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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. #4101
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    You have need to understand a lot of thing before start our trade in market then you can daily basic earn some pips good profit or loss from market. Good knowledge and experience are very important for trader after getting all advantage and disadvantage about all thing well you can easily develop strong and successful strategy for trading toward success on this business everyday.

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  3. #4102
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    before starting trade we need to know about two things, first what is our target and check market what is situation, what maximum market can give us pips, if we know both things we can place good orders otherwise we can lose, so if target is big make sure you use normal or smaller, big targets mostly make us loser here, so smaller one is greater and easier to obtain and safe as well

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  4. #4103
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    Quote Originally Posted by touqir View Post
    before starting trade we need to know about two things, first what is our target and check market what is situation, what maximum market can give us pips, if we know both things we can place good orders otherwise we can lose, so if target is big make sure you use normal or smaller, big targets mostly make us loser here, so smaller one is greater and easier to obtain and safe as well
    We need to understand the market conditions and when we find them suitable to go for a trade, we need to define good position to place the stop loss. We need to limit the risks we take in any trade and that is how survival is possible, its not possible when everything or a huge part is risked in any trade. Actually Forex does not do anything but our efforts that count on our trading quality, are responsible for our results. It is good to start learning on demo.

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  5. #4104
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    Before we start trading forex market. We should know that the business is risky and then, the best thing is never to try avoiding losses, but we have to accept it and then come to agreement of good risk management. Trading with risk without the acceptance of losses makes you fight it and go on revenge trading when ever you have lost your money.

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  6. #4105
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    Before you start the business, understand the concept that you will make use of, that is the most important thing in the business, What has helped me to be better in trading is knowing the strategy I am making use of and then never to be in a hurry with the way I trade. I just follow the trend most of the times. I don't go against the trend and that is the only way I follow.

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  7. #4106
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    Starting in the right note can help us progress or achieve greater things in forex. Knowing why you should work hard is necessary and through this we can learn and understand better on how the market works and how we can get better trading forex. Good start is very helpful and for the time we spend to improve in knowledge and a better skills, we can constantly make good profits for ourselves which can sure work out for us.

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  8. #4107
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    Before you start be sure that you have appropriately what it takes, and never be the sort of trader that will want to make fast money from the market. It will only make you loss your money. You should start from the demo account first, to be sure that you can handle the real trading account. It is important to understand and then know what you can do and then what you can't do. Therefore, know what will work for you and then what will not, be consistent.

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  9. #4108
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    Quote Originally Posted by Ulthred View Post
    Starting in the right note can help us progress or achieve greater things in forex. Knowing why you should work hard is necessary and through this we can learn and understand better on how the market works and how we can get better trading forex. Good start is very helpful and for the time we spend to improve in knowledge and a better skills, we can constantly make good profits for ourselves which can sure work out for us.
    I will consider that, when the trader has learned from some good trader, that is what I will say is the starting from the right note, because when you have got to have learned from the experienced trader that has been there before you, then you will have a way more better improvement and most importantly, you will learn from their personal mistakes and never to make the same mistakes.

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  10. #4109
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    Quote Originally Posted by Real View Post
    I will consider that, when the trader has learned from some good trader, that is what I will say is the starting from the right note, because when you have got to have learned from the experienced trader that has been there before you, then you will have a way more better improvement and most importantly, you will learn from their personal mistakes and never to make the same mistakes.
    It is good to start under a good tutor, but now a days many people are making a start to Forex trading with self learning and that can be good too. We need to read and also try to practice with the demo account and then we can proceed to real trading with confidence. No one was ever immune to losses nor will ever be however if we can trading Forex with good principles we can enjoy good profits flow.

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  11. #4110
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    You should get to understand the way to handle the market, knowing when to start and what to do in the business takes a lot of learning. There are a lot of things needed to be done, you should know that a good trading strategy is needed before starting in the business so that you can avoid being a gambler and be a more realistic trader who makes good decisions.

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