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Thread: Trading strategy is a must

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    Default Trading strategy is a must

    Remember..you must have a trading strategy ... make a habit to stick to it doesnt matter how desperate you are. You gotta trust your strategy and nothing else. Dont trade with your gut feeling because you're gonna be pretty much wrong all the time .
    Your charts are a must have tool in forex . Everything that you need to know about forex is on your charts. You will learn something new everyday from you charts.
    Get confortable with one or two pairs max. Every single pair has its own characteristics. No pairs are the same. Dont trade all the pairs your broker can offer. If you specialize in one or two pairs very soon you will be able to read the pair like an open book.
    Stay away from the ranging markets. There will be a lot of trend break outs on pairs than you ever want. Why take any extra risks trying to chase 20 pips on a ranging markets when you can grab 200 pips on a break out!

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    Default

    yea u're right, there must be a trading strategy or we ll loose everythings
    thanks for the advice

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    In Profit Psymon's Avatar
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    i dont have enough confidence to keep a position open for more than a day, and my target is usually 20 to 30 pips :P
    Psymon Peers

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    Bullish fxtrader77's Avatar
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    Default

    whenever i trade to tack my revenge from the market
    i lose very big losses

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    Default

    trading without a plan is like planning to fail..dont ever trade without a strategy

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    Elder Analyst elsehaimy's Avatar
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    Default

    trading forex without strategy or take profit or stop lose like someone cannot swim in the sea , he may be erased in few minutes .



    To get full support about fxopen & opening an account

    click here

  7. #7
    Islabonita
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    Default

    thanks for the advice..
    i had my lessons well learned..i started my micro account with usd100 in Jan and reached usd450 last week..however greed must have gotten into me..a margin call of usd170 in gbp/usd. i have to close all my other losing trade to keep me surviving...it was really bad.
    Emotions and money management is so much to handle than you ever know..

    Now, i must start back from the beginning and follow my trading plan. STRICTLY..

    thanks for the posts again..

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    Elder Analyst RahmanSL's Avatar
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    Default

    I like Gold & WTI Oil....fiery, volatile, passionate, and hugely & deliciously profitable if traded at the right time.

    I am 100% convinced that these 2 commodities can make a rich person richer still on just a few carefully placed and timed trades per year.

    On the currencies front, the ikoder is 100% correct in advising to stay with max 2 currencies pair. Get to know them like a lover and you will soon get to know every intimate sensitive spots and quirks. Just glancing at them, you can read and anticipate it's behaviors and getting it right most of the time.

    But then, that's just my Newbie's point of view! : )
    "Making Profit IS EASY, keeping it IS NOT!"

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    Elder Analyst RahmanSL's Avatar
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    Default

    Hi iklearn2t,

    Another “Newbie"” question coming up!

    Refer your post no. 18: “Now open a "Demo" account and enter 500 in deposit box at startup to equal $5 in "real" money and start using minimum 0.10 lot size.”

    It just occurred to me that do you mean I open a NEW DEMO micro account, or a NEW LIVE micro account for you to make that internal account transfer??
    "Making Profit IS EASY, keeping it IS NOT!"

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    Default

    You must however remember that the most effective trading strategies are those one that have been proven to be very simple to use with few or little indicators.

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    Default

    Without having an exit strategy in our forex trading strategies is a huge mistake as we need to limit and specify the quantum that we can afford to lose....

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