A systematic trading strategy is something I’ve been working on from the moment I started trading. I was using some pre-established strategies and I tried to test the efficacy of stop loss by pairing it rightfully with the trailing stop loss. Once I learned how this was done, I moved on to swing trading.
Robert647373 posted: It is very important to follow your trading strategy. So you can protect yourself from making wrong and unprofitable decisions.
That’s right. Without a trading strategy, it is not possible to trade. Everyone should have at least one strategy for trading. I’m trying to work on day trading and I’ve heard people say it’s just for experts but I want to give it a shot. Any suggestions for me?
If you’re willing to stay updated with the analytics and news updates, you should pursue day trading. I’ve been a day trader for a long time and it requires a lot of commitment and I have to constantly follow the news releases. A lot of instinct goes into it and you have to trust your gut. So make sure you pick a platform that keeps you updated. For now, ICM and Fxview have been okay for day trading. I get my updates and spreads are alright.
Yeah, I’ve heard people constantly sitting in front of their computers all day. Catching hold of every news update must be a difficult task.
Yes, strategy is crucial for trading but I think experimentation is also required. Like I keep trying my hands on different strategies I find and read about. I’ve been using the price action with multiple indicators and oscillators. Then I also practiced scalping and hedging. In my experience of these brokers, IB is good for hedging, Fxtm is okay for scalping and Fxview has some good spreads for day trading. I generally choose to trade with the ones that put no restriction of the use of any strategy.
posted: 1. Leave your emotions behind; Emotional control is the most essential factor in playing the market. Never lose control of your emotions when the market moves against you. Don’t get too confident over your wins or too despondent over your losses
2. Never follow the crowd; Be fearful when others are greedy, be greedy when others are fearful”
Oftentimes market hype is brought about by the media creating buzz around some financial news that were not yet thoroughly analyzed. At these moments, it is very hard not to jump on the bandwagon of overexcited traders and start buying stocks that everyone is talking about. Later, when it turns out that this was nothing but a hype, you don't want to be one of those traders who are struggling with selling the stocks for close to nothing when the hype is over. The best example to illustrate Buffett's quote would be the notorious Dotcom crash that left countless number of traders with devalued stocks.
3. Trading is not only about graphs
Everyone would agree that investing involves much more than simply buying some stocks. Indeed, by entering the world of trading we involuntary delve into politics, economy, ecology and financial markets, learning more about what is going on in the world than we would ever expect. But the trick is that it works the other way around just as well: the more you know about the world, the better you invest. That's why when you are thinking about making a new investment into a company, try to analyze their business as thorough as you can. The time you invest in this step will pay off later. When analyzing a graph, never neglect the news section that goes together with it. Lots of important information can be hidden there.
I will recommend some of the points: 1. never copy someone’s trading style 2. keep patience while starting, Rome was not built in a day 3. keep yourself updated with the current market trends 4. gain knowledge by reviewing educational content about forex from the internet 5. do your SWOT analysis, where do you stand before the market and then go ahead.
Do not trade with funds you have borrowed or those which you cannot afford losing, because both will hit you hard in the long run. A trader should keep working on his skills, no matter what. That patience, discipline and the passion to win is all that is required.
I would suggest to every newbie that focus on developing analysis skills, psychological skills. Don't focus on earning from the beginning. Without skills and experience it's not possible to make consistent money.
Akasuki posted: I would suggest to every newbie that focus on developing analysis skills, psychological skills. Don't focus on earning from the beginning. Without skills and experience it's not possible to make consistent money.
Perfect tip... Earning money in forex only comes after a trader has gained enough experience and skills
AVERTISSEMENT SUR LE RISQUE ÉLEVÉ : Le trading de devises comporte un niveau de risque élevé qui peut ne pas convenir à tous les investisseurs.
Leffet de levier crée un risque supplémentaire et une exposition aux pertes. Avant de décider de négocier des devises, examinez attentivement vos objectifs dinvestissement, votre niveau dexpérience et votre tolérance au risque.
Vous pourriez perdre une partie ou la totalité de votre investissement initial. Ninvestissez pas largent que vous ne pouvez pas vous permettre de perdre. Renseignez-vous sur les risques associés au trading de devises et demandez conseil à un conseiller financier ou fiscal indépendant si vous avez des questions.
Toutes les données et informations sont fournies "en létat", uniquement à titre dinformation, et ne sont pas destinées à des fins de trading ou de recommandation.
Les performances passées ne sont pas indicatives des résultats futurs.