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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.

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    Quote Originally Posted by mexima View Post
    actually this is not the fault of trader because they saw the publicity of many pattern and scamming that strategy will give you 100% etc etc how ever many trader invent make method of extra short term like scalping method and strategy just because of that pattern people gambler and loss their account.
    Yes on the face of it actually those high promising strategies that come with a price and claim to give profits of 200% a weak or month are all fake. All of us come with the mind of earning but additionally we should keep our desires rational and also have the mind of learning. A simple approach to trading that is also profitable is not so simple to achieve.

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    Registered user mexima's Avatar
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    Quote Originally Posted by AmitChallenger View Post
    Yes on the face of it actually those high promising strategies that come with a price and claim to give profits of 200% a weak or month are all fake. All of us come with the mind of earning but additionally we should keep our desires rational and also have the mind of learning. A simple approach to trading that is also profitable is not so simple to achieve.
    this is matter of just brain i means their strategy is 100% perfect then why should they trade with it instead of selling it more over a professional trade never listen to another strategy they always make theory own strategy and method with their own knowledge and experience because they know how to recover loss if their strategy will give them loss.

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  4. #4133
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    Working on building a good strategy is something we should be ready about and this is what we must do if we want to become successful. Starting this business is good and its what can determine great chance for us to make profits from this market. Starting at the right time is always important and we should realize that we must make great effort to learn and seek on the best chance to succeed. Knowing what to do at the best time is important and this is the only way to trade with confidence.

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    Registered user Sascha's Avatar
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    Quote Originally Posted by Ulthred View Post
    Working on building a good strategy is something we should be ready about and this is what we must do if we want to become successful. Starting this business is good and its what can determine great chance for us to make profits from this market. Starting at the right time is always important and we should realize that we must make great effort to learn and seek on the best chance to succeed. Knowing what to do at the best time is important and this is the only way to trade with confidence.
    it's what we must prepare from the beginning of time and to start this career with positive result. nobody wants to lose their money for their first trading, but here's what happens for real that losses always become beginner's best friends to remind them they're still lacking of things. i experienced that feeling as well and lost my first trades but at least i learned a lot from that and continued my next trades with more secure analysis.

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  6. #4135
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    Quote Originally Posted by Sascha View Post
    it's what we must prepare from the beginning of time and to start this career with positive result. nobody wants to lose their money for their first trading, but here's what happens for real that losses always become beginner's best friends to remind them they're still lacking of things. i experienced that feeling as well and lost my first trades but at least i learned a lot from that and continued my next trades with more secure analysis.
    We should try to put aside what we want and behave more realistically during trading, like we should curb our wants for huge profits and sometimes accept losses too. It is good to try and earn money but the problem arises when we want to make it big in a very short span of time. First thing that as beginners we need to realize is that Forex entails high risk and any attempt to earn without learning or any careless trading can lead to severe losses.

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    Just know that for the fact that forex trading is a lucrative business, that does not mean that it is for all persons and all aims, if you aim to make money on the long term then forex trading could be for you, but when you decide on fast money making, then forex might not be for you, because you will regret it as it takes all your money.

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    Registered user layigold's Avatar
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    There are so many things to know before a trader commits hard earned money into live trading . In the first place , you must practice until you have a trading strategy of your own that works for you . This will prevent you from being distracted by million of trading strategies that you are more likely to come across online , and that be as it may , it is very important to trust your own trading strategy and stick to it even if there is any loss that comes as a result . It is better to do the right thing and face little challenges than to slide back into doing the wrong thing

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    Registered user ola4real's Avatar
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    Quote Originally Posted by Striker$ View Post
    Just know that for the fact that forex trading is a lucrative business, that does not mean that it is for all persons and all aims, if you aim to make money on the long term then forex trading could be for you, but when you decide on fast money making, then forex might not be for you, because you will regret it as it takes all your money.
    I think that the forex trading is not lucrative, the lucrative word have a meaning than mere being flourishing. It is not so easy to flourish when we are trading the forex field too, this is a very risky business, and many hve tried to trade it, but they have already failed and leave the business. But for those forex traders who will not quit so early, they can get to know how to trade this forex field better through tehir activities in various methods if they train well.

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    Starting without having the desired knowledge and system will be a tough one and it's hard for a trader to survive on such approach of trade. Let's know this and be prepared to face this business in a proper means. Starting at the best time will be the right thing here and we should take learning seriously so that we can have the chance to build a method that can lead us to profits. Starting when it matters can help us and for this, we should equip ourselves with knowledge and experience that can help us start better.

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    Registered user Azis Muslim's Avatar
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    Quote Originally Posted by Tonycee View Post
    Starting without having the desired knowledge and system will be a tough one and it's hard for a trader to survive on such approach of trade. Let's know this and be prepared to face this business in a proper means. Starting at the best time will be the right thing here and we should take learning seriously so that we can have the chance to build a method that can lead us to profits. Starting when it matters can help us and for this, we should equip ourselves with knowledge and experience that can help us start better.
    Well that is not possible for beginners to start having good impressions about this Forex business because all they would get is just losing trade. Forex trading is mostly suitable for adult people who able to use their logics more than their imagination, that is why it is less interested by young people since their expectation is too great while their efforts to start is too small. Those who can not start this with learning, the truth remains with them as they will never achieve their true experience of trading and lose a lot until they change their mindset.

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