Avoid this Rookie mistake - Page 4
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Thread: Avoid this Rookie mistake

  1. #31
    The trick to success with Forex Currency trading is using a egy. There are several different proven egies on the market, all that matters is that you choose one of these and stick with it. Chart a plan of action and, here's the kicker, STICK TO IT!

    You need to figure out how you're going to perform the markets until you leap in there. Why before? Because once you're in the markets you're going to get really emotional and you will quit thinking clearly. We get emotional because of both failure and success, and the two cloud our decision. Emotions are great! Just not when it has to do with currency trading.

    A lot of people don't put together a egy since they're scared to. They feel stressed that they are not smart enough to figure out how to act. But if you are not smart enough to figure out a egy whenever you have time and space to do so, how well do you believe you're likely to egize when in the heat of the moment?

    The simple fact of the matter is that you don't need to be smart to succeed in Forex. You don't need to be smart to think of a egy for trading currencies. Just follow the egy of another Forex trader who had been effective before you.

    For example, employing a egy that revolves around trends is an excellent idea. Lots of people have made lots of cash by detecting signs that correspond to a potential gain or loss in the market and then acting accordingly. Basically this egy revolves around trying to forecast future movements by learning from pasty movements. Bear in mind that old saw about history repeating itself? Might as well make some cash with that insight.

    Technical analysis also provides a practical avenue for Forex trading. Basically with this egy you will just be making note of this crossover, the upsides and downsides of this market, to have a good idea of when to buy and when to sell.

    No egy that you could choose is going to perfect. You are going to eliminate some cash regardless of what, just with the right egy you will get a lot more. What's most important is that you decide on a egy and you stick with it, regardless of what takes place in the market!

  2. #32
    Quote Originally Posted by ;
    For instance, using a egy that revolves around tendencies is a great idea. Lots of folks have left lots of cash by noticing signals that correspond with a potential gain or loss in the market and then acting appropriately. Basically this egy revolves around trying by learning from movements that are pasty to forecast future movements.
    Not exactly. There's no prediction involved with trend after. The crucial word is after. Simply identify the tendency, then draw a line linking the highs or lows. Get in and stay in until price breaks online. Fine-tune it by learning when a break is likely to be significant or is just over-shooting a little. You will learn that with expertise. Watch for candlestick patterns and traditional chart patterns for signs that the break is or isn't significant.

    Quote Originally Posted by ;
    Technical analysis also provides a practical avenue for Forex trading. Basically with this egy you'll only be making note of this crossover, the upsides and downsides of this market, to have a fantastic idea of when to buy and when to sell.
    I have never found this to become profitable. By the time you're convinced the cross is not going to cross straight back, the juicy part of the move is over. You're getting worse, or in late, at the conclusion. Or noise eats you alive.

    In case this sort of thing worked, anybody could make a fortune using a simple software program. No one is making a fortune with software progr, whatever they claim when trying to sell you. If they were, the banks could have them and you wouldn't be hearing about rogue traders dropping billions at Goldman Sachs. It all would be robots. No bonuses or golden parachutes.

    For retail traders, the safest and most profitable course is trend following. As for all of the emotional crap -- just say no. You do not have to get hysterical since you're trading. You will win some and you'll lose some, just like everyone else. The only real trick to profitable trading is to make certain your profits are larger than your own losses. Cut your losses short and let your profits run. That's it and that's all.

    Regarding that, I'd add do not search for your ring under the street lamp instead of the place you lost it. If you can't let your profits run, or you can't reduce your losses short, do not attempt to resolve that problem by searching for a holy grail egy. Address and overcome the issue.

  3. #33
    Quote Originally Posted by ;
    I have come across a few threads where newbies post trading blip stories where their accounts were wiped out in a couple of minutes. Measure 1: Always start of with a demo account, irrespective of how much knowledge or experience you may have [on fx markets] Rule 2: Always start small Rule 3: Don't assume anything. . Rule 4: Stay well informed Sure, all these are general egies but newbies would be wise to examine it again and again.
    Fortunately this fantastic piece of advice have been repeated on different platforms but regrettably there are some new fresh traders who would jump right into actual accounts believing that could give them the real experience of investing. Like how? , when you do not know the fundamentals of how to swim could you jump right into a pool? No but you'd discover the exact new traders supposing real accounts would provide them the real experience. I totally concur with your suggestion/ advice .

  4. #34
    I could not agree more. Don't invest more money than you are able. I would also add not to utilize a lot size larger than what your account can manage, even in the event that you see a signal that you think is great.

  5. #35
    Can anybody tell me how to make customized timeframes like a ten minute chart?

  6. #36
    I concur that, forex is large risky, so rigorously risk control program should be conducted, I always suggest reduced leverage, normally should below 100, stoplost and short term are useful.

  7. #37
    I think you should practice demonion untill you get to the stage when mentally you're able to trade reside and make decisions just like demonion.
    I am against investing more money after reduction. Different trading procedures should be considered if that it true circumstance.

  8. #38
    Quote Originally Posted by ;
    quote So basicly learning Currency Market is not a really helpful way to spend your time unless you have atleast $100k lying around? For me personally this would mean I have to spend 2012 working hard and studying Currency Market to save $100k so there is actually a point. I was very much expecting that I could bypass the working hard part and start directly with learning Currency Market. Getting rich is indeed much work.
    I am confused I've 10k account I risk 1%I earn 1k Weekly and thats a typical I miss but then I didnt know I shouldnt be able to do so so I assume I must concentrate harder to Decrease this to where it is okay

  9. #39
    Sorry to post my questions here but can not create a new thread yet

    what is the meaning of BE ?

  10. #40
    Quote Originally Posted by ;
    Sorry to post my questions here but I can't create a new thread yet what's the significance of BE ?
    BE means break. It's when you move your stop loss (SL) from the management of the trend or price motion to pay your own risk (i.e. the number of pips or amount of money you risked because a stop loss).


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