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Thread: How To Improve Your Games?

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    Default How To Improve Your Games?

    Any idea on how to improve your trading?

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    In Profit disc's Avatar
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    i'm not sure if u already read about forex and indi in www.babypips.com ...but this is a very good start to improve ur trading...
    Last edited by disc; 04-29-2007 at 08:31 AM.

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    Piplet iamtrader's Avatar
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    Talking

    i think, do some backtest and forward test. start with virtual money, and after you get some confident with your system then use real money.

    may the pips be with you sm_cool

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    One of the thing is to keep a history records of each trading you've made.
    Best still, if you could come out with your own statistics;

    1. How many win trades, how many lose trades.
    2. During which time/day you win or lose.
    3. What indcator/signal used for the win/lose trade, and at which timeframe?
    3. Put a 'sincere' remark on each trade you made, regardless win or lose. Things such as whether you enter trade base on emotional states or based on signals/indicator alert.

    I would say, this is the best 'guru' for self improvement..
    Last edited by arialun; 04-29-2007 at 04:00 PM.

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    Take notes on every trade you going to make and had made for 2-3 months.

    Jog down why you enter a trade and why you exit a trade.
    The most important is to take note if you are losing - try to analysis why its happen.

    Insya-allah - you'll beteer your trading skills.

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    Knowledge of the Market And Learning Technical Skills

    A trader can be hampered in his trading by excessive information about the markets of insufficient knowledge. For that reason, a traders needs to assess his game to see if he is overloading on information that is preventing him from following his system. He needs to back off from the overflowing information

    This is actually always happening to me. In old days, I truly depend on the news and others technical analysis but this prevented me from executing my strategy.

    On The Other Hand, a trader who wants to improve his game and is not spending enough time and energy educating himself in the markets has an easier path to improving his game. These traders need only a little amount of time to read any sufficient information and analyze that.
    One more, don’t guessing the news, analyze the news.

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    Psychological Skills

    One trick to improve your emotion to mechanic is withdrawing your profit. Don’t expect that if you double that money you will double any later or sooner. This will teach you how valuable the money is. This is also happen to my oldself where I need to double my money and after that I broke my account. Don’t feel greedy. The money that you lose should be used by you.

    Journaling is a good way to discipline yourself so that you know what is you lacking. Pairing, Strategy, and any other else.

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    Adding or Deleting Strategy

    There a lot of people say that we have to stick to one strategy at all time. Well this is true and not true. Forex is probability games. Let’s say you toss one coin and you get head at all 10 toss, do you think that something wrong there like your hand or something else. Same goes to FX. You need to delete old strategy if they against you.

    In the same time you might want to create a new strategy. If you’re not to delete your strategy, then you should add something to that so it will create more flexibility to you

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    Adding or Deleting Markets

    This is also very crucial to traders. Let’s say that you are losing in that pair, you should try another and ignore that pair for some time and try others. In other hand, if you keep profiting from that pair you might want to add another pair.

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    Changing Trading Time Commitment

    Don’t sit in front of your computer too long watching the sick graph. You might be a scalper but try to add another activity to your routine as this will help you refresh your mind and eyes.

    Many traders exhaust themselves just to find they are losing and yes that is true. You have to find something that is fun and if you think sitting and watching that sick graph is fun, something is wrong with you 

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    Realize Others Needed

    If you want to change your trading style(time, strategy, etc) please take note how will it affect your life especially family. If you trading at office and want to trade at home after that, please think about your family because this will become a pressure to you if you don't take it seriously. Your children might affect your decision making.

    If you want to trade at different time, think how it will affect your healthy. If you don't have enough sleep it will affect your result

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    FxIndia Administrator Invest_Master's Avatar
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    Well I would suggest everyone to have set a target of profit for everyday and wait till they get it.
    Like 10 - 15 -20 -50 pips or 2% or 4% of total investment.
    It would be nice and easy to reach and more over in long terms they would also have huge profit and it is also easy to reach and this aim is also easy to reach rather then setting up 100 or 200% in a day.

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    trade with virtual money can help to learn trade i think.
    read news about forex.
    learn how to good trade with strategy/book etc.

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    FxIndia Administrator Invest_Master's Avatar
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    Quote Originally Posted by skyhit View Post
    trade with virtual money can help to learn trade i think.
    read news about forex.
    learn how to good trade with strategy/book etc.
    Well trading in news can be really risky.
    i would not recommend this to newbies.
    As there are times when you see sudden move in one direction and then next second it goes in other stongly.
    So i think it would be nice to trade in demo first and see how which news work.

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    you can trade news.. but for me im not going for big pips.. only 15-20 pips is enough and wait for the sling effect... for another 5-10 pips..

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