From my experience in the initial days of trading I must advise you to manage your money and risk properly. I learnt that the hard way. Never eschew the importance of risk management.
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Forex market is the online platform which is to be made for traders. Traders came here to do a trade on that platform. Forex plays a very important role in trading as it gives many opportunities to their traders. It is safe for those who had great knowledge about the market.
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Many traders read the news. It is a best hobby and it also helps them to know what’s going on. News plays a very important role in trading on the forex market. The market shows huge amount of liquidity when any big news occurs. From this news you might be able to well predict about the market.
Act as if you are no more than a computer, following only the rules it has, and operating for a client, not yourself.
Learning to be a risk manager then a trader. PTJ
Ergo Risk is part of investing/trading but drawing the line in the sand from trade risk and feel good risk.
Da rookie
Yeah true, how long have you been in trading industry so you realized how important these simple rules?
I have learnt that trading is not easy at all.
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I agree. Trading with an intelligent plan and sticking to it is important for successful trading. Running like a headless chicken in forex markets will surely mess up your trades otherwise
I agree. I did that as a newbie - I traded impulsively a lot and the results were not good. I am pleased to say I have more or less learned to get past that.
At all times, always ensure way more than sufficient cashflow for daily livelihood. Never trade LIVE with money you cannot afford to lose.
I would like to give advice to the rich people out there, you people can go ahead and trade as big an account size you wish. What doesn’t kill you will make you stronger. Enjoy.
Do your analysis. Set your trade with a SL and a TP. Then don’t look again.
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The biggest lesson I have learnt would be that anything can strike you from any direction. So you need to be very aware and active while trading or you might suffer a great deal of loss.
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I believe this level of awareness and perception comes after a long time unless you are some kind of trading whiz kid. But it’s good advice. We need to keep our eyes, ears and mind open.
I completely agree. One way to minimize that, at least, is to regularly check a Forex calendar.
When you did a bad deal, don’t try to win it back
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Though I am not matured trader, I am sharing my views with you. I have learnt the fact without working with a recognized and regulated trading broker, the journey in a decentralized market like forex can be troublesome and in some extents it is highly risky.
I agree. Revenge trading can be immensely detrimental, it’s better to pause, analyze your trading and then continue, rather than try to correct your mistake there and then.
For me the single biggest lesson I am still learning is patience.
Patience to wait for the trade set up.
Patience for the trade to roll out.
Patience to close the looser.
Patience not to over trade after a winner.
Patience to do nothing.
How are you learning to be patient? For me patience came with experience. The more I traded, the more I learned how to wait.
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Truly. I think with time we start getting used to it, realise things that we overlooked before and learn to manage our thoughts in a better and peaceful way. Each little effort everyday counts. It is important to let go sometimes. Some say meditation helps. I have been into it for a while and am starting to see the benefits for myself.