this is very important tips for every trader. And for newbies this is the first and basic tips. If they follow this tips before start real trading then i think they can easily reduce their losses amount on trading. so they can make good profit from beginning time.
I think the beginner should focus first on the observations of one pair, so they were familiar with the movement of the pair, so they know what to do, and create a strategy that suits the pair. and are not confused when the loss occurred.
That is quite right that sometimes we find that hard about it. Actually, as we are the owner and builder of that rules, we are the one who should obey, follow and stick to it no matter what, till we adapt it to be a new one. Just remember, to be dicipline is one best key to be success here, and for sure we will be paid for that.Quote:
Originally Posted by danielmogos46
Before you trade you must do technical analysis, fundamental analysis, and sentimental analysis. Know the best price to open a position and the best SL and the best TP. then when for that price to be hit. After that. when or loss you must also check what is the reason why you loss and what is the result of your profit. Meaning is your profit good? or not? Did you get early TP or not? Because sometimes we earn 50 pips but the price goes all the way to 150 pips or 200 pips so in short if you put your TP to higher spread you can actually earn more. this kind of checking and rechecking is necessary.
Quote:
Originally Posted by Victoryindia
That is true,most reason of loses is when the trader starts with the right plan and then later on disobey it. Like for example...your market analysis tell you that the market is bullish and you open buy position of your favorite pair,but after few minutes the market starts to give you a floating negative 15 pips and you panic right away and close your trades too early,but right after you close your position the market suddenly returns back to your position...sounds familiar? Stick to your trading plan come what may.
If I had decided, that the forex is binis.
that forex is the scope of the investment business.
therefore that the forex investment business, then nothing is instant.
that forex is risky, then risk management is mandatory
forex requires that we have a good psychological management, avoid greedy, impatient, and the like.
that it develops propabilitas forex.
Thank you so much for your steps for us to trade in forex.I think you still need to add one step,that is we need to set a stop loss and target when we make trade in forex.It is a very important part.
i want to comment this only
Steps that must take before or after trading...newbies just look out it
1.) view all news to be released for the day and time of release.
This is the first step before starting forex activities, making the effort to know the current situation, what happened out there that influenced the design of the current market .. internet, radio, newspapers, and telephone, are among the tools to get the news ..
it is very necessary the the newbies should understand the market well so that they should be able to do the good tradings if they know how to manage the market well and they should have some good practice on demo account
Yes we have to understand these points,Even when we are experienced in trading we have some problems so we should never let that happen,we must have some view and plans in market ,