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Thread: What you should know before you start?

  1. #1
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    What you should know before you start?

    Greetings, traders. My names is Stanislav aka Stan, some of you might know me for webinars I do on a weekly basis (know more about it here)

    If you are just starting your trading path, there are some short advices that can significantly accelerate your learning curve. Some of those thoughts may seem obvious to you, but that's what trading is:


    1. Use simple approach.

    Whatever market you trade, avoid complicated methods - make it as simple as it can be. There's no hidden truth there, price is often the only thing you need.

    Most professional traders use naked price chart with couple of moving averages and maybe some sort of oscillator (Envelope, Bollinger bands), identify levels of support and resistance and have 2-3 primary setups to capture profit from price action.

    In analysis, we don't have much time to stare at the charts, we need to keep it simple (yet it's not easy) and be able to find preferred setup in 3-5 minutes. This is only achievable when we have limited set of tools and know exactly why do we use them. Too much analysis is not useful, no analysis is also harmful.


    2. Journal your observations, not other people's theories

    The essential of success is keeping a journal, which will later give you confidence. You will have much better understanding of price action journaling and observing than simply following somebody's opinions.

    Don't believe anybody blindly - test, test and test again. Do more what works in current market conditions and do less what not works.

    This will help you build appropriate mindset - markets always change and trader should be able to adapt to those changes. Don't rely on books and theories too much - I suggest you not to read books absolutely for 3-6 months if you are just starting. It's nothing wrong with books, they are beautiful, but they can confuse your mind and build unrealistic view on trading.



    3. Know your "pain point"

    Know amount of money you can afford to lose in a single trade and in trading in whole. Remember - statistics is not on your side when you start trading. Chances are pretty high that you will struggle for some time before gaining experience and obtaining good trading skills.

    Also, you should prepare for elongated learning curve. If you are not ready to continuously learn, absorb information and work on yourself, may be trading is not for you. It's a marathon and only steady runners reach the point.

    If your "pain point" is too close (you don't have time or capital), you will probably quit before you will be ready to make it.

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    Last edited by Value trader; 09-25-2013 at 06:45 PM.

  2. #3611
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    We should know how to build great skills and do all it takes to make a perfect approach to trade even better, we have to work with right management and with good skill because in this way we will become successful trader, never do forex blindly without having proper knowledge and experience as it is not as easy as it looks, always get these qualities which I mentioned then start forex for fruitful results.

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  3. #3612
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    We need to learn and know beyond the amount of money that we want to make from forex trading. We should know fully well how the business works and have a good trading strategy. We should know that success in the business depends on experience. Therefore in a nutshell, we should get as much as possible experience as needed.

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  4. #3613
    Rookie Batavia's Avatar
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    need awareness before starting forex trading, the good mindset it can driven a trader to be have a good education in forex trading, because the bad mindset for the first it can make trader underestimate forex and will thinking forex is like money machine and it is wrong mind for the first and many of us think like that and the end loss in this battle.

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  5. #3614
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    One of the things I tell newbies is to remove their mind about the money to be made and first work to have the right knowledge and a reliable trading system in forex. They should see the demo practice as a great place of development and give in their best to see they succeed. Starting cannot be very easy but with focus, hardwork and determination, we can possibly grow well.

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  6. #3615
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    Before you begin to start trading in the forex market it is important to get you expectations in the market right, having unrealistic expectations can be very dangerous when trading in the forex market as it will lead you to push too hard too soon an can cause you very serious losses. So ensure you have low to moderate expectations and mark out plenty for achieving it

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  7. #3616
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    Quote Originally Posted by Obaforex View Post
    Before you begin to start trading in the forex market it is important to get you expectations in the market right, having unrealistic expectations can be very dangerous when trading in the forex market as it will lead you to push too hard too soon an can cause you very serious losses. So ensure you have low to moderate expectations and mark out plenty for achieving it
    That means the trader not keeping higher expectation in the market but making sure to keep a lower expectation and then learning the right way. In forex trading a lot of people do loss their money because they don't have the skills and experience. Apparently if we can't do fine on the demo account then there is no need to trade with real account.

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  8. #3617
    Rookie layigold's Avatar
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    I agree with all the points mentioned by "Value trader", but I would like to say that trader should do everything within his best possible to learn forex to the point of acquiring better skills, knowledge and experience before committing hard earned money to trading . He needs to know the risks involved in trading forex and must make concerted efforts to manage the risks of trading properly because the only thing that can make a trader stay longer in trading is good risk and money management .

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