Forex traders have to know these 7 things before they can start trading:
1) Don't use indicators - They are just blocking your view of what's important. Learn price action and you'll be miles ahead of the competition.
2) Use sound money management principles - The more conservative a trader you are, the better off you are going to be. Don't try to hit a home run with every trade, because it never works out that way. You've got to be prepared for the long haul, if you want to make it in this business.
3) Don't rely on demo trading for too long - The normal tendency is to trade on demos on until you feel comfortable trading. The problem is that people just abuse the demos. They trade for so long without any kind of risk that they just can't handle when they trade with real money.
4) Keep your emotions under control - There as may traders with unbelievable potential. They can really take apart the market. But unfortunately they don't know how to control their feelings. The moment you panic, is the moment you realize you are not cut out for this.
5) Start with Mini Accounts -Don't start off playing full lots, because I can assure you that you are not prepared for it. Trade with money that you can afford to lose, before you start trading for big bucks.
6) A Margin Ratio of 200:1 - I thinks that gives you enough room to trade comfortably without having to worry about getting a margin call.
7) Be Prepared When The News Comes Out - Find out what kind of news most market analysts are expecting, and see if the actual meet or exceed analyst expectations. That's the bread and butter of news trading. - 2364
1) Don't use indicators - They are just blocking your view of what's important. Learn price action and you'll be miles ahead of the competition.
2) Use sound money management principles - The more conservative a trader you are, the better off you are going to be. Don't try to hit a home run with every trade, because it never works out that way. You've got to be prepared for the long haul, if you want to make it in this business.
3) Don't rely on demo trading for too long - The normal tendency is to trade on demos on until you feel comfortable trading. The problem is that people just abuse the demos. They trade for so long without any kind of risk that they just can't handle when they trade with real money.
4) Keep your emotions under control - There as may traders with unbelievable potential. They can really take apart the market. But unfortunately they don't know how to control their feelings. The moment you panic, is the moment you realize you are not cut out for this.
5) Start with Mini Accounts -Don't start off playing full lots, because I can assure you that you are not prepared for it. Trade with money that you can afford to lose, before you start trading for big bucks.
6) A Margin Ratio of 200:1 - I thinks that gives you enough room to trade comfortably without having to worry about getting a margin call.
7) Be Prepared When The News Comes Out - Find out what kind of news most market analysts are expecting, and see if the actual meet or exceed analyst expectations. That's the bread and butter of news trading. - 2364
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