With bajillions of forex traders around the world, we’re bound to have different opinions on even the most basic trading ideas.
I don’t think it’s necessarily a bad thing. Although controversial opinions are often uncomfortable to talk about, they may provide new perspectives which might be just what you need for your own trading!
And what better place to find controversial opinions than our very own kakiforex.com! There are a bunch of intriguing threads rich with these thought-provoking statements from real-life traders!
After scrolling through threads, here are 3 controversial opinions that caught the attention of many of our members.
1. “You don’t need indicators on your charts.”
One of the first tools added to a forex trader’s toolbox are technical indicators. When used appropriately, they’re likely to improve your chances of making good trading decisions. They don’t just make your charts look nicer, they also help you rake in some pips!
But what if someone told you that you don’t need them? Here’s what SimonTemplar has to say:
“Don’t start with Indicators. Just pull up a plain Price chart and stare at it.
Then stare at it some more.
Then look through a lot of different charts for a lot of different pairs, and try to get a feel for how a chart moves, how patterns play out, and how a pair can move over time. The second thing I would teach them is find your preferred lane and trade like that, don’t just trade all the hours with no focus. EOD trading via orders is my staple – it’s what I enjoy and it works. My Intraday trading is secondary.
Someone else will disagree entirely. But as long as we each know and understand why we are trading the way we are trading, then we’re both right.”
— SimonTemplar
Wanna read more about why this trader thinks newbies shouldn’t start with indicators? Click here to check out this exclusive interview!
2. “You don’t need stop losses.”
If the moody markets suddenly decide to move against your trade, we all know that a stop loss can be used to minimize losses. The main purpose of a stop loss is to ensure that losses won’t grow too BIG. It decreases the risk of you blowing your account so you can live to trade another day!
But some traders say you don’t need stop losses! *gasps* Do they have THAT much money? Do they have a death wish? Do they just want to watch the world crash and burn? Here’s what this kakiforex.com member had to say!
“I NEVER use stop losses except to lock in profits.
A stop loss is important if you need to realize a loss, but you should not accept losses! Losses are caused by bad entries, overleveraging, and not being patient. If you feel the need to use a stop loss then your confidence in the trade is very small, don’t trade if you have no confidence in a trade!”
— Rrram2
Can you really do away with stop losses? Click here to know how other traders made this happen!
3. “You don’t need to demo trade for a long time.”
In the past, we’ve talked about signs that you’re ready for a live trading account. But we haven’t really talked about how long you should be on demo! You may be certain you need to demo trade for at least a few months, but some of our members say otherwise!
“Don’t trade demo for long” (less than 2 months)
This camp feels it’s better to trade on a demo for as long as it takes to get used to the trading platform and understand your strategy. They feel it is better to open up a micro-account and trade in very small amounts of money live so that way you get used to dealing with the psychological impact of putting your money out in the market and letting it do what it’s going to do. The thought process is that you have no emotional investment in the fake money provided on a demo- thus you’re not accurately recreating the psychological stresses of trading through demo trading. You can instead ease into it like you would a hot bath.”
— stonecoldmichael
Think you’re ready to go live soon? Click here for things to watch out for that would tell you you’re ready!
There you have it folks! These are just some of the most controversial opinions that I’ve come across. Do you agree or disagree with the ways they approach risk? Do you have any other controversial trading opinions you wanna discuss?
