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  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. #3741
    Rookie Lyon's Avatar
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    Quote Originally Posted by Killer_Queen View Post
    soon they will know about this after they trade blindly and lose their money. self realization will come towards us when we prove something and make mistakes from our own decisions. beginners will never learn to do things better with this business before they experiencing things by themselves even if they have to lose their money for that experience.
    The loss will need to be gotten at first so that the learning can take place and the corrections as well. It was when I lost so much of my money that I tried to put in more efforts to make sure that I have trading strategy that will work for me. Then I got to learn the trend trading that is simple and then knowing my risk management helped me.

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  3. #3742
    Rookie Sascha's Avatar
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    Quote Originally Posted by Lyon View Post
    The loss will need to be gotten at first so that the learning can take place and the corrections as well. It was when I lost so much of my money that I tried to put in more efforts to make sure that I have trading strategy that will work for me. Then I got to learn the trend trading that is simple and then knowing my risk management helped me.
    mistakes are clearly needed to improve our mindset when we were beginners. at first we thought that was a bad thing to do such mistakes and we wouldn't figure it out earlier because we didn't have enough experience yet to understand all this. soon after a lot of learning during our first month, we slowly understand few basic things and many other challenges that awaits us.

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  4. #3743
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    Know how the market works, know what to expect. From my perception th trader should also be ready to experience losses and failure, but then those are things which will make the trader become profitable. Knowing that you also need to have strong and way more better trading strategy to become profitable.

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  5. #3744
    Trader cutiekc's Avatar
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    Just know that the most important thing that if you are in the forex market so that you can make fast amount of money then you are going to have to deal with so much losses in the sense that forex trading is like every other business. You need to take learning seriously and then, you ought to have the strategy of your own. That is the best way you can become profitable. Start with a clean mindset and not that of making fast money.

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  6. #3745
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    Before you start with forex trading market, you should have gotten more better experience about how the market works. Because in forex trading market, You can only basically get to have the good amount of earnings depending on how much serious you are willing to work. Starting the business is simple but you ain't gonna make a dime when not done correctly.

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    Rookie Silhouette's Avatar
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    Quote Originally Posted by Real View Post
    Before you start with forex trading market, you should have gotten more better experience about how the market works. Because in forex trading market, You can only basically get to have the good amount of earnings depending on how much serious you are willing to work. Starting the business is simple but you ain't gonna make a dime when not done correctly.
    Hard work will never lie us because it will soon provide us the satisfying result once the time has come. We just have to stay patient and focus during our learning. Practice in demo also necessary as to help us realizing things from our learning in theory to prove if things are working for us and suitable or not. Take everything we need and working for us while put away the rest that no longer benefit us.

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    rules made to be followed, not to be broken

  8. #3747
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    Forex trading is a risky business by the nature and rules. A trader who comes in the market he have need to know about the risk of this business. If a trader can bear the loss then come in this market otherwise stay away from this business and try to do something other. Before coming in the live market we have need to learn a proper trading strategy and proper money management.

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