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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.

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    Rookie Yayami's Avatar
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    Quote Originally Posted by Abhishekwala View Post
    Yes from beginning itself our journey of understanding this business beginning from knowing our strategies to knowing how to survive. Trading in few pairs give us more experience and awareness of these pairs, and this increases our efficacy to take good decisions. Using the candle stick charts with one or two indicators on it can give us best tool for analysis. Experience can train us to use our brain to its fullest capacity in trading.
    from your opinion then i agree that we must try to focus on small areas of learning first and then focus to another one. learning how to trade with one or two different pairs at the same time is efficient to do and we'll spend our time in appropriate value. beside this we also need to learn another basic knowledge every beginners must have before anything until we can make our practice last about months and learned enough experience and knowledge.

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  3. #3572
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    Quote Originally Posted by Yayami View Post
    from your opinion then i agree that we must try to focus on small areas of learning first and then focus to another one. learning how to trade with one or two different pairs at the same time is efficient to do and we'll spend our time in appropriate value. beside this we also need to learn another basic knowledge every beginners must have before anything until we can make our practice last about months and learned enough experience and knowledge.
    You are right about that, the focus has to be little but gradually, like when a trader wants to succeed with a trading strategy, having too much of those strategies will not enable the trader be able to focus, but instead will make them loss more and more money. Hence the need why they should learn and understand what the market is all about. Before you start ensure you have been able to that way master your trading strategy.

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    Rookie Sixteen's Avatar
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    It's necessary we understand how we could improve in forex and build a great effort to trade better in forex. Knowing that its not an easy journey will help us to sit up and work hard to understand how we could make the right trade in forex. Let's know that before starting to trade real, we must work to equip our skills and do whatever it takes to build a dependable trading system as this is what will guide and help see us through in making profits.

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  5. #3574
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    Quote Originally Posted by Sixteen View Post
    It's necessary we understand how we could improve in forex and build a great effort to trade better in forex. Knowing that its not an easy journey will help us to sit up and work hard to understand how we could make the right trade in forex. Let's know that before starting to trade real, we must work to equip our skills and do whatever it takes to build a dependable trading system as this is what will guide and help see us through in making profits.
    It will be of great help if we obviously know that forex might be lucrative but not suitable for us to think that we can make fast money. Therefore that will give the trader some sense of trading with good trading approach, trading with discipline and always making sure to trade with patient and long term goals.

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  6. #3575
    Rookie Lyon's Avatar
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    I think we should know more about the business and the fact that we can make money but not so fast. It is a good investment that will work for those who has the skills set it takes. If you don't have the best trading skills and experience, you will loss, therefore know that in forex you determine if you get losses or profits.

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  7. #3576
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    In this business we have to understand how to manage our risk and make better plans to start trading in the right way. We must look to establish the right trades in forex and build a system that will give us better chance to succeed good. Learning is necessary and without having the right knowledge and better trading system, it's possible that we could loose our trade and find it tough with this very business.

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  8. #3577
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    Quote Originally Posted by Tonycee View Post
    In this business we have to understand how to manage our risk and make better plans to start trading in the right way. We must look to establish the right trades in forex and build a system that will give us better chance to succeed good. Learning is necessary and without having the right knowledge and better trading system, it's possible that we could loose our trade and find it tough with this very business.
    One factor that will help for traders to be able to know how to take care of the risk is the traders knowing that fast money can not be gained from forex trading. A lot of learning is needed in that regards. Therefore, knowing how the market works and knowing that trading really do take a lot of time and then on the other hand, knowing that you can not solely only depend on forex trading.

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    Rookie Lyon's Avatar
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    I ensure to try as much as I can to see that I am not over trading and taking too much risk, we traders needs to know that, forex has the risk and we could loss our money therefore the most important thing we have to make sure that we do is to be consistent with the learning, never to think it will be an easy free business, but also we should not take higher risks.

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  10. #3579
    Rookie Azis Muslim's Avatar
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    Quote Originally Posted by Darkhorse View Post
    One factor that will help for traders to be able to know how to take care of the risk is the traders knowing that fast money can not be gained from forex trading. A lot of learning is needed in that regards. Therefore, knowing how the market works and knowing that trading really do take a lot of time and then on the other hand, knowing that you can not solely only depend on forex trading.
    Any fast measures to get huge profits from this business will always end up in painful failures, that is one thing that happening for sure. If we have witnessed those kind of failures directly that happened with somebody else, we must do this business more carefully to avoid repeating the same mistakes that other people have done with their trading. Knowing this as a good start will give us a good tip so we can learn this business nice and slow.

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  11. #3580
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    Before we start with forex trading market, we need to know that we can only make money depending on skills and knowledge and then emotional control, so in a nutshell when we are learning to have a trading strategy at the same time we need to really learn on how to control our emotions because all of them counts and contribute to the success we will have.

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