What you should know before you start? - Page 51
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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. #501
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    Quote Originally Posted by ashvini View Post
    Spending time in the forex forums is always very much beneficial for the traders so that they can be able to gather some good knowledge regarding the forex trading business and understand the factors influencing the forex market so that they can take up the best and highly potential trades for making good amount of money on consistent basis. The start of the trading career should always begin with acquisition of good trading related knowledge.
    essentially new traders who are just starting this trade so they have a lot to learn in this trade so that way they will be able to trade with more leverage because somehow we as traders should be aware that this trade will require a lot of knowledge that we learn from the beginning and continues to develop themselves to exercise it directly will gain the knowledge to form the skills

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  3. #502
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    A trader must have had a lot of knowledge and skills to be able to survive on the forex trading and create good profits consistently. I think to be able to obtain good profits, a trader should be willing to take risks and trade fairly with loss. If you have been able to accept the loss then you are eligible to receive profit. The trading business is connected with knowledge that need to be acquired to ensure we can operate this business appropriately

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  4. #503
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    I think before start trading in forex market we should learn about this market and we should know how to trade in forex market and how we analysis the market and how we can control the emotion during trading in this market .How we can predict the direction of the market and how we know the trend of the market.I think we should know these things before start trading in this market than we are able to get success in this market.

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  5. #504
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    Before joining trading first we have to read the rules of trading as it is very risky business if we does not give him importance if we understand properly that it is though risky business but most profitable then we can get success in trading also in every business we have to face first loss and that is our key of success

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  6. #505
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    we have to really work hard to be able to fully understand the business knowledge, so when it was not yet fully mastered, then learn continuously until you feel you can, do not no turning back, make it our motto. To become a successful trader we must do long time practice on demo trade and besides this we have to increase our mental power for outside knowledge from market news and money management .Internet is also a good place for learning forex trade and good teacher .

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  7. #506
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    if you want to start trading in forex market then you can know some thing.you can respect this market,you can not trader over or over trade,you can follow money management and etc.

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  8. #507
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    I give a lot long to correctly analyze forex market to and make strong An Analysis of the forex marketplace before I want to enter foreign exchange market, and above I want to my discussion until the Marketplace demonstrates me wrong and because getting a good analysis of of market and stick to these analyzes very important to have a good negotiation.

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  9. #508
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    Quote Originally Posted by maroc89 View Post
    I give a lot long to correctly analyze forex market to and make strong An Analysis of the forex marketplace before I want to enter foreign exchange market, and above I want to my discussion until the Marketplace demonstrates me wrong and because getting a good analysis of of market and stick to these analyzes very important to have a good negotiation.
    so that the trade should indeed we must strive in this trade to trade better in this trade by using a lot to learn in advance what is needed later on to be successful in the forex business, especially we have to learn how to do this trade with better analysis of the market and then learn how to perform risk management in trading is also a very important part for us

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  10. #509
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    Good topic. Before entering the forex should learn more about this purview

    and watch vidoes .open a demo account and Trading for a long time Between 6 to 10 months befor open real account. Learning patience and how to manage capital to avoid loss

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    Last edited by AlwaysZoz; 01-26-2014 at 03:27 AM.

  11. #510
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    Find out important trading well and I think that Forex can not be learned is through good training and learning at the expense of a trial before trading at the expense of real and not to rush to learn because I do not see it Forex easy because it is hard work

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