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Thread: Fx-tips For Senior Traders

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    Bullish crazybird168's Avatar
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    Wink Fx-tips For Senior Traders

    Survive! In forex trading, the ones who stay around long enough to be there when those "big moves" come along are often successful.

    . If you are a new trader, be a small trader (mini account) for at least a year, then analyze your good trades and your bad ones. You can really learn more from your bad ones.

    . Don't trade unless you're well financed...so that market action, not financial condition, dictates your entry and exit from the market. If you don't start with enough money, you may not be able to hang in there if the market temporarily turns against you.

    . Be more objective and less emotional.

    . Use money management principles.

    . Money management increases the odds that the trader will survive to reach the long run.

    . Diversify, but dont overdo it.

    . Employ at least a 3 to 1 reward-to-risk ratio.

    . Calculate the risk/reward ratio before putting a trade on, then guard against holding it too long.

    . Dont trade impulsively ; have a plan

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    thanks for that posts. I have read so much of that already but still I am on the lossing end. I think my problem is the descipline and the emotional aspect. I really can't get thru of it.

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    Bullish crazybird168's Avatar
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    I think you should have a trade plan about when to bury or sell and less emotional, this will help you.

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    Cool The Secret

    The secret to successful forex trading remains descipline. As a matter of fact, we all know that most of the losses we incur results from greed and carelessness. Most time we bet a side because things seems to be working in that direction. All I advise all traders to do is know your profit time frame and adjust your target to match that interval. Once target is met, leave the market. For instance, i like to hold positions for not more than an hour. So all I am expected to do is target like 20-30 pips profit. putting a target of 200pips in an hour trade is not realistic at all. The chances are 1 in a 1000. If u have a 2000USD account and u use 1 lot to get 20pips which is app 200USD, then u should be OK for the day. In order for this golden trade to be a profit trade u need to trade the best/mild hour of the day e.g 3-4pm weds, 2-3pm tues, 5-6pm fri and so on. U don't really need robots, alerts or signals to trade if u trade with minimal greed, optimum care, maximum attention and robust account. REMEMBEMBER! , "IT IS BETTER NOT TO TRADE THAN TO TRADE AND LOSE".........EH! add some rep power after reading this......

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    Bullish crazybird168's Avatar
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    Yes, most of the losses result from the greed and careness, profit is better than lost, so everytime just earn about 20 pips profit, though it is few, but better than lose

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    i always promise myself to keep myself desciplined but during trading days I always commit errors when deciding in when to enter a position.

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    Bullish crazybird168's Avatar
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    Today I made a stupid mistake. I was so careless that I lost about 30 pips. originally I wanted to sell but I click " buy"....

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    This is a common mistake. It happens to many people. I make the same mistake very often. Atimes I click on 1 lot instead of 0.1 lot, then a message comes telling me that I don't have enough money. One has to control his emotions.

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