tips for become a good trader?
- Thread starter Mauwebluefinger
- Start date
I think becoming a good trader will in every way cost time so why not spend too much time on this?
mr mauwebluefinger,
get a response from - MKTrader
"In essence, the pioneers of this method were fooled by high autocorrelation and assigned forecasting power to random patterns." M Harris
https://www.elitetrader.com/et/threads/recognizing-reversals-from-the-top-highs.335985/page-3
"managing risk is as important as the trading method used" M Harris
Every Trading Method Known to Man and Beast? Right Here Baby!
https://www.elitetrader.com/et/thre...o-man-and-beast-right-here-baby.335635/page-5
Like one said, "I'd rather have an immediate dose of bringdown than an ongoing fantasy."
https://www.elitetrader.com/et/threads/cardiovascular.335482/
batter up!
cheers
.
Thank you very much!
Babypips ! I started my trading career through their forex courses. They are available for free. they have a complete guide on forex. Apart from that , you can read some good books on Fx like “forex for beginners – Anna Coulling”.
Just take the process slow as forex trading is not an easy thing to do. Learn and explore the world of forex trading before you try your hand at it. Take moderate risks and start with a small amount for the start. Wish you luck !
Just take the process slow as forex trading is not an easy thing to do. Learn and explore the world of forex trading before you try your hand at it. Take moderate risks and start with a small amount for the start. Wish you luck !
Don't forget to use lots of video tutorials on youtube. It will help you learn faster how to set up your trades or indicators.
As it has been said before, keep leverage low. Volatility should determine the trade size. To risk 1% on a say 10k account is $100. That can be 10 ticks, 100 ticks or just 1 tick of price change depending on the size of position you put on. Now you have to figure out for how long you plan to hold a position. For that you can get historical price ranges/volatility/VaR estimates for say 1 day, 1 week etc etc.
Lastly, be religious to cut the losers. Whether by a stop loss order or otherwise, if a trade goes against you and reaches the threshold, cut it. Don't get married to the position, simply close it and move on. There's always another trading opportunity waiting.
Lastly, be religious to cut the losers. Whether by a stop loss order or otherwise, if a trade goes against you and reaches the threshold, cut it. Don't get married to the position, simply close it and move on. There's always another trading opportunity waiting.
Very good advice. You said a lot in few sentences. Pure Truth, if a trader can't do this, he should be ready to quit in a short time.
Here are some tips to follow if you are new to trading-
• Develop a trading strategy and always adhere to it.
• Set a stop - loss for every trade. Otherwise, failure is almost certain.
• Don't risk more than 2% of your margin per single trade.
• Keep your emotions separate from trading.
• Never trade to compensate for your losses.
• Only trade when you feel it's the right moment.
• Don't be afraid of losses, every trader has them.
• Try to achieve more profitable trades, and have less unsuccessful trades.
This is the right path to follow in order to become a good Forex trader. You will be facing lots of losses and stress along the way, but don't give up. With effort and passion, you can make up for any bad experience you may have.
• Develop a trading strategy and always adhere to it.
• Set a stop - loss for every trade. Otherwise, failure is almost certain.
• Don't risk more than 2% of your margin per single trade.
• Keep your emotions separate from trading.
• Never trade to compensate for your losses.
• Only trade when you feel it's the right moment.
• Don't be afraid of losses, every trader has them.
• Try to achieve more profitable trades, and have less unsuccessful trades.
This is the right path to follow in order to become a good Forex trader. You will be facing lots of losses and stress along the way, but don't give up. With effort and passion, you can make up for any bad experience you may have.