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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 07:45 PM.

  2. #3561
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    Quote Originally Posted by fahaddd View Post
    We have to ait for success from this business because it is not simple and easy as we are working here with learning and knowledge about trade that would lies more responsibility in following good trading strategies and simply with leanring we will learn how successfully we should develop our own strategy for success and for good trading results as well .
    That is right that success in every field will take time and dedication and it is not good to search for short cuts. A strategy is highly important and along with it a beginner needs to first learn about planning and following the rules too, while he is practicing on demo itself. We should never cross the pain point or we need to bleed a lot so the best is planned trading.

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  3. #3562
    Trader Killer_Queen's Avatar
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    Quote Originally Posted by AmitChallenger View Post
    That is right that success in every field will take time and dedication and it is not good to search for short cuts. A strategy is highly important and along with it a beginner needs to first learn about planning and following the rules too, while he is practicing on demo itself. We should never cross the pain point or we need to bleed a lot so the best is planned trading.
    with other businesses there could be small chance to do this trading and get profits through long path of struggling and no shortcuts. but since nowadays market and brokers has provided its clients with a lot new services like copytrading, those who still can not analyze market well could follow and trade using this service of copytrading. knowing this will tell us what to have in mind first before starting anything.

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  4. #3563
    Trader sniper007's Avatar
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    Before we start with forex trading. We need to get to know that success comes from the experience. Therefore before starting you need in a nutshell to have what you can make use of. A trading strategy a trading discipline and a good manner of patient. Those three things will at the end of the day determine how your react to the market. How you take trades and how you maintain risks.

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  5. #3564
    Trader Batavia's Avatar
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    if the beginners want to start this business

    if the beginners want to start this business,
    and I think if you have been passed learned and then before start trading you should know about.

    first is about yourself, before you join on this business ( real account ) you should know about your character, this meaning is you have to know about yourself "who are you". because this business is depend on yourself, this is about your mindset, what are you thinking about this business is must to have a goal. and make a choose what trading style or strategies do you want it. is like scalping, intraday, swing, short or long term.

    second is plan and management, what are you plan and what you want to achieve on the next, it is like want to have consistent profits 10% for every month or more than that. so create a plan for a one year or minimal is 6 month and run your plan with your management, to create your management you should to have tolerance of the risk like 2% or 5% to trade.

    next is choose the best pairs like a major or crosses pairs, there is more good thing if you have make a trade with pair has been learned as long you have studied and you have understanding about that.

    find the best strategy, how choose the best strategies, this is back to the first what you want, the strategy is very closer about your way want to earn from here..
    if you have already understand about scalping, intraday, swing, hedging, short and long term it more easy for you to make analysis on this market.

    this is most important thing for traders to make a good analysis. make sure you have understand how to make an analysis in this market. because all strategies have a different way to analysis this market.

    and the last is patience and discipline, just remember psychology is very influential in here.

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  6. #3565
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    Quote Originally Posted by Batavia View Post
    first is about yourself, before you join on this business ( real account ) you should know about your character, this meaning is you have to know about yourself "who are you". because this business is depend on yourself, this is about your mindset, what are you thinking about this business is must to have a goal. and make a choose what trading style or strategies do you want it. is like scalping, intraday, swing, short or long term.
    I read this often about knowing your self and all that. I don't think it works that way, but we need to instead get to obviously know about forex trading market. That is where the importance lies on. Knowing about forex trading made me know that what the market wants from trader is patient discipline and using of long term trading method.

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  7. #3566
    Trader Batavia's Avatar
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    Quote Originally Posted by Darkhorse View Post
    I read this often about knowing your self and all that. I don't think it works that way, but we need to instead get to obviously know about forex trading market. That is where the importance lies on. Knowing about forex trading made me know that what the market wants from trader is patient discipline and using of long term trading method.
    are you sure that is not works, it's about self-awareness. to create a good mindset

    did you read the last what i say as below

    Quote Originally Posted by Batavia View Post
    and the last is patience and discipline, just remember psychology is very influential in here.
    all things we have it like knowledge, experience and skills and it's all can be useless if we don't have patience and discipline

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  8. #3567
    Trader sniper007's Avatar
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    You should know about the strategy that you want to make use of first. That is the basic thing that traders needs to know before they start. In forex trading business. We need to understand that not having a well tested and trusted trading strategy is all going to lead to us losing. So, in a nutshell, it is good to have your strategy learned and used on demo for a long time.

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  9. #3568
    Trader Sascha's Avatar
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    Quote Originally Posted by sniper007 View Post
    You should know about the strategy that you want to make use of first. That is the basic thing that traders needs to know before they start. In forex trading business. We need to understand that not having a well tested and trusted trading strategy is all going to lead to us losing. So, in a nutshell, it is good to have your strategy learned and used on demo for a long time.
    there are plenty we should know first before we want to start our trading adventure in this market. it's a long way business which consist of relative drawdawn. we must know how to manage ourself each time we suffer from loss and when we get profits. we must never overreacted from losing or winning our trades. everything we need will be discovered by ourself later as time passing by we continue to learn in this business.

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  10. #3569
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    Quote Originally Posted by Sascha View Post
    there are plenty we should know first before we want to start our trading adventure in this market. it's a long way business which consist of relative drawdawn. we must know how to manage ourself each time we suffer from loss and when we get profits. we must never overreacted from losing or winning our trades. everything we need will be discovered by ourself later as time passing by we continue to learn in this business.
    Yes from beginning itself our journey of understanding this business beginning from knowing our strategies to knowing how to survive. Trading in few pairs give us more experience and awareness of these pairs, and this increases our efficacy to take good decisions. Using the candle stick charts with one or two indicators on it can give us best tool for analysis. Experience can train us to use our brain to its fullest capacity in trading.

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  11. #3570
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    Quote Originally Posted by Sascha View Post
    there are plenty we should know first before we want to start our trading adventure in this market. it's a long way business which consist of relative drawdawn. we must know how to manage ourself each time we suffer from loss and when we get profits. we must never overreacted from losing or winning our trades. everything we need will be discovered by ourself later as time passing by we continue to learn in this business.
    We have to continue our efforts in this market because for success we have to focus well and will try our best for manage our trading system successfully , always we should develop our trading strategy perfect if we have knowledge about trade it is profitable and will give us good ideas for following all will be possible when we have knowledge about trade .

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