Be a successfull trader
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    Cool Be a successfull trader

    Here is a SYSTEMATIC WAY to become a trader:

    1. Decide what kind of trader you want to be

    Do you want to be a day trader or a swing trader? Do you want to trade stocks, futures, forex or options? Do you want to use fundamental analysis or technical analysis? Do you like to rely on chart patters or on indicators? - There's no "right" or "wrong" way to trade. Every trader is different. For some traders day trading is easy. Other traders don't like making quick decisions and rather take time to analyze the charts in the evening.
    Note: THIS is probably the most important step! - So make sure you know what trader you want to be.

    2. Find a strategy that suite YOU.

    There are thousands of profitable trading strategies out there. But you have to find one that works for you. As an example, if you like a high winning percentage, you should consider a scalping strategy like "The Seahawk Strategy". If you are looking for a trading strategy that takes advantage of trends with a smaller stop loss than profit target, then you need a trend-following strategy like "The Simple Strategy". Make sure that the trading strategy fits YOU, otherwise you'll never have the discipline to follow the rules of the strategy.

    3. Get a charting software and a trading platform

    Once you completed the first two steps, you can now select a charting software and a trading platform that supports YOUR trading style and YOUR trading strategy. Don't do it the other way around! I've heard from many traders who FIRST select their charting software and then wonder why you can't display the indicators or time frames that your trading strategy demands.

    4. Practice the trading strategy

    Never ever trust ANY performance statistic unless it's your own! You need to practice the trading strategy that you selected for 3 reasons:

    Make sure that you understand the rules and can EXECUTE the strategy.
    Make sure you're comfortable with the strategy.
    Make sure that the strategy is actually making mon

    5. Learn chart reading to improve the performance of your strategy

    A trading strategy is either trend-following or trend-fading. To date I haven't seen a "hybrid" strategy. A trend-following strategy performs well in trending markets, but has more losing trades in sideways markets. Therefore it's important that you practice your chart reading skills to easily identify whether the market is going up, down or sideways. Trade a trend-following strategy like "The Simple Strategy" in trending markets, and use a trend-fading strategy like "The Ping Pong Strategy" in sideways markets.

    6. Understand money management

    It is a proven fact that without proper money management you can lose money despite having a profitable trading strategy. You MUST understand money management if you want to become a professional trader. You might have heard of Larry Williams, who turned $10,000 into $1,000,000 in only 12 months. I asked him about his secret, and he said he couldn't have done it without flawless money management.

    7. Create your trading plan

    There's a huge difference between a trading strategy and a trading plan (check out my other blog post for more detailed information).

    8. Execute your plan on a simulated account

    Yes, a simulated account is not the same as trading with real money. But if you can't make money on a simulator, chances are slim that you will make money on a real account! Take your time and practice your plan. Make sure that you make consistent money on the simulator before committing real money to trading.

    9. Execute your plan with real money

    Start small - grow big! Even if you already traded larger size on a simulated account, start with the smallest number of contracts or shares possible when trading real money. Keep in mind that trading real money is different than trading on a simulator. Fills will be different, and you might experience some emotional pressure. Make sure that you still make money on a real account before increasing your position size.

    10.Use money management to grow your account

    You can't trade small lots forever! If you want to become a trader and make a living trading, then you need to increase your position size. But as I said earlier: Without proper money management you could lose money despite having a profitable trading strategy, so make sure to apply solid money management to grow your account.

    Trading is a business. It's a profession. And like any other business it needs planning. STRATEGIC PLANNING.

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    Last edited by RoboForex Administrator; 01-24-2013 at 07:28 AM. Reason: red removed

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    3 Best Things To Do Everyday Before Trading FoREX

    Trading in forex is not gambling, Before we enter a trade we must have a reason why we enter buy or sell for our trade. Don't trade without a reason if you don't want to think of a reason why the market always goes against you.


    Here is the list for the most important things that we should check daily before deciding to trade forex.

    1. Daily Chart - Looking on a daily chart will give us a hint what was happening on the currency pair we choose. Check if the pair was near support and resistance so we can trade accordingly, Buy at support and sell on resistance. Check also on the daily chart if there is a big chance of breakout or reversal of current trend so we will not be trapped and we will avoid big sudden loss.

    2. Economic News Release - Everyday for 24 hours a day, News only vary on its impact from low, medium to high. Being updated to the news release schedule, we can avoid or take the chance to ride the waves and volatility of market. It is very important to know what kind of news are going to release in few hours specially for the scalpers that are entering big lot of trade and few pips target. High Impact news are very risky for scalpers due to too much volatility that can cause sudden increase or decrease of price. We should also be aware of high impact news release for 3 days ahead because sometimes the market sentiment prevails before the news was release, moreover, when we expect for big movements at the time of news release we are already too late to ride the market.

    3. Plan your Trade and Trade your Plan - Make a plan before trading, decide on how much you can take to risk. What would be the entry and exit. The time frame that you will be using and most of all, be firm to follow the rules, if you set a rule that one trade at a time or a maximum of two trades at a time, follow it, don't let your emotions overcome you because emotional traders will find it hard to become successful in forex trading.

