The simple forex strategy

Beginner Questions Trading Psychology
1

Many are still asking me this forex strategy, through YM. In fact, in my blog I have a lot of posts about it. But no matter, for the extra would not hurt if I remind you to continue to study and reflect on my past strategies you practice in your trading.

  1. Do not jump in trading forex for granted. You have to look at forex trading as something special, learn and work harder than most specialized professions. You need a lot of effort and time to get a good trade.

  2. You should be aware of financial risks in forex trading. You should know that you can win and lose money in forex trading. Then you have to use smart money management skills.

  3. You have to educate yourself first and build knowledge together with any profession, considering all it takes work. You respect and abide by all rules set earlier by the previous successful trader. You must understand the trade trends and why risky to trade against the trend.

  4. You have to have patience and understand that it takes time to be successful. You do not see it as a get rich quick scheme. You should set up the mindset that invest a small amount first and build wealth.

  5. You should know the importance of having a mentor like any profession. You must understand your own shortcomings as a novice and always seeking knowledge of experienced traders, you should also diligently read and read this blog (because a lot of knowledge and strategies profit) for you.

  6. You need a proven trading strategy and trading only one currency (if you are a beginner). You do not jump from one strategy to another. You do not try to trade in many currencies at one time. The guarantee minus all the stress that :slight_smile:

  7. You simply set aside the capital you are able and ready to lose. With the money you can lose, you do not feel any pressure while in the trade. You just follow a trading plan to execute your trades.

  8. You record your trades. You review the winning and losing trades to understand your mistakes and how you can improve their trading results.

These figures are that 95% of traders will end up a loss, because they simply fail to plan and will not use the above traits. Make sure that you get the appropriate level of education and knowledge.

good luck :slight_smile:

4

and… NEVER risk more than 1% on any given trade. Also manage your expectations - look into various hedge funds and look at what the top performers achieve - you may be surprised…

5

Thanks for posting this list Ben, it really helps to ground me when I read it. It gives words to what is in my head and makes me feel that it is not “just me” making mistakes, rather, it is a normal response when people are in a trading situation. Cheers!

6

these factors are very basic but when trading somehow we tend to forget these things.

7

Spot on! These things are really easier said than done, but that’s the challenge.

8

By way of introduction, my name is James and I have been trading the markets for some time now with my own money.
It took a while but I had finally perfected an intra-day method that works under most market-conditions.
I am currently mentoring 5 day-traders and if you are keen on joining the group & discussing trade ideas, please add me on skype at james.ison

Safe Trading

James

:slight_smile:

9

The fact is, that while almost all traders would say they want to make trading a simple process, they are going about it in the totally wrong manner. Trading can only become simple once you forget about the idea of finding a perfect indicator-based trading system that will work in all market conditions. Markets are just too volatile and complex to ever be dominated by a piece of software code or a mechanical set of trading rules.

10

May I ask why this guy was banned?

11

I agree, there are too many impacts on market and it’s extremely complicated. But sometimes I consider that i think like that only because I’m new in trading.