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forexstars

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Posts posted by forexstars

  1. ForexStars

    in Forex Brokers

    Posted

    Tips for beginners:

    Place all the responsibility for the result of transactions on yourself

    You and only you are responsible for the results of all transactions on your account. It doesn’t matter what made you to open a position - the responsibility for the result of this action will always lie on you. There are no successful traders who reproach other traders or brokers with their failures.


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  2. ForexStars

    in Forex Brokers

    Posted

    Tips for traders beginners:

    Be disciplined

    Discipline in the trade is very often the only thing that tells a successful trader from a loser. Without self-discipline, you will not be able to control the risk effectively and to follow your trading system. As a rule, in Forex trading traders make decisions that are comfortable for them and that eventually cause damage to their account. Discipline makes you to take the right decisions even when you are, for whatever reasons, not ready to enter the market.


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  4. ForexStars

    in Forex Brokers

    Posted

    Tips for traders:

    Manage your capital and control your risks.

    Most successful traders say that capital and risk management sometimes is more important than trading method itself. Even a profitable trading system or trading method may lead to losses if a trader hasn’t used basic rules of capital management and risk control. To master these basic principles you don’t need to be a mathematician, you just have to follow three simple rules:


    1. A risk for one transaction mustn’t be more than two per cent from your capital. Even if you understand that a deal has a good outlook, you shouldn’t risk more than 5%.

    2. Always determine Stop-loss and Take-profit levels before opening a position.

    3. Make a break in trading if you understand that you have entered a series of losing transactions. If your deposit allows it, you can sharply decrease a volume of each new position.


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  6. ForexStars

    in Forex Brokers

    Posted

    Tips for traders beginners:

    Use your own trading method

    Using your own method gives you unquestionable advantages in comparison with using somebody’s methods and systems. Nobody will understand the logic of your trading system better than you. Moreover, the foundation of the system itself doesn’t matter: you may “read the tape”, use a graphical analysis, count Elliot waves, use Gann methods or practice fundamental analysis. The main thing is to strictly follow the rules of your trading method and to make a really profitable method.


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  7. ForexStars

    in Forex Brokers

    Posted

    Tips for traders beginners:

    Your trading method must be statistically profitable

    You will never be able to get profit at Forex if you don’t use profitable strategies in trading. Neither masterly capital management, not thorough following the system will save you from losses if your trading system is unprofitable. In the same way roulette ruins players: risk control and capital management can only slow down the process of ruin. If you want to earn at Forex, you need a profitable trading system or statistically profitable method.


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  9. ForexStars

    in Forex Brokers

    Posted

    Tips for traders:

    Trade according to the method that suits you

    Trading method that determines your trading decisions every day must not contradict your individuality. If you feel that you are not able to lose a considerable part of your current position then following trend strategies are not for you because you just won’t be able to follow it. In case you don’t have a possibility to spend the whole day in front of your computer, don’t try to use intraday trading strategies. If you cannot stand a psychological pressure when making trading decisions, automate trading process – develop a mechanical trading system. This trading aspect is very important because if your trading methods are profitable, you won’t be able to use their potential because of third-party factors: psychological pressure, lack of time, etc.


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  11. ForexStars

    in Forex Brokers

    Posted

    Tips for traders beginners:

    Make sure that Forex trading is really what you want to do. Many people spend much time on studying Forex, analysis of information and practicing trading on real trading accounts of Forex brokers and in result they understand that it is not what they need.


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  12. ForexStars

    in Forex Brokers

    Posted

    Tips for traders beginners:

    Don’t trade with many currencies at a time

    You will do yourself harm if you try to find necessary information and a “feel” at several markets. Learn to understand your limits and trade within these limits. Few traders operate both successfully with the yen and the mark at a time as they are moved by independent factors.


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  14. ForexStars

    in Forex Brokers

    Posted

    Tips for traders:

    Trading difference between correlated goods

    Watch for the “families”: mark, sterling or swiss. When you see a wide difference in the group, it can be a signal of trade opportunity.


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  17. ForexStars

    in Forex Brokers

    Posted

    Tips for traders beginners:

    Try to avoid market orders
    Stop-order for Buy or Sell at the market may indicate a lack of discipline. However, it happens that when it wants to eliminate a position immediately, market order can help. Your aim should be decreasing market orders, traders say.

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  18. ForexStars

    in Forex Brokers

    Posted

    Tips for traders:
    Don’t form new opinions during trading hours
    Determine your course of actions and then don’t let ups and downs spoil your plan. Decisions taken during a trading day and based on price movements or news are usually disastrous. Lucky traders prefer making their own opinion before market opening and then they look for a proper moment to execute their decision that was taken without any extra emotion at the current market. When a trader totally changes his direction during a trading day, it can confuse him and result in losses in commission and small profit.

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  20. ForexStars

    in Forex Brokers

    Posted

    Tips for traders beginners:
    Separate your trade from the desire to make profit
    Don’t hope for promotion if your trade is based on hope. A successful trader can separate trading from emotions. “And though hope is a big virtue in other fields of life, it can be a serious obstacle for a trader”. Hoping that the market will turn to their side, novice traders often break basic trading rules.

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  22. ForexStars

    in Forex Brokers

    Posted

    Tips for traders beginners:

    Don’t overdo

    One rule of a thumb is that you have to keep three times more money on your account than it is necessary for a certain position. Reduce your positions if it is necessary to prove this rule. This rule helps you to escape trading decisions based on the sum of money on your account. If you take a bigger position than a sum on your account, you can be made to close it early and you will have big losses which could have been avoided.


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  25. ForexStars

    in Forex Brokers

    Posted

    Tips for traders beginners:

    Use the money that you can afford losing

    If you speculate on the currency with the money which you need for some family needs, for example, to buy a new car, a fur coat for your wife or to pay for the college of your children, then you are sure to fail as you will not be able to enjoy real freedom to take sober-minded trading decisions. Your speculation funds must be considered as money which you want to lose. Your state will be thoroughly examined that’s why you don’t risk losing your other funds or assets. One of the keys to successful trading is your internal independence. “You have to trade within a minimum factors of exterior influence and it means that your trading freedom must not be influenced because of the fear to lose money which you have saved for a certain need”, - says a trader. “The market is not an arena for “scared money”.

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