Forex traders have to know these 7 things before they can start trading:
1) Don't Trade With Indicators - All they are doing is taking up space. Find out how to trade with price movement, and you'll have a better idea of how to trade the market.
2) Understand money management - you could have the greatest trading system in the world, but it wouldn't mean much if your constantly over leveraging your account. Remember, it's a marathon, not a race. You won't be a millionaire overnight, so there is no reason to risk that much.
3) Don't rely on demo trading for too long - The normal tendency is to trade on demos on until you feel comfortable trading. The problem is that people just abuse the demos. They trade for so long without any kind of risk that they just can't handle when they trade with real money.
4) Control your emotions - Nothing can destroy an account faster than emotions. If every single trade causes anxiety. You have to learn to relax and take a deep breath. You won't make it far in trading, if you're constantly having panic attacks.
5) Start with Mini Accounts -Don't start off playing full lots, because I can assure you that you are not prepared for it. Trade with money that you can afford to lose, before you start trading for big bucks.
6) Don't trade with more than 200:1 margin - Margin is the livelihood of any forex account. Anything over 200:1 can destroy an account quickly.
7) Be Prepared When The News Comes Out - Find out what kind of news most market analysts are expecting, and see if the actual meet or exceed analyst expectations. That's the bread and butter of news trading.
1) Don't Trade With Indicators - All they are doing is taking up space. Find out how to trade with price movement, and you'll have a better idea of how to trade the market.
2) Understand money management - you could have the greatest trading system in the world, but it wouldn't mean much if your constantly over leveraging your account. Remember, it's a marathon, not a race. You won't be a millionaire overnight, so there is no reason to risk that much.
3) Don't rely on demo trading for too long - The normal tendency is to trade on demos on until you feel comfortable trading. The problem is that people just abuse the demos. They trade for so long without any kind of risk that they just can't handle when they trade with real money.
4) Control your emotions - Nothing can destroy an account faster than emotions. If every single trade causes anxiety. You have to learn to relax and take a deep breath. You won't make it far in trading, if you're constantly having panic attacks.
5) Start with Mini Accounts -Don't start off playing full lots, because I can assure you that you are not prepared for it. Trade with money that you can afford to lose, before you start trading for big bucks.
6) Don't trade with more than 200:1 margin - Margin is the livelihood of any forex account. Anything over 200:1 can destroy an account quickly.
7) Be Prepared When The News Comes Out - Find out what kind of news most market analysts are expecting, and see if the actual meet or exceed analyst expectations. That's the bread and butter of news trading.
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