to have immediate and direct effect on the market.
The key is to understand how it really works and who is right to work with. I was losing funds to a broker and by the time i realised it, i had already lost $52000 which was over half of my savings. I met a friendly trader and she directed me to the recovery agent Mr Bart Kasch. He helped me recover all my money, every penny. Referred him to friends and colleagues already, you can contact him if you need help at [email protected]