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Thread: 10 Tips for your success in Forex trading

      
  1. #1
    Primordial FX Goo
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    Arrow 10 Tips for your success in Forex trading

    1. Implement a trading plan.
    “If you fail to plan, you plan to fail”. A trading plan is especially crucial in Forex trading to stay ‘in-control’ against the emotional stress in speculative situation. Often, your emotions will blind and lead you to the negative sides: greed causes you to over-ride on a win while fear causes you to cut short in your profits. Hence, a well organized operation has to be predetermined and strictly followed.

    2. Trade within your means
    If you cannot afford to lose, you cannot afford to win. Losing is a not a must but it is the natural in any trading market. Trading should be always done using excess money in your savings. Before you start to trade in Forex, we suggest you to put aside some of your income to set up your own investment funds and trade only using that funds.

    3. Avoid emotion trading

    If you do not have a trading plan, make one. If you have a trading plan, follows it strictly! Never ever attempt to hold your weakened position and hope the market will turn back in your favor direction. You might end up losing all your capital if you keep holding. Move on, stay within your trading plan, and admit your mistakes if things do not turn as you want.

    4. Ride on a win and cut your losses

    Forex trader should always ride till the market turns around whenever a profit is show; while during losing, never hesitate to admit your mistakes and exit the market. It is human nature to stay long on loses and satisfy with small profits – this is why as we mentioned earlier that a strictly followed trading plan is a must-have.

    5. Love the trends

    Trends are your friends. Although currency values fluctuate but from the big picture it normally goes in a steady direction. If you are not sure on certain moves, the long term trend is always your primary reference. In long run, trading with the trends improves your odds in the Forex market.

    6. Stop looking for leading indicators
    There aren’t any in the Forex market. While some firms make a lot of money selling software that predicts the future, the reality is that if those products really worked, they wouldn’t be giving the secret away.

    7. Avoid trading in a thin market

    Trade on popular currency pairs and avoid thin market. The lack of public participation will cause difficulties in liquidate your positions. If you are beginners, we suggest the big five: USD/EUR, USD/JPY, USD/GBD, USD/CHF, and EUR/JPY.

    8. Avoid trading in too many markets

    Do not confuse yourself by overtrading in too many markets especially if you are a beginner. Go for the major currency pairs and drill down your studies in it.

    9. Implement a proper trading system
    There is hundreds of trading systems available on line. Pick one that you are most comfortable with and stick with it. Stay organized in your trades and fully utilized stop-loss or limit functions in your trades.

    10. Keep learning

    The best investment is always the investment on your brain. Without a doubt, Forex trading needs much more than just a few guidelines or tips to be successful. Experience, knowledge, capital, fortitude, and even some help of luck are all crucial in one’s success in the FX market. if you lose in a trade, do not lose the experience in it. Learn from your mistakes and regain your position in the next trade.

    source: golearnforex.net

    Geting more forex trading secrets, just go to Secrets of forex traders



    ===You Do Your Business, I Do Mine. If We Meet, It's Nice!===

  2. #2
    My Charts Talk To Me mk3fx's Avatar
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    "And what about sending a soldier into battle without boot camp simulation? Sounds like a recipe for disaster to me. "

    Dude, you are so wise!

  3. #3
    Primordial FX Goo
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    Cool The world is a ladder

    The world is a ladder for some to go up and others to go down.-------------------------Buy wow gold, cheap wow gold, wow gold

  4. #4
    Will Work For Pips acidburn03's Avatar
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    what's with the WOW boo**** my man?

  5. #5
    I Breathe Pips Jones's Avatar
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    this is a good list, thanks for sharing, some really good advice there

  6. #6
    Forex In The Blood
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    Avoid emotion trading
    this is important

  7. #7
    My Pip Hand Is Weak
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    All excellent advice, but I think trade volume is one of the most important factors, as well. Professionals use a rule of thumb trading 1 standard lot for every $50,000 in account balance, which works out as 1 mini lot for every $5,000. If you have less than that, then you want a broker who will let you trade as low as .01, like IBFX.com. They have superb customer service, as well.

    Also, always go back to the demo account when trying any new strategy. Don't practice with real money. A free and easy strategy is available at forexsafeandsimple.com.

  8. #8
    Eye Of The Tiger
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    Thanks for the great tips

  9. #9
    My Pip Hand Is Weak
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    Hi,good advice! but must have education and much experience in this area because the market is very dynamic and poses many risks.

  10. #10
    Forex Broker Reviews VanForex's Avatar
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    Thanks for having this list of tips...
    "Trade on popular currency pairs and avoid thin market" --- this is actually one of the best thing to consider..
    http://www.forexbrokerguide.com

  11. #11

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    Stay organized in your trades and fully utilized stop-loss or limit functions in your trades. 9 is very true too, if you don’t have a trading plan then you are lost.
    Great list btw!

  12. #12
    Will Work For Pips
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    Yeah, "the trend is your friend" is a cliche, but definitely true. I've been burned more than once by not following the trend.

