An advice.. Do not be tempted to trade in the Forex market in an impulsive way. Have a plan and stick to it. Impulsive trading will most likely lead to losses. If you stick to your plan, you can limit your risk and your losses, and be there to jump off the profitable paths when they come along.
Remember that the forex market operates 24 hours a day. Operators can operate at any time of day or night. There are some ideal times for trade and times should be identified. When the market is more active you will have the highest trading volume
Never go to a negotiation without studying your lesson at home. There are many facts you need to discover before you start negotiating. For example: How many options does your opponent have? What pressures are you suffering? Does your contact have a deadline to solve your problem? What is your budget? When you plan, stress and stress decrease. The stage becomes more familiar and several new options emerge before your eyes. Thus, you will face quieter and more confident any negotiation.
Indeed. Having a plan doesn't mean that plan is immutable. If you see it's flawed of course you have to change it in order to improve it. People say 'Stick to the plan!' but often forget to mention that plan is always subject to improvement if necessary.
The professionals work with strict rules of technical operation, money management, pre - in and post market routines. Without this element a trader is drifting. The trading plan is much more than a printed document with a number of rules. It is a tool to build an adequate performance improvement process, based on the establishment and practice of clear and precise rules for analyzing, making decisions, operating, managing, evaluating and enhancing your trader skills to translate said organized effort into profit Tangible in the growth of your account. The trader who does not have a trading plan is simply improvising in the markets and will not perform well in the long run.
oscarbc posted: The professionals work with strict rules of technical operation, money management, pre - in and post market routines. Without this element a trader is drifting. The trading plan is much more than a printed document with a number of rules. It is a tool to build an adequate performance improvement process, based on the establishment and practice of clear and precise rules for analyzing, making decisions, operating, managing, evaluating and enhancing your trader skills to translate said organized effort into profit Tangible in the growth of your account. The trader who does not have a trading plan is simply improvising in the markets and will not perform well in the long run.
There are probably some people who improvise who do well in the long run, but the majority of us would struggle with it. That's why it's better to play it safer and rely on a trading plan, rather than one's daily whims.
chrish9070 posted: Money management is the greatest tool of all for new traders
#forex #trading #pips #markets #finance Do you want to learn to trade all types of markets with proper money management, risk reward trades and excellent monthly returns? Then check out this below.....
Just thought Id write an email after last weeks trading to see if people can cope and manage their losing trades correctly.
Do you have a set risk reward setup, calculate your trades correctly so you not always just entering at 0.1, 0.5 or 1.0 or whatever size you trade. Do you calculate the size of your account and work out what lot size you should be trading based on your stop loss, risk amount and account balance. If your not then you really should be. People ask for a win/loss ratio on trades and this really does not matter or have any influence on how much money/percentage return you make each month and year. You can actually lose almost 60% of your trades and still make an excellent return each and every month. So I just want to remind all you traders, make sure you have a plan and stick to it DO NOT deviate from this. Working this way means as you have a few losing trades your risking a % of your lower account balance each time, and as the winners come and the account grows your risking a % of the larger account and this is what allows it to grow.
So stop thinking about how many losing trades you have, simply make sure that your risk reward is correct and if you can get anything above 50/50 then you will guarantee to make money and a good living if you can do this consistently.
Next I want to look over a couple of charts that you may want to look at yourselves and also show the kind of thing we look at every time in our webinars to plan our next few trades in the week ahead. Also dont just enter a trade because price has hit a certain area, get some confirmation of price action 1st, this will save you entering and guessing of just anticipation, this is not trading but simply gambling if no predetermined risk.
Do you look this deeply into your trades before entering them? Do you then calculate your risk reward ratio? Then calculate what size you should be trading on your account size and what risk you should risk on each trade? If you are not doing these things then your going to get swallowed up in the forex world and find it very tough to make money trading these highly volatile markets.
If this is something you would be interested in, not going for 20-30 or 40% a month, but trading exactly how money managers and funds trade looking for great reward trades and making 4-10% a month (10% on good months - not often) so achieving apprx 50-60% a year entering trades 10-15 minutes a day then we can offer that.
Wish you all a Happy Trading week and should you have any questions please email or skype me with the details below :-
well your statement of safe trading with gain like 4-10% a month sounds very good But your words would have more weight if you have profitable account to support your statement. Which obviously you dont. This user doesn't share any systems currently.
My advice to newbies dont waste your time to anyone without proven and profitable track record.
It is not possible to make a profit in trading without a plan. Many traders trade without any planning but cannot retain that profit. By trading plan, I mean money management, good strategy, risk management, trading discipline, etc. Where to use stop loss, where to enter the trade, how to manage the trade, how many risk rewards to use, if you do not know how to make a profit. These things have to be done according to the plan before trading.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.