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    four demons of trading psychology

    1 Greed

    The greed demon is the number one enemy of forex traders. This demon has a long and spiky tongue which constantly whispers to our ears that the opportunities in the market are going away unless we act quickly to profit from them. Its feet are on fire: it screams “faster, faster” to the trader, stressing him, causing him to lose focus. It has an empty belly, is emaciated, weak and hungry, because none of his exhortations for speed and greed lead to the slightest profit in the end.

    2. Fear

    This fiend has a fearsome sight, and a sharp voice, bellowing, growling all the time, trying to intimidate us into indecision in everything that we do.

    Fear has the opposite role of greed in our trading decisions. Instead of inspiring us to trade like a machine gun, opening and closing positions with the speed of lightning, fear convinces us that nothing that we do will be profitable in the long term, regardless of the power of our analysis, and the amount of study and consideration gone into perfecting our method.

    3. Euphoria

    The queen of forex demons, Euphoria, is a creature that promises unlimited wealth, and delivers unlimited misery and destitution. Euphoria works hard to ensure that wherever we look, we see nothing but wonderful prospects for limitless profits. It is as if the trader has somehow been blessed with the Midas Touch, with success being the natural consequence of his routine behavior.

    Under normal circumstances, euphoria has little relevance for most traders, because most are aware that success in forex trading is not child’s play.

    4.Panic

    Panic is the opposite of euphoria. In a panicky situation, the trader sees nothing but losses in the market, with no possibility of concluding a profitable trade. This is an exceptionally strange way of thinking in the forex market, since by definition; the loss of someone must be another person’s gain. When a trader is losing large sums on a long currency trade, another trader is possibly making large profits on a short trade on the same pair. This fact by itself should have helped traders to be more realistic in response to bouts of panic in the forex market, but experience shows that this is not the case.

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    Red face Be a successfull trader

    Three Disciplines of Successful Traders :

    1. Success depends on creating a trading plan, and maintaining the discipline to TRADe THAT PLAN!

    2. A trader must be committed to Continuing Education. Study technical analyses and the psychology of successful trading.
    A trader must make logical decisions, void of emotions, while trading. Learn to trade in control!

    3. A trader must map out a sensible equity management plan to ensure a Return On Investment.
    Trade no more than 20% of a Margin Account and expose no more than 5% of that account on any single trade.

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    forex trader mistakes

    When getting started in forex trading, there are common mistakes to be avoided. This is a list of common forex trading mistakes :

    1. Using Too Much Leverage

    One of the biggest advantages of forex trading is the ability to use leverage or trading on margin. One of the most common mistakes that forex traders make is using too much leverage. Using too much leverage is when you have a small account balance, but make a big trade. If the market moves against your position by just a small amount, it can result in large losses. Commonly, the beginning forex trader will get emotional and nervous and close the trade for a sizable loss.


    2. Over Trading

    Over Trading occurs when traders try to look for trading opportunities that are not really there. It happens to new traders very often, because they just want to trade. The result is usually a poorly executed trade that results in an eventual loss. Over trading can also result in traders making too many trades at once and using too much margin.

    3. Picking Tops and Bottoms

    Many new traders attempt to try to pinpoint where a currency pair will turn around and start moving the opposite direction. This is something that is difficult even for professional traders.

    4. Buying Systems on the Internet

    In a desperate search for that 100 percent accurate forex trading systems, traders search tirelessly on the internet trying to find that perfect system. The problem is that it simply doesn't exist. Most of the time, it's just a good way to part with your money and think that it's for a good reason

    ---------- Post Merged at 01:34 PM ----------

    Preparing for Your First Trade

    > Getting a Feel for the Market
    > Making a Plan
    > Setting Your Profit and Loss Limits

    > Risk Management and Moving Stops
    > Know When You Are Ready
    > Some Goals of Day Trading

    You can have your skills developed to the point that you have a feel for the market and have the ability to make a plan as to your day trading objectives. Day trading objectives can be set each session, but they should be made for every position with the use of a profit and loss limit for every trade. If you can incorporate some basic risk-management techniques and moving stops, you are going a long way toward being ready for your first trade.

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    Relies on your meaning of achievements. Do you evaluate achievements in economic conditions or total well being. Do you think an effective investor would need or want to perform a frequent job?

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    Registered user d3d3's Avatar
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    all suggestions are very good and the most important for success in forex that we have to be disciplined and always use the strategies that we have created and use money management and always being patient.

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    too long :) but very complete explanation host
    I am glad there is a want to share the complete se
    hopefully provides many benefits for us all as a trader

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  9. #9
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    Quote Originally Posted by d3d3 View Post
    all suggestions are very good and the most important for success in forex that we have to be disciplined and always use the strategies that we have created and use money management and always being patient.
    i agree with your opinion,we must always discipline with rules from our strategy and money management,so we must have a lot patience and already make a lot practice with our strategy and our money management,because with make a lot practice we will able to have a good strategy and we will have a good psychology.

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    Rookie mohamed reda's Avatar
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    the strategy is so necessary thing for any Forex trader and you must this strategy work 100 % with out any problems to make profits as you can .also you must follow a money management plane to face any loss .also as you a beginner trader you must learn the basics of this market to be able to trade without any problems .

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