Thursday, February 12th, 2009
Timothy Stevens asked:
In this realistic world, to be successful in any trade or even in Forex Trading, you have to know the rules and learn to do it well. Learning Forex Trading is not like babies learning baby-crawl. It is more like babies learning of how to walk by the parent helping them by hold on their arms to balance up.
As a saying 98% of Forex Trader lost money on forex, yet only 2% success from forex trading. Why is that so? 2% of successful traders stick to their “golden rules” and will avoid all kinds of failure which others made. Always learn from other people experience before starting out yourself. If you have ever went for a forex workshop or seminar, you will also realize that all successful forex trader has a past history of getting burned by trading forex too.
So start to follow these rules that had been set by the successful trader!
1. If unsure, ask for advice.
Before start trading, it will be better to trade with a group of friends where you can discuss it before making decision. Read up on books and forum to gather more information. Always practice trading on free trial account before going live. The more you understand the system the better your potential to success.
2. Always start small. Greed Kills…
Trading Forex is risky by all means; even all gurus or banker can suffer from unexpected losses. The point is never be tempted to trade with more than you afford now or future.
3. The market is always smarter than you!
Don’t ever be emotion and rash in trading; assuming can be result to 75% loss. Treat forex market as a war zone. Be prepare for trading by analyze the market before going for war. “Study your enemy”.
4. Treat forex trading as a game.
No no kidding.. Maybe because of some winning trade, you might feel confident as in “over-confident” which can lead you to another disaster. Apply all training and stick to it.
5. Stop loss is a must
Never assume the market will turn around, always put a stop loss in all trades. Losing small percents is always better than losing 100 percents.
6. Disciplined matters
When you have found out your trading system, stick to it. Don’t even try to be smart by modify it. Modifying only apply in doing research and development time. Or else just follow the rules.
7. Stay away from news
The most news affects the market movement, stay out from news and take yourself a break. After an hour later than you can continues trading as per normal. Some traders like to during news period. All depend on the strategy that the trader using. Non direction trading strategy will always be in the market, no matter there’s news or none.
There are a lots of trading method and strategy out there like; chart analyses, fundamental, trending, moving average, candlestick, Non Direction Trading and etc..
Steven
In this realistic world, to be successful in any trade or even in Forex Trading, you have to know the rules and learn to do it well. Learning Forex Trading is not like babies learning baby-crawl. It is more like babies learning of how to walk by the parent helping them by hold on their arms to balance up.
As a saying 98% of Forex Trader lost money on forex, yet only 2% success from forex trading. Why is that so? 2% of successful traders stick to their “golden rules” and will avoid all kinds of failure which others made. Always learn from other people experience before starting out yourself. If you have ever went for a forex workshop or seminar, you will also realize that all successful forex trader has a past history of getting burned by trading forex too.
So start to follow these rules that had been set by the successful trader!
1. If unsure, ask for advice.
Before start trading, it will be better to trade with a group of friends where you can discuss it before making decision. Read up on books and forum to gather more information. Always practice trading on free trial account before going live. The more you understand the system the better your potential to success.
2. Always start small. Greed Kills…
Trading Forex is risky by all means; even all gurus or banker can suffer from unexpected losses. The point is never be tempted to trade with more than you afford now or future.
3. The market is always smarter than you!
Don’t ever be emotion and rash in trading; assuming can be result to 75% loss. Treat forex market as a war zone. Be prepare for trading by analyze the market before going for war. “Study your enemy”.
4. Treat forex trading as a game.
No no kidding.. Maybe because of some winning trade, you might feel confident as in “over-confident” which can lead you to another disaster. Apply all training and stick to it.
5. Stop loss is a must
Never assume the market will turn around, always put a stop loss in all trades. Losing small percents is always better than losing 100 percents.
6. Disciplined matters
When you have found out your trading system, stick to it. Don’t even try to be smart by modify it. Modifying only apply in doing research and development time. Or else just follow the rules.
7. Stay away from news
The most news affects the market movement, stay out from news and take yourself a break. After an hour later than you can continues trading as per normal. Some traders like to during news period. All depend on the strategy that the trader using. Non direction trading strategy will always be in the market, no matter there’s news or none.
There are a lots of trading method and strategy out there like; chart analyses, fundamental, trending, moving average, candlestick, Non Direction Trading and etc..
Steven
