One Key to Success-Planning
“Plan your work and work your plan.” I remember seeing this phrase and remembering how vital it is, especially in the forex market. It can be tempting to jump out of your game plan once in a while. If you get in a habit of trading by the cuff you will most likely lose [...]
January 30th, 2008Don’t Jump In All At Once
When you trade with a plan, it will be easier for you to reach some realistic goals. When you start to trade you need to focus on becoming a consistent trader and learn some good trading rules. Don’t try to make money. Learn to make pips and the money will come. Think about [...]
January 29th, 2008Don’t Become an Expert on 1 Currency Pair, Become an Expert on Indicators
Currency trading can become an addiction. We feel like we need to be in a trade all the time. So we start putting on trades with weak signals, then we have losses, lose our confidence, and become afraid to enter the market. Then we wonder why we cannot trade.
Just trade with a plan, [...]
How Long Do I Stay in a Trade?
There are two things we all must learn. How long to stay in a trade when it is going against us and how long to stay in a trade when it is going in our favor.
We need a system and a set of rules that guide us on the beginning stop loss so it does [...]
Developing a Sense For The Forex Market
When you trade you need the odds in your favor, just like the casinos have the odds in their favor. They know that for every dollar that comes in the door they will keep a percentage of it. It does not have to be much but over time it does add up. [...]
January 24th, 2008Principles For Money Management
When new traders start learning how to trade, most of them, think it is all about entering and exiting trades. Yes that is a big part of trading but you will become more successful if you learn how to manage your money.
Here are a few tips about managing your money
1. Never [...]
How to Keep Emotion Out
Last week I posted 6 things that need to be kept out of your forex trading. With this post, I want to just focus on just one of them: Emotion. If you’ve been around the market long enough you have heard traders say that you must trade without emotion, but how do you do that? [...]
January 22nd, 2008How Much Should You Trade?
This is a common question I get. It will probably be different for everyone, but I would suggest that trading be kept small unless you are very well financed. That way, the way the market moves and not your own financial condition will influence how you trade. On the other hand, if you don’t [...]
January 18th, 2008Start Out Small, Gain Experience
When you are just starting out, be a small trader. Even if you have a lot of risk capital you should start out with a mini account. At this time you need to learn the industry and it’s terminology, the way your brokers does things, the way the platform works, how to use [...]
January 17th, 20086 Things That MUST Not Be Used In Your Trading
There are certain things that must be kept out of your trading, such as emotion, revenge, anger, your pocketbook, and fear. Every trader should follow a set of rules or guidelines in order to be a successful trader. When you trade without rules, you are essentially trading blindfolded.
Emotion: Wanting the market to go a [...]
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