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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. #4121
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    Quote Originally Posted by layigold View Post
    Before you start trading with live account , you must not only know the importance of risk management but must be able to properly manage the risk of trading. It is important you know that anything can happen in forex trading and you must trade only with the money you can afford to lose. Before start trading with your hard earned money , you must know that forex in not get rich quick investment opportunity.
    With demo we should try to use a strategy with well managed risks so that we dont blow up the demo account easily but are able to grow it slowly. In the first place we have to trade according to a well learned strategy otherwise we should practice on demo. Further there are many other things to keep in mind during the implementation of our strategy so that our entire trading is well managed and productive.

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    Quote Originally Posted by AmitChallenger View Post
    With demo we should try to use a strategy with well managed risks so that we dont blow up the demo account easily but are able to grow it slowly. In the first place we have to trade according to a well learned strategy otherwise we should practice on demo. Further there are many other things to keep in mind during the implementation of our strategy so that our entire trading is well managed and productive.
    if we grow own account slowly its best because with this we can grow account and when we have big account it will take more time to lose all, so big account making can take some time but if we give it time and attention we can grow to a bigger one, we can start some good profit on monthly base after that but if we do not have experience then this can just our wish, so for fulfilling our wishes we need to work hard

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    Quote Originally Posted by altafch View Post
    if we grow own account slowly its best because with this we can grow account and when we have big account it will take more time to lose all, so big account making can take some time but if we give it time and attention we can grow to a bigger one, we can start some good profit on monthly base after that but if we do not have experience then this can just our wish, so for fulfilling our wishes we need to work hard
    Consistency in making accurate analysis with small target is trader's top priority to help them get used to do right things and carefully. Once we got the rules how to trade safely and able to create accurate analysis, slowly we can increase our profitability according to our experience and knowledge's growth. Have things finished well and expect a safe trading for our first year. This is why forex trading isn't really suitable for traders who wants to make fast profit because it's a long process that requires patience.

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    rules made to be followed, not to be broken

  5. #4124
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    For me before start the trading week I must read about the strongest news may occur today and what will be its effect on the market so by having such details and information I think that this can help in making the effective trading points with the most suitable places for take profit and the stoop loss orders . so it is a must fro all of us to read about the current news .

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  6. #4125
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    First of all seek for knowledge because that's the best part to develop our system and have that which will give us all the very best means to make up good profits with forex. Starting at the right note matters and we should know that a strategy will bring huge potential to win here. I usually look to improve my system and know how to tackle risk in this trade. Starting when the time is right is necessary and this is what will sure increase our chances to make much more of profits.

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    Registered user Toyen's Avatar
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    Quote Originally Posted by AmitChallenger View Post
    With demo we should try to use a strategy with well managed risks so that we dont blow up the demo account easily but are able to grow it slowly. In the first place we have to trade according to a well learned strategy otherwise we should practice on demo. Further there are many other things to keep in mind during the implementation of our strategy so that our entire trading is well managed and productive.
    To all the problems of forex traders, the solution is just the demo trading. The traders that are not using the demo will not be finding trading funny at all. All i know with the issue of the demo is that many traders might not be serious with it, but it is still the account that has no alternatives. When we get to develop the right way to trade with the demo, our trading in the real account will not be a much struggles anymore.

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  8. #4127
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    Quote Originally Posted by Toyen View Post
    To all the problems of forex traders, the solution is just the demo trading. The traders that are not using the demo will not be finding trading funny at all. All i know with the issue of the demo is that many traders might not be serious with it, but it is still the account that has no alternatives. When we get to develop the right way to trade with the demo, our trading in the real account will not be a much struggles anymore.
    Yes most of the problems that beginners face can be resolved if they do serious practice on demo before trading live. Forex needs certain skills to trade and its not like a casino that we randomly open some trades and expect profits to flow. So instead of looking for earning what a newbie should prioritize is his learning and gathering of experience in this market.

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  9. #4128
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    Quote Originally Posted by AmitChallenger View Post
    Yes most of the problems that beginners face can be resolved if they do serious practice on demo before trading live. Forex needs certain skills to trade and its not like a casino that we randomly open some trades and expect profits to flow. So instead of looking for earning what a newbie should prioritize is his learning and gathering of experience in this market.
    Demo practice is good but sometimes one might take huge risks at demo and then when the balance turns 2X or 3X then he might thing earning in Forex is so easy. In the craze for profits we often forget that this business also have risk involved and when we get losses we turn repulsive. Learning to accept losses and then taking further trading decisions with a balanced mindset is a big accomplishment for any Forex trader.

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  10. #4129
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    Quote Originally Posted by AmitChallenger View Post
    Yes most of the problems that beginners face can be resolved if they do serious practice on demo before trading live. Forex needs certain skills to trade and its not like a casino that we randomly open some trades and expect profits to flow. So instead of looking for earning what a newbie should prioritize is his learning and gathering of experience in this market.
    but people treat it like some gambling they think this business can make them rich in days so its not reality, some time by luck we can earn big but the issue is we can lose also, but i am sure if we move slowly we can become good trader and can become rich more speedy then any other business, with every month our balance will increase and profit as well,so i think if we trade with patient we can trade well and can earn good as well

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    Quote Originally Posted by naeem555 View Post
    but people treat it like some gambling they think this business can make them rich in days so its not reality, some time by luck we can earn big but the issue is we can lose also, but i am sure if we move slowly we can become good trader and can become rich more speedy then any other business, with every month our balance will increase and profit as well,so i think if we trade with patient we can trade well and can earn good as well
    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.

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