I found these tips and thought I’d share them with everyone …enjoy !
The very most important thing I can tell you is to take a slow roll because this is going to be a marathon not a sprint. Here is what I believe is the first 10 things you should do as a new trader:
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Open a demo account with your broker of choice. Make sure it is a good broker too!
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Invest in your education by joining a community like ForexFactory.com and learning from others. Or invest in someone to teach and if you do decide to be taught, in my opinion your training should include: Live Daily Coaching, Rules Based Strategies, Software & Tools, and most importantly, Personal Coaching & a Business Plan. Education is key and finding great teachers in the world of trading is not an easy task. Use your educational funds wisely!
2.5 Do not try to tackle trading on your own, I personally think we all have tried doing so at one point thinking we are too smart, only to be corrected…while some really have, most of us do not have that type of awesome gift.
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Learn basic forex trading language. First terms should include support, resistance, trend, range bound, pip, short position, long position, a lot of one particular currency pair, and the six major currency pairs (IMPORTANT) , price action.
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Learn to set up your plat form, enter a trade, and exit a trade. Get Familiar with it and by then you should have already decided what time you are going to trade and what type of trader you are going to be.
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Learn to be patient, do nothing much of the time and watch price action on a chart. ( by now you should already be testing a strategy and following your RULES )
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Keep a trading journal from day 1 and write everything you think is important. What do you see on the charts? What are your questions? And how do you feel when you took the trade… How big was your position size …etc.
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Lets be logical guys…Dont trade with money you cant afford to lose. ( DUH ) If you do go live, PLEASE start with small trading positions, a lot of people over leverage their account and can’t take the heat… start off small with MINI LOTS and slowly move your way up!!
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Dont think in dollars think in pips. Simple.
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Dont try to pay bills with your trading. I am sure it all sounds good to know people really are trading full time, but if you only have a small dollar account and think you are going to be rich over night, you are out of your mind. Be as realistic as possible.
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Keep your job to ensure steady cash flow while you learn. ( IMPORTANT ALSO ) haha so don’t fire your boss yet! The time will come, you just need to prepare!!!
FINAL Thoughts
I think many people come to trading with the wrong perception as to what it is going to take to become a consistently profitable trader.
There are no true get rich quick strategies out there; its all hard work , experience and screen time.
Be the tortoise not the hare! And remember the only way you can truly fail is to give up.
Profitable trading to all!