  13. #13
    Forex Warrior
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    THANKS ...I'll make it my 10 commandments..ha ha ha .MORE POWER!!!

  14. #14
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    that's great advise there but i need to add : practise at demo accnts so you can a look and feel on how to trade.

  15. #15
    Pips Is My Game leah0024's Avatar
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    hi there!

    demo accounts would actually look hard to understand but it's not as hard as what you see it. it helps a lot actaually especially for the newbies who wanted to know more on this.

  16. #16
    My Pip Hand Is Weak
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    Quote Originally Posted by traderkenny View Post
    1. Implement a trading plan.
    “If you fail to plan, you plan to fail”. A trading plan is especially crucial in Forex trading to stay ‘in-control’ against the emotional stress in speculative situation. Often, your emotions will blind and lead you to the negative sides: greed causes you to over-ride on a win while fear causes you to cut short in your profits. Hence, a well organized operation has to be predetermined and strictly followed.

    2. Trade within your means
    If you cannot afford to lose, you cannot afford to win. Losing is a not a must but it is the natural in any trading market. Trading should be always done using excess money in your savings. Before you start to trade in Forex, we suggest you to put aside some of your income to set up your own investment funds and trade only using that funds.

    3. Avoid emotion trading

    If you do not have a trading plan, make one. If you have a trading plan, follows it strictly! Never ever attempt to hold your weakened position and hope the market will turn back in your favor direction. You might end up losing all your capital if you keep holding. Move on, stay within your trading plan, and admit your mistakes if things do not turn as you want.

    4. Ride on a win and cut your losses

    Forex trader should always ride till the market turns around whenever a profit is show; while during losing, never hesitate to admit your mistakes and exit the market. It is human nature to stay long on loses and satisfy with small profits – this is why as we mentioned earlier that a strictly followed trading plan is a must-have.

    5. Love the trends

    Trends are your friends. Although currency values fluctuate but from the big picture it normally goes in a steady direction. If you are not sure on certain moves, the long term trend is always your primary reference. In long run, trading with the trends improves your odds in the Forex market.

    6. Stop looking for leading indicators
    There aren’t any in the Forex market. While some firms make a lot of money selling software that predicts the future, the reality is that if those products really worked, they wouldn’t be giving the secret away.

    7. Avoid trading in a thin market

    Trade on popular currency pairs and avoid thin market. The lack of public participation will cause difficulties in liquidate your positions. If you are beginners, we suggest the big five: USD/EUR, USD/JPY, USD/GBD, USD/CHF, and EUR/JPY.

    8. Avoid trading in too many markets

    Do not confuse yourself by overtrading in too many markets especially if you are a beginner. Go for the major currency pairs and drill down your studies in it.

    9. Implement a proper trading system
    There is hundreds of trading systems available on line. Pick one that you are most comfortable with and stick with it. Stay organized in your trades and fully utilized stop-loss or limit functions in your trades.

    10. Keep learning

    The best investment is always the investment on your brain. Without a doubt, Forex trading needs much more than just a few guidelines or tips to be successful. Experience, knowledge, capital, fortitude, and even some help of luck are all crucial in one’s success in the FX market. if you lose in a trade, do not lose the experience in it. Learn from your mistakes and regain your position in the next trade.

    source: golearnforex.net

    Geting more forex trading secrets, just go to Secrets of forex traders[/URL]



    all excellent points you maker here

  17. #17
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    #5 is misleading... THERE IS NO TREND!


    TREND IS A CONCEPT.

    TREND EXISTS ONLY IN YOUR MIND.

    TREND IS RELATIVE TO THE OBSERVER.

    DO NOT BE FOOLED.
    IT IS NOT WHAT YOU TRADE, IT IS HOW YOU TRADE IT!

    You are on the internet - If you (google) search for it, you'll probably find it.

  18. #18
    Pips Is My Game leah0024's Avatar
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    Quote Originally Posted by TheRumpledOne View Post
    #5 is misleading... THERE IS NO TREND!


    TREND IS A CONCEPT.

    TREND EXISTS ONLY IN YOUR MIND.

    TREND IS RELATIVE TO THE OBSERVER.

    DO NOT BE FOOLED.
    exactly! haha COOL!

  19. #19
    Pips Are My Game lhar_ff's Avatar
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    Well, if there is 10 Tips to success in Forex trading, there is also a Top 10 mistakes traders make
    and these are the top ten:

    1. trading with emotions
    2. not having discipline
    3. not having a trade plan
    4. changing the trade plan mid-trade
    5. improper money management
    6. increasing commimtent with success
    7. adding to a losing trade
    8. setting a stop loss based on risk tolerance
    9. using a mental stops vs. stop loss orders
    10. overtrading your account

  20. #20
    Pips Are My Game lhar_ff's Avatar
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    Iwasthinking

    Quote Originally Posted by Soeloie31o View Post
    The world is a ladder for some to go up and others to go down.-------------------------Buy wow gold, cheap wow gold, wow gold
    Hey, what's with the WOW anyway. I clicked on it, and a big ERROR appears.

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