What you should know before you start?
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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 07:45 PM.

  2. #2
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    Understanding the risk associated with Forex trading is very important for everyone.Though Forex is a very potential money making opportunity its not easy. We have to first learn and acquire good knowledge and skills before we can jump into Forex trading. Discipline is also very important to survive in this business and follow its money management rules.

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  3. #3
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    Quote Originally Posted by PROPENSITY100 View Post
    Understanding the risk associated with Forex trading is very important for everyone.Though Forex is a very potential money making opportunity its not easy. We have to first learn and acquire good knowledge and skills before we can jump into Forex trading. Discipline is also very important to survive in this business and follow its money management rules.
    I think, one must know the rules of the game before he starts with fx trading. The results for any given action should be fully understood. Most of the beginners come here to make money from very first day. They carry wrong attitude. Like any other business here also one needs to develop skills before he can make real money.

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    Quote Originally Posted by PROPENSITY100 View Post
    Understanding the risk associated with Forex trading is very important for everyone.Though Forex is a very potential money making opportunity its not easy. We have to first learn and acquire good knowledge and skills before we can jump into Forex trading. Discipline is also very important to survive in this business and follow its money management rules.
    very precise. before starting a business then we should be able memperkiraiakan all the risks that would happen. and we have to prepare mentally to be able to face everything that will happen when our has entered the market.

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  5. #5
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    Quote Originally Posted by PROPENSITY100 View Post
    Understanding the risk associated with Forex trading is very important for everyone.Though Forex is a very potential money making opportunity its not easy.
    Understanding the risk is must for all trader. Since forex is a highly volatile market, so high risk is associated with it. Moreover, by taking leverage we increase this risks. For this reason, a trader needs to make good trading plan and have good trading strategy. This can help the trader to avoid high risks and help to exist in market. A good money management and risk management can help a trader in this.

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  6. #6
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    Quote Originally Posted by tanvir33 View Post
    Understanding the risk is must for all trader. Since forex is a highly volatile market, so high risk is associated with it. Moreover, by taking leverage we increase this risks. For this reason, a trader needs to make good trading plan and have good trading strategy. This can help the trader to avoid high risks and help to exist in market. A good money management and risk management can help a trader in this.
    I agree with you that in this trade we must truly understand the great risk of early so we would be able to do this by learning to trade risk management because when able management of the risk of early then the chances would be better in this trade for the future but still also we should try and focus pad learning and better market analysis

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  7. #7
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    Quote Originally Posted by PROPENSITY100 View Post
    Understanding the risk associated with Forex trading is very important for everyone.Though Forex is a very potential money making opportunity its not easy. We have to first learn and acquire good knowledge and skills before we can jump into Forex trading. Discipline is also very important to survive in this business and follow its money management rules.
    This is a very good offer for the traders of the market, but the risk will not do anything if you do not have the way you will eliminates the risk in the business, forex is good when you know what to do at the time to do it. So, planning well and doing things right is the best way out.

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  8. #8
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    Quote Originally Posted by PROPENSITY100 View Post
    Understanding the risk associated with Forex trading is very important for everyone.Though Forex is a very potential money making opportunity its not easy. We have to first learn and acquire good knowledge and skills before we can jump into Forex trading. Discipline is also very important to survive in this business and follow its money management rules.
    I am very agree with you until and unless you understand the risk in the market you will never know how to avoid it.It is not easy to make profit in forex.You need to have the experienced skills and also the money management is the must skill you need for the forex trading.

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  9. #9
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    Quote Originally Posted by PROPENSITY100 View Post
    Understanding the risk associated with Forex trading is very important for everyone.Though Forex is a very potential money making opportunity its not easy. We have to first learn and acquire good knowledge and skills before we can jump into Forex trading. Discipline is also very important to survive in this business and follow its money management rules.
    Yes dear Forex trading really very painful business, and it's create the pressure on our mind always, specially when price touch the stop loss or when our position going to more loss. but it is very wonderful business to all because this is very quick way to make money but knowladge and experience both must important for us if we want to success on this market.

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    Don't loss you hope.

  10. #10
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    Quote Originally Posted by PROPENSITY100 View Post
    Understanding the risk associated with Forex trading is very important for everyone.Though Forex is a very potential money making opportunity its not easy. We have to first learn and acquire good knowledge and skills before we can jump into Forex trading. Discipline is also very important to survive in this business and follow its money management rules.
    its best in robo forex you learn how to control your emotions and money management may people get lucky but most loose their cash if you are not experienced in trading get some studies and start with a demo account before you became a professional

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