Important Points To Succeed In Curren...

Important Points To Succeed In Currency Trading

Posted in the Top Stories Forum

Since: Dec 12

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#1 Dec 18, 2013
One of the sayings in trading is, "Those who forget to plan, intend to fail". If you see a trader who can glance at the chart and tell you correctly where the price is going without studying the indicators, at least most of the time, then you'll probably find that they have paid for their knowledge with losses over the years. , You need to be much more organized and deliberate in the way you approach Forex trading if you do not want to have a long and expensive learning curve.

The start of a trading plan is deciding what sort of trader you want to be. You can choose to trade with the trend; concentrate on identifying reversal points; or perhaps you have the speed and stomach to scalp for a profit. There are many approaches to the markets, and how you trade depends on yourweaknesses and strengths, and disposition.

Having studied technical analysis, you can choose the exact methods that you think will work, and set about proving them by back testing. With further refinement, you may become convinced that you have a workable and profitable trading system.

Unless you are convinced, it is likely that you may abandon the system in the stress of battle, so you must work to improve your ideas to an acceptable level.

Having got to this stage, you have one final hurdle that you will face when implementing your trades. That is your mental attitude. Are you the type of trader who will react to a loss by saying, "Heck, I wish I'd closed the trade earlier, I just lost $500", or would you think "Okay, that one missed. I kept to my plan, but got stopped out for a loss this time. On to the next trade? "

The first trader has the mental attitude that they failed, and even makes it hurt more by quantifying the loss. , There was no trace of analysis, or why the loss might have happened. That trade will nag them, distract, and possibly influence how well they perform on the next one.

That it was not a failure, even though the second trader showed a totally different attitude, accepting that occasionally even the best of trading opportunities can lose. After all, there's bound to be a certain percentage of losing trades with any system.

This difference in attitude can have an insidious effect on your thinking. The subconscious mind in the first instance associates trading with bad emotions and a feeling of failure, and this will be reinforced every time that there is an otherwise acceptable loss with this trading strategy. In the second case, the message to the subconscious was that everything was under control, no worries.

The chances are the second trader will still be trading in a year's time, and the first trader will develop such a bad association with trading that they will give up, and never know the financial freedom that they could. , Planning to succeed requires planning, but also an attitude that allows success to flourish.

United States

#3 Dec 18, 2013
Is the USD worthless?

Since: Feb 07

Location hidden

#4 Dec 18, 2013
soon, try bitCoin or gold

United States

#5 Dec 18, 2013
RayOne wrote:
soon, try bitCoin or gold
in time of economic/financial crisis/clamity like Weimer Republic i would say what you mention are worthless also.

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