Forex traders have to know these 7 things before they can start trading:
1) Get rid of your indicators - They are just getting in the way. If you are able to trade just using price action, you are way ahead of the curve.
2) Understand money management - you could have the greatest trading system in the world, but it wouldn't mean much if your constantly over leveraging your account. Remember, it's a marathon, not a race. You won't be a millionaire overnight, so there is no reason to risk that much.
3) Don't rely on demo trading for too long - The normal tendency is to trade on demos on until you feel comfortable trading. The problem is that people just abuse the demos. They trade for so long without any kind of risk that they just can't handle when they trade with real money.
4) Keep your emotions under control - There as may traders with unbelievable potential. They can really take apart the market. But unfortunately they don't know how to control their feelings. The moment you panic, is the moment you realize you are not cut out for this.
5) Start off small. Do some mini trading - Once you got the demo trading out of your system, start off trading on a mini account. Chances are you aren't quite ready to play full lots (both financially and emotionally).
6) Keep the margin reasonable - If I were to recommend a margin ratio that you should use it would probably be 200:1. It's enough room to play with.
7) Prepare for news - There is always news happening every single day in the world. You have to be prepared. Know what analysts are expecting and what happens if actual results don't match expectations.
1) Get rid of your indicators - They are just getting in the way. If you are able to trade just using price action, you are way ahead of the curve.
2) Understand money management - you could have the greatest trading system in the world, but it wouldn't mean much if your constantly over leveraging your account. Remember, it's a marathon, not a race. You won't be a millionaire overnight, so there is no reason to risk that much.
3) Don't rely on demo trading for too long - The normal tendency is to trade on demos on until you feel comfortable trading. The problem is that people just abuse the demos. They trade for so long without any kind of risk that they just can't handle when they trade with real money.
4) Keep your emotions under control - There as may traders with unbelievable potential. They can really take apart the market. But unfortunately they don't know how to control their feelings. The moment you panic, is the moment you realize you are not cut out for this.
5) Start off small. Do some mini trading - Once you got the demo trading out of your system, start off trading on a mini account. Chances are you aren't quite ready to play full lots (both financially and emotionally).
6) Keep the margin reasonable - If I were to recommend a margin ratio that you should use it would probably be 200:1. It's enough room to play with.
7) Prepare for news - There is always news happening every single day in the world. You have to be prepared. Know what analysts are expecting and what happens if actual results don't match expectations.
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