Gold Trading Buddy is undeniable that the forex trading business is very lucrative. Currency price movements are very volatile open opportunities for you to earn huge profits in a very short time. But
do not you forget that the market / market currencies like living
beings, he is moving and changing direction or method like most
creatures. This has led to high risk in this business.When you've decided to jump into this business, there are some tips that you should know for the success of your trading.
1. Demo Account
Some say it is unimportant demo account and a waste of time, this is not entirely true. In the forex trading takes your ability to read where the direction of price movement which is usually referred to as technical analysis (using graphs) and fundamental. To be able to perform technical analysis well, of course you need a lot of exercises on how to read charts, the characteristics of the indicators used and so on. Well, this is where the role of a demo account. To be a consistent and profitable trader, you are probably not enough to just do a demo account for one month only, it may take 2 months, 3 months or even more to finalize method / system and your trading plan. Remember, in forex trading can not be used in ways that instant. Everything takes time and experience to be successful.
1. Demo Account
Some say it is unimportant demo account and a waste of time, this is not entirely true. In the forex trading takes your ability to read where the direction of price movement which is usually referred to as technical analysis (using graphs) and fundamental. To be able to perform technical analysis well, of course you need a lot of exercises on how to read charts, the characteristics of the indicators used and so on. Well, this is where the role of a demo account. To be a consistent and profitable trader, you are probably not enough to just do a demo account for one month only, it may take 2 months, 3 months or even more to finalize method / system and your trading plan. Remember, in forex trading can not be used in ways that instant. Everything takes time and experience to be successful.
Trading forex is the same as any other business, if you do not have a plan or a trading plan then you are doomed to fail in getting a profit on the money market. Having a trading plan is a must because without it then I can say that you only and are gambling. A good trading plan will set rules that can tell you: when to take or open position, how much risk are budgeted, and when to exit the trade. It is important for you to develop a trading plan and abide by the rules that are made if you wish to be a successful trader.
3. Learn To Accept Losses.
Losses are part of the business and you can not run away from this fact. As humans, we certainly have to look for perfection. We must believe that if we had found the right method then we should be able to trade well. Losses that will be suffered may be little or even perhaps have never experienced a loss. Unfortunately, have never experienced a loss to say impossible, because even the best traders in the world would ever feel the losses that are part of trading. The key is to not be afraid of the loss but just enough to manage the risks in accordance with the conditions and the financial markets.
Losses are part of the business and you can not run away from this fact. As humans, we certainly have to look for perfection. We must believe that if we had found the right method then we should be able to trade well. Losses that will be suffered may be little or even perhaps have never experienced a loss. Unfortunately, have never experienced a loss to say impossible, because even the best traders in the world would ever feel the losses that are part of trading. The key is to not be afraid of the loss but just enough to manage the risks in accordance with the conditions and the financial markets.
4. Use proper Money Management.
The key to you can trade in forex trading with a long time is to control and manage the risks that you Milki. You must choose to resist the temptation to maximize profits, instead of minimizing losses. You should treat capital you have or use because you feel responsible for loved ones who are around you. You will not be risking the lives of the family members right? So never take unnecessary risks because your capital is the life line of your trading career. Keep your maximum risk, by allocating risk between 2-3% per transaction and you will ensure that even if you are suffering from a series of losses then you will still be alive for a transaction at another opportunity.
The key to you can trade in forex trading with a long time is to control and manage the risks that you Milki. You must choose to resist the temptation to maximize profits, instead of minimizing losses. You should treat capital you have or use because you feel responsible for loved ones who are around you. You will not be risking the lives of the family members right? So never take unnecessary risks because your capital is the life line of your trading career. Keep your maximum risk, by allocating risk between 2-3% per transaction and you will ensure that even if you are suffering from a series of losses then you will still be alive for a transaction at another opportunity.
5. Do not be greedy
When you make a transaction and the market goes according to what you want, then usually you will be tempted to trade again because you think that the price will continue moving in the same direction so that your profits will double. But be careful, because it can actually backfire because markets can quickly turn and remove all of your profits. To avoid this, you should close the transaction after the market has a number of advantages for you. Of course, this number should be planned in advance in your trading plan and must be strictly adhered to.
When you make a transaction and the market goes according to what you want, then usually you will be tempted to trade again because you think that the price will continue moving in the same direction so that your profits will double. But be careful, because it can actually backfire because markets can quickly turn and remove all of your profits. To avoid this, you should close the transaction after the market has a number of advantages for you. Of course, this number should be planned in advance in your trading plan and must be strictly adhered to.
Ok buddy Trading Gold To teach trading skills and the ability to test your Trading Plan please use the DEMO ACCOUNT before really using real account
from blog: http://tradingsmartfx.blogspot.co.id/2014/03/5-tips-kunci-sukses-trader-profesional.html
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