Hellooo traders,well
from my little experince in trading,i'd like to enlighten you with these points so that you be safe from losing money as much as you can...
What to Follow:
•Always use stop losses to your position at a smaller loss preventing a large devastating loss
•Do not change your stop loss after you’ve entered it
•Close your position when you have a decent profit
•Do not over trade and do not hold oversized positions
•Recognize the difference between a trending market and a range bound market
•Know who is in power, bulls, bears or neither
•Recognize when your position is good, or if it’s a miss, act swiftly and exit
•Use if/then logic. If interest rates go up, price goes up, etc
•Use small lot sizes
•Place paper trades using your trading demo account until you are sure of your trading plan
•Trade to trade well not to make money
•Do not force the trade by entering at any old price
•Use the best entry and exit price points possible
•Always set your risk reward and money management stops accordingly
•Never take a trade unless three or more indicators come together
•Always trade in the direction of the current trend
What to Avoid:
•Not taking your stop loss when it is small
•Adding to a position that is going against you in order to average in
•Impatience and over trading
•Chasing the currency’s price beyond the ideal entry point
•The need to make up for a recent loss
•Leveraging too much of your trading capital
•Trading in a trendless or choppy market and trying to forcing trades
•Having too tight or too large a stop
•The need to be right or stubbornness
•Ignoring your stops
•Forgetting the details of your trading strategy
Good Luck
from my little experince in trading,i'd like to enlighten you with these points so that you be safe from losing money as much as you can...
What to Follow:
•Always use stop losses to your position at a smaller loss preventing a large devastating loss
•Do not change your stop loss after you’ve entered it
•Close your position when you have a decent profit
•Do not over trade and do not hold oversized positions
•Recognize the difference between a trending market and a range bound market
•Know who is in power, bulls, bears or neither
•Recognize when your position is good, or if it’s a miss, act swiftly and exit
•Use if/then logic. If interest rates go up, price goes up, etc
•Use small lot sizes
•Place paper trades using your trading demo account until you are sure of your trading plan
•Trade to trade well not to make money
•Do not force the trade by entering at any old price
•Use the best entry and exit price points possible
•Always set your risk reward and money management stops accordingly
•Never take a trade unless three or more indicators come together
•Always trade in the direction of the current trend
What to Avoid:
•Not taking your stop loss when it is small
•Adding to a position that is going against you in order to average in
•Impatience and over trading
•Chasing the currency’s price beyond the ideal entry point
•The need to make up for a recent loss
•Leveraging too much of your trading capital
•Trading in a trendless or choppy market and trying to forcing trades
•Having too tight or too large a stop
•The need to be right or stubbornness
•Ignoring your stops
•Forgetting the details of your trading strategy
Good Luck
