Post by Admin on Jun 8, 2016 23:26:02 GMT 8
For some of us who have been trading for years and are getting profits consistently by now, we know what our mistakes in trading were. As a beginner, we tend to read up a lot just to equip ourselves with the trading knowledge. We then jumped into demo trading and profit from it. Being over-confident, we traded LIVE, hoping to reap profits from the market.
And the next moment, our live account got wiped oit because of margin call. Then, we fund our account for the second time, and we increased our lot size, hoping to cover the losses earlier. That is what we termed 'revenge trade'.
Sounds familiar to most of us, isn't it?
DO's
• Learn the Forex basics well.
• Get yourself a trading strategy which suits your personality and lifestyle. If you have a day job, you can't possible be a scalper. We suggest most traders to be a day tradet or swing trader. Simply because they trade on higher timeframe - 1-hour, 4-hour & Daily. Lower timeframe produces a lot of noise and the lower timeframe charts tend to show that the markets are choppy, which in turn will confuse traders. Learn price action. Price action is KING.
• Get yourself a reliable and reputable Forex online course. You need not spend more than a thousand dollar to educate yourself. You just need to do more research and get reviews on the course which you intend to sign up for.
• Finding a reliable broker is not easy either. So, sign up for their practice account and test them out. Not forgetting, test out the customer support's efficiency.
• Practise, practise and practise. Trade on the demo account according to your chosen trading and plan. If you have trade on demo account for six months and could see the consistent profits coming in, you should be good to start trading live.
DONT's
• Don't start trading if you have not even learn the Forex basics.
• Don't think of trading live if you have not even see the consistency in getting profits by applying your strategy. If you are trading live with doubts, you are definitely gambling, and not trading.
• Don't think of searching for 'holy-grail' indicators, robots, etc. Learn price action. Price action is powerful. You are able to trade on a naked chart and need not rely on indicators. It'll make things easy for you. Once you master price action, you will have no provlem trading via mobile platform.
• Do not revenge trade just to cover losses. Apply your stop loss and learn to accep the loss. Identify what went wrong. Apply the risk management and exercise precaution on your lot size. You will not want to get your account to be wiped out.
• Don't overtrade. Overtrading will only make you lose your mind and lose focus.
And the next moment, our live account got wiped oit because of margin call. Then, we fund our account for the second time, and we increased our lot size, hoping to cover the losses earlier. That is what we termed 'revenge trade'.
Sounds familiar to most of us, isn't it?
DO's
• Learn the Forex basics well.
• Get yourself a trading strategy which suits your personality and lifestyle. If you have a day job, you can't possible be a scalper. We suggest most traders to be a day tradet or swing trader. Simply because they trade on higher timeframe - 1-hour, 4-hour & Daily. Lower timeframe produces a lot of noise and the lower timeframe charts tend to show that the markets are choppy, which in turn will confuse traders. Learn price action. Price action is KING.
• Get yourself a reliable and reputable Forex online course. You need not spend more than a thousand dollar to educate yourself. You just need to do more research and get reviews on the course which you intend to sign up for.
• Finding a reliable broker is not easy either. So, sign up for their practice account and test them out. Not forgetting, test out the customer support's efficiency.
• Practise, practise and practise. Trade on the demo account according to your chosen trading and plan. If you have trade on demo account for six months and could see the consistent profits coming in, you should be good to start trading live.
DONT's
• Don't start trading if you have not even learn the Forex basics.
• Don't think of trading live if you have not even see the consistency in getting profits by applying your strategy. If you are trading live with doubts, you are definitely gambling, and not trading.
• Don't think of searching for 'holy-grail' indicators, robots, etc. Learn price action. Price action is powerful. You are able to trade on a naked chart and need not rely on indicators. It'll make things easy for you. Once you master price action, you will have no provlem trading via mobile platform.
• Do not revenge trade just to cover losses. Apply your stop loss and learn to accep the loss. Identify what went wrong. Apply the risk management and exercise precaution on your lot size. You will not want to get your account to be wiped out.
• Don't overtrade. Overtrading will only make you lose your mind and lose focus.
