More Complicated Isn’t Always Better
Much time can be spent reviewing charts, reading and listening to the news, and looking at numerous indicators and signals before entering or exiting a trade. That method is tiring and mind-boggling. After years of trading and talking to other traders there is a common consensus that simple is better. This is where I like [...]
March 14th, 2008Buy The Rumor, Sell The News-Not The Best Advice
“Buy the rumor, sell the news” is used in stock trading a lot. It means get in the market when there is talk about the market moving in a certain direction then before the news comes out get out of your trade.
This is not good advice when trading the markets. Always check the trend and [...]
Beware of Some Tips and Inside Information
The news is always informing us of what has already happened. It would be great if we could have information from news like the guy that received tomorrow’s news paper today. If we had this type of news service we would all be wealthy.
What we suggest is to not pay much attention to daily news. [...]
Which Comes First, The Skill or The Money?
You should only trade with a forex strategy that you’ve proven to yourself. One of the most important tools you need to learn how to use, even before you start trading at any level is how to use the trading platform. We offer a free forex video tutorial that shows you how to set-up and [...]
March 10th, 2008Why You Should Blowup a DEMO Trading Account
Blowing up a trading account can be beneficial if you learn from it. The reason we suggest to blow up a DEMO account-never a live account-is to learn Money Management skills. Looking for the way the platform handles the free margin and free margin percentage is the key.
By knowing how the free margin [...]
Why Do I Want to Trade?
An important thing to do when you first start trading is to figure out why you want to trade. Are you bored? Are you trying to get rich quick? Do I want steady or extra income? Why do I want to trade the forex market? If you are bored the market will wake you up [...]
March 6th, 2008Should You Cover a Margin Call by Adding Money to Your Account?
If you are getting close to a margin call then you have done some poor money management on the trade. You have done one or more of the following:
1. You have over traded your account.
2. You were trading without a stop loss.
3. You have not set any limits as to how much you will let [...]
How Important is an Exit Strategy?
There is a saying: “cut your losses and let your winners run.” I know that is not what some people teach, they say when you get some profit you should bank some of the profit and move your stop loss to a break even. That way you will not take a loss on the trade. [...]
March 4th, 2008WAIT, WAIT, WAIT, PATIENCE, PATIENCE, PATIENCE
One of the things that can get you into a bad trade faster than anything is to chase a trade. You should not trade momentum. By the time the market starts to move you may be to late for that move. You should wait for the trades to come to you.
Once you have studied the [...]
Timing Your Entries
There are many ways and times to enter the market. You can just pick a time frame and trade with that chart. Or you can start by finding the trend and using that as the direction of the trade then enter when the price is at a good spot for you. Or you could use [...]
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