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Thread: 10 advises

  1. #211
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    Quote Originally Posted by tornado66 View Post
    10 advises

    --------------------------------------------------------------------------------

    1. Trying to Predict Forex Prices

    Most novice traders think that the way to win is to predict where prices are going but that's simply hoping or guessing and you won't get far with that currency trading - you need to trade confirmation of trend changes only.

    2. Believing Markets are Scientific

    Forex traders who try to predict also fall victim to the myth that markets are scientific. They follow forex trading systems based around - Elliot Wave, Gann, or Fibonacci and lose. Of course these systems all fail because if there was a scientific theory of market movement, we would all know the price in advance and there would be no market!

    Trading FX is a game of odds not certainties.

    3. Day Trading

    The most common myth of all. More novice traders try to use forex day trading systems than any other method - it doesn't work. As we have said forex is a game of odds not certainties and there is no way you can possibly work out where prices are going within a day.

    If you day trade the odds are against you and you will lose your money - period.

    4. Trading to Often

    Most traders think they should always be in the market in case they miss a move but this is rubbish. You should only trade when your currency trading system tells you there is high odds trade, then and only then should you execute your trading signal.

    5. Trying to Buy Low Sell High

    This again goes with the trader who wants to predict prices with their forex trading strategy - but it wont work and the best moves with the best odds are breakouts. Most major trends start from new market highs and you need to learn to buy them if you want to make money.

    6. Blindly Following a Vendor

    There are plenty of vendors selling forex trading signals and forex trading system software where if you follow it they tell you that you can make money - the vast majority are junk and come with simulated track records. Try and find one with a real track record and get ready for a long search.

    We can all make money in hindsight but that's not the real world.

    7. Trying to Trade the News

    If people could trade by following the news there would be a lot more winners than losers! Sure the stories are convincing but that's all they are stories. I love Harry Potter books but I don't think I can fly! News reflects the greed and fear of the herd and if you trade it get ready to dump your money quickly.

    8. Making Their Forex Trading System to Complicated.

    Many traders assume the more inputs they cram in the better a trading system will work however the total opposite is true - cram too many indicators in and the system will break. Simple systems work best as they are more robust.

    9. Failure to Run Profits

    There is a lot about said about traders not keeping their losses small, but a far bigger reason for losses is their failure to run profits. Traders get excited when they get a profit and the bigger it gets the more tempted they are to take it. Of course a few dips in their open equity, sees them snatch it - then what happens?

    It turns into a mega trend and goes the way they thought and their not in - this happens all the time. You need to have confidence and conviction to accept huge gains.

    10. Over leveraging and Stops to Close

    Sure you can get 400:1 leverage and trades use it and place stops within normally volatility. I often hear people talk about using a 30 pip stop! Well you may as well flip a coin; market volatility will kill your equity.

    You need to de leverage and give a s top that's logical
    good advice, I'll do your suggestions .. that so my problem so far is: I was often late entry of the transaction. I was trapped when the trend has ended, I was confused where the use trends. if the daily trend. daily, hourly? please help explain to me

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  3. #212
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    The first and above all advice first look to what for you deposit and how many you can safely begin to work for a year and for a month and then for a day . Do the plan of strategy when to open a transaction when to close her . you need to create the system on that you will work as a robot and only then you will have a profit .

  4. #213
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    advice "trading too often", I strongly agree that it would make traders more often experience loss. many traders including myself, are often open positions. it makes me always experienced a great loss. I felt I would always be lucky or I would have missed the opportunity. This really hurt me

  5. #214
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    hmm yes I agree and I am trying to to this for three years but some times we can get excited and it can be difficult to control emotions and some times we can make mistakes and we have to pay price otherwise discipline will be key in your success and just focus on these things can make you a successful trader

  6. #215
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    I will comment more on the number 2 explanation, because that knowledges can not guarantee that we can know with certainty all the trend movement that will happen.
    But at least, that knowledges has summarized some of the patterns that often occur in the forex market. So we can learn in addition to our understanding of the market itself.
    But indeed the rest, we must be able to learn and deepen it again with our continuous understanding that increases.

  7. #216
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    affirmation of trend" is something you make a decision on your own. as an instance, suppose you trade the use of shifting averages crossover. whilst the fast MA crosses sluggish MA, many inexperienced persons wrongfully consider it as "signal." The truth is, it's miles a "setup" situation -- a situation to set you up that a exchange opportunity is imminent. if you need to "trade affirmation of trend changes," then you may decide what will be your "trigger" after this setup condition. you could wait till a bar/candle open and close on unique aspects of gradual MA, for one, you then open function at the subsequent bar/candle open. For every other, if the MAs widened to such percentage as compared to before crossover, you open a function.

  8. #217
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    good advice, I'll do your suggestions .. that so my problem so far is: I was often late entry of the transaction. I was trapped when the trend has ended, I was confused where the use trends. if the daily trend. daily, hourly? please help explain to me

    The trend can be well observed after the release of important news that strongly influenced the price. Until this time, the price will go sideways and expand then with a shudder. Still need to rub on tops that should always be higher than the previous one and on the previous top the price should be fixed to start growing again. If this does not happen, then soon there will be a trend change.

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  10. #218
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    These advise are good but many people doesn't follow these that is why many people suffer loss in this market. if we follow rules of forex market then we can make good money in this market.

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