What you should know before you start? - Page 2
Page 2 of 413 FirstFirst 1234561252102 ... LastLast
Results 11 to 20 of 4130

Thread: What you should know before you start?

  1. #1
    Educator
    Join Date
    Jun 2013
    Posts
    1,105
    Promo (¢)
    15
    Thumbs Up
    Received: 578
    Given: 191

    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.

    Not allowed!
    Last edited by Value trader; 09-25-2013 at 06:45 PM.

  2. #11
    Registered user
    Join Date
    Aug 2013
    Posts
    262
    Promo (¢)
    2,290
    Thumbs Up
    Received: 11
    Given: 1
    Quote Originally Posted by shihab View Post
    Well I do believe we need to have goodpreparation like a good trading analysis, trading strategies on our trading system to have a good chance to enter the market..because with the good preparation then we will be Ready for many conditions on the market..
    Already Find a good strategy is the first steps that open up to you the way in order to achieve profit and success in Forex and next to a good strategy must work capital management good and also stay away from greed because it is more enemies in forex so you should ban it must also have a large capital

    Not allowed!

  3. #12
    Trader
    Join Date
    Aug 2013
    Posts
    12,830
    Promo (¢)
    2,370
    Thumbs Up
    Received: 94
    Given: 1
    Personally, i believe that we should really depend on our own knowledge. But it's not wrong to learn about forex trading under the other pro traders as well. We will get an even clearer view about the forex market as long we learn in here. But personally, i will say that not all people know what they need to do in here and they need some guidance in the first time. Whether they think it's logical or good enough to be used will depend on themselves.

    Not allowed!

  4. #13
    Registered user
    Join Date
    Aug 2013
    Posts
    4
    Promo (¢)
    130
    Thumbs Up
    Received: 0
    Given: 0
    Proper learning is most important in forex, if a trader learn properly and gather sufficient knowledge and experience about forex then he can earn money and make more profit, Forex is profitable business. If trader firstly learn and understand correctly the forex market the he will be a successful trader in forex market, So first learn then start forex.

    Not allowed!

  5. #14
    Registered user
    Join Date
    Aug 2013
    Posts
    19
    Promo (¢)
    230
    Thumbs Up
    Received: 0
    Given: 1
    before I started trading I usually used to recognize the risk and calculate how much money I am able to be at risk in the market, because maybe some people do not get some of this stuff that is not calculated as the trading risk, it may be subject to margincall and is related to money management in trading

    Not allowed!

  6. #15
    Rookie
    Join Date
    Aug 2013
    Posts
    3,038
    Promo (¢)
    660
    Thumbs Up
    Received: 84
    Given: 81
    We cannot trade Forex profitably until we have knowledge about the market. if we have knowledge of studying the technical and fundamental analysis there is a lot this market has to offer to us and we can earn money to fulfill our financial dreams. Without knowledge this market can lead us to financial misery.

    - - - Updated - - -

    Before we start our trading we should focus on learning and understanding Forex and risk and money management because without this earning would not be possible here. A trader can survive in this risky business and earn profits only if he has virtues like good knowledge and discipline.

    Not allowed!

  7. #16
    Rookie
    Join Date
    Mar 2013
    Posts
    3,947
    Promo (¢)
    0
    Thumbs Up
    Received: 216
    Given: 113
    Quote Originally Posted by use View Post
    before I started trading I usually used to recognize the risk and calculate how much money I am able to be at risk in the market, because maybe some people do not get some of this stuff that is not calculated as the trading risk, it may be subject to margincall and is related to money management in trading
    We should risk in Forex only what we can afford to lose without getting mentally disturbed. However I am talking about what we are risking and not what we deposit. We should never risk over 20 % of our capital on all the open positions at any point of time. Risking of entire capital is the main reason of blowing of accounts.

    Not allowed!

  8. #17
    Registered user
    Join Date
    Aug 2013
    Posts
    223
    Promo (¢)
    10
    Thumbs Up
    Received: 4
    Given: 2
    in fact we must know the chart kind kind and what is the best for us and study the candle pattern because it help us to understand the market and the behavior of the investors and beside all this we must learn the indicators and the trends to do good technical analysis and learning fundamental analysis too

    Not allowed!

  9. #18
    Trader
    Join Date
    Aug 2013
    Posts
    12,830
    Promo (¢)
    2,370
    Thumbs Up
    Received: 94
    Given: 1
    Quote Originally Posted by king22 View Post
    in fact we must know the chart kind kind and what is the best for us and study the candle pattern because it help us to understand the market and the behavior of the investors and beside all this we must learn the indicators and the trends to do good technical analysis and learning fundamental analysis too
    well, surely that knowing both of the is the best but i believe that many trader will think that they should trade right after learning one of them already. that kind of feeling is what will make you loss the money in the end and i think that you should try to get the best knowledge suited to yourself first.

    Not allowed!

  10. #19
    Registered user YAHOO21's Avatar
    Join Date
    Aug 2013
    Location
    LOOKING TO MAKE A TEAM TO BEAT THE FOREX MARKET
    Posts
    143
    Promo (¢)
    3,325
    Thumbs Up
    Received: 1
    Given: 4
    i think that before you start trading in the forex market you need first to gather up as much information as you can about the forex market and then you should trade in a demo account for at least three months t so that you`ll be able to test the knowledge you`ve just gained and make sure that you have truely learned before you enter the market ..

    Not allowed!

  11. #20
    Trader
    Join Date
    Aug 2013
    Posts
    12,830
    Promo (¢)
    2,370
    Thumbs Up
    Received: 94
    Given: 1
    Quote Originally Posted by YAHOO21 View Post
    i think that before you start trading in the forex market you need first to gather up as much information as you can about the forex market and then you should trade in a demo account for at least three months t so that you`ll be able to test the knowledge you`ve just gained and make sure that you have truely learned before you enter the market ..
    yeah, surely that will be needed to be done in order to enter the market. You will see many events in the market and many didn't even know how to trade but they still want to enter. One will need to experience what are the events that might possibly happen and the effect for the currency as well before they create a new trading strategy or even enter the market.

    Not allowed!

Page 2 of 413 FirstFirst 1234561252102 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •