Open a demo account and paper trade until you can make a consistent profit - Many people jump into the forex market and quickly lose a lot of money (because of leverage). It is important to take your time and learn to trade properly before committing capital. The best way to learn is by doing!
Trade without emotion - Don't keep "mental" stop-loss points if you don't have the ability to execute them on time. Always set your stop-loss and take-profit points to execute automatically, and don't change them unless absolutely necessary. Make your decisions and stick to them!
The trend is your friend If you go against the trend, you had better have a good reason. Because the forex market tends to trend more than move sideways, you have a higher chance of success in trading with the trend.
I agree with what you said here. Demo account is really a must for new traders. Without demo accounts. maybe the percentage of losing traders will be as high as 90%. Demo account is really a useful tool for us to be familiar in trading even if we have not yet experienced live trading.
The second item which is about emotions is really the hard part. Humans are made to display emotions so it will really be hard to act as numb and pretend we dont feel a thing when we lost large amounts of money. I think it will be more appropriate if you say that we should trade with controlled emotions because emotions will always be there and we just have to control it once it sets in.
You will be needing to understand what Forex is, there are lots of site out there but i prefer babypips discussion because the discussion isn't boring. And once you have enough knowledge about Forex like leverage, margin etc. because those things are really important so you may now start using a demo account.
this is the first time i am opening myself into learning something about forex. it is too popular to most people and most forums i know promote forex more than anything. maybe i'll go with babypips as its more recommended and will come back here for more. thanks!
Definitely, Trend is a trader's friend. But I think, we should put it this way - a trader should always befriend the trend. A trend is only a friend when it agrees with our strategy or our trade. If the trend is against our trade, it cease to become a friend. How to befriend the trend is the key, then. But to befriend the trend is a difficult thing to do.
Yes you are right frined . before doing the real trading it is always good to open the demo account and try in that and it really helps us to understand how it works and its strategies . but before all much know what forex is and how it works and many precautions should be taken before investing since they are chances to loos your money .
I like the point that said if we should stick with a trading system and not change it unless we really need it. the meaning of this point is a trader should stop to search a holy grail because it doesn't exist. choose a trading system and master it fist is the best weapon to be success in forex trading.
Disclaimer: Although the administrators and moderators of DigitalCashPalace.com will attempt to keep all objectionable messages off this site, it is impossible for us to review all messages. All messages express the views of the author. DigitalCashPalace does neither support, endorse nor vouch any programs and/or opportunities discussed here. We simply provide a place for discussion.
The owners of DigitalCashPalace.com reserve the right to remove, edit, move or close any content item for any reason.
Forex Forum Forex Brokers Binary Options Brokers ECN Forex Brokers Forex Bonus