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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.

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

  2. #4151
    Trader Sascha's Avatar
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    Quote Originally Posted by Makaveli View Post
    The one thing that should matter is that the losses we are having should be less while the profits we make should be more on the increase, that should be the one thing we should take into considerations, on the other hand, the other thing we should know before starting is that forex trading is not a fast way of making money, so we should always make sure that we have that long term planning.
    minimizing our risk and amount of loss has become our daily prevention in trading and it's all written inside our trading plan. we must know this before we trade because market is risky, nothing is certain enough to be assured for 100% trading with accurate profitability. since we're trading market with probabilities, we can only expect to do the right things based on our overview to market according to our analysis and experience.

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  3. #4152
    Trader Toyen's Avatar
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    Quote Originally Posted by naeem555 View Post
    we all know its risky business but still here we try to earn here, we can survive if we have patience, we can survive if we have done demo account learning and all things, forex is risky because we all know here we can earn big, so we try to earn more big with bigger risk, but at same time we can place right orders if we have done some proper management if we have learned it
    There is no traders that will not know the risk in this business, those traders that will not know the risk but trade this market will only lose everything they have. What is important now is for traders to learn, the learning is the way traders can understand how to go about their trading, and that will ensure that the trader do the right analysis and management, so that they can be earning and likewise make their trading account protected.

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  4. #4153
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    Quote Originally Posted by naeem555 View Post
    Azis Muslim, losing trade is option for us because we people take decision on base of targets some time its wrong, we can do better trade if we take decision on base of some proper management, so make sure you do well and do on base of proper learning if we do not learn we can not survive for long, so the main thing is our learning and our experience
    Winning and losing will always depend on us, but the fact also remains that we can't control losing absolutely, we should always get to know that losing is part of the business and therefore accepting it is the wise decision to be made, when the acceptance has been made then we need to figure out a way to make sure that we don't allow the same losses and bad trades occur any more.

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