alventa

Thanks a lot for your contribution. I believe this post is very useful for the new Forex trader. I read your 15 points very carefully. You are right. My opinion is Money management is the key of success.

Those keys is very important for traders, and keys to success. The traders should follow it to get the consistency profits. :-bd

Mistakes can only be overcomed by strong dedication and continuous practice, if you learn from your mistakes quickly then you can certainly overcome this problem.

Learn from the own mistakes, the traders can avoid the same mistakes in next time. So, the trading quality grow up step by step. :-bd

It might be a problem, but the main advantage of Demo account is that it gives you a real life experience on how to trade, it gives a complete knowledge about how market works.

This is way to get the experience in forex market with demo trading account. Every new traders need to completely the demo trading for their carier in forex trading. :-bd

I'm posting this in bold lettering because this is the key to trading. You don't need 100-1,000 pips to become wealthy, with the right trade that you feel confident in making, trade larger lot sizes and you will become very successful as a trader.

The traders need to confident in their transactions making. But, the traders should avoid the greedy. I think for beginners need to learn in long time about trading psychology. :-bd

Actually, one should withdraw only when you need the funds, otherwise use the balance to increase your lot size and make more money.

Yes, this is way to increase the trading volumes or compounding. I think the traders can manage the percentage the part of withdraw and compound. Happy trading. :-bd

Its upto you but make sure that you must withdraw a part of your profit, if you are making consistently the depositing again is also a good option.

Withdrawing the part of profits is needed for every trader. This is a way to make consistency in trading quality. :-bd

1. Wrong Broker : A lot of forex brokers are horrible; get a good one. Read forums and chats in several different places to get an unbiased opinion.

 

2. Trading During Off Hours Bank FX traders, option traders, and hedge funds have a huge advantage during off hours; they can push the currencies around when no volume is going through and the end game is new traders get fleeced trying to trade signals. There is only one signal during off hours it is better to stay out.

 

3. Trading Against Prevailing Trend There is a huge difference between buying cheaply on the way down and buying cheaply. What was a low price quickly becomes a high price when you 're trading against the trend.

 

4. Picking Tops and Bottoms - Looking for bargains works well at the supermarket but not trading foreign exchange; try to trade in the direction the price is going and your results will improve.

 

5. Not Trading Around s Time : Most of the big moves occur around news time. The volume is high and the moves are real; there is no better time to trade fundamentally or technically than when news is released; this is when the real money adjusts their positions and as a result the prices changes reflect serious currency flow (compared to quiet times when bank traders rule the market with their customer order flow).

 

6. Ignore Technical Conditions : Determining whether the market is over-extended long or over-extended short is a key determinant of near-time price action. Spike moves often occur when the market is all one way.

 

7. Lack of Confidence Confidence only comes from successful trading. If you lose money early in your trading career it's very difficult to gain true confidence; the trick is don't go off half-cocked; learn the business before you trade.

 

8. Being Too Smart : The most successful traders I know are high school ****uates. They keep it simple and dont look beyond the obvious; their results are excellent.

 

9. Stop Losses : Putting tight stop losses with retail brokers is a recipe for disaster. When you put on a trade, commit to a reasonable stop loss limit that allows your trade a fair chance to develop.

 

10. Relying on Others : Real traders play a lone hand; they make their own decisions and dont rely on others to make their trading decisions for them; there is no halfway; either trade for yourself or have someone else trade for you.

 

11. Too Many Charity Trades : When you make money on a well thought-out trade, dont give back half on a whim; invest your profits from good trades on the next good trade

 

12. Too Much Detail : If you are trading more than 2 indicators, then you need to clean house. Having many indicators stifles trading and finds reasons not to trade. A setup and a trigger is all you need.

 

13.Overconfidence : Trading is not easy; statistics show a 95% failure rate. If your doing well dont take your success for granted; always be on the lookout for ways to improve what you 're doing.

 

14. Knowledge Deficiency: Most new forex traders do not take the time to learn what drives currency rates (primarily fundamentals). When some news or a statement is due out, they close out their positions and sit out the best trading opportunities; they are taught to only trade after the market calms down. So essentially they miss the whole move and then trade the random noise that follows a fundamental price move. Just think for a moment about technically trading the aftermath of a price move; there is no potential.

 

 

15. Rumors : Rumors are rumors almost 100% of the time; think about where in the motion you heard the rumor. If EUR/USD is up 50 points in last 15 minutes and the rumor is dollar negative, well then you missed it. Whenever you trade, determine where in the motion you are entering.

 

Hope its will help all of you..

The first point is very important to traders. So, choose the good broker for your trading. :)

You should choose an ecn broker with zero spread and great bonus, fast execution at one click and good customer support, prompt deposit and withdrawal easy methods, Well regulated. With this kind of broker no conflict of interest, It is trader versus trader. I personally use capital one forex Broker, they are best for my scalping method. They also offer some crazy bonus on deposit up to 400%. Their withdrawal is prompt.

With the qualified broker, the traders can make enjoy transactions. You can try their demo account to test the performance. :)

I seem which traders can earn consistently by their trading they are the successful Forex trader. The ratio of successful Forex trader are very small. Because for being a successful Forex trader need huge trading experience and also need huge Forex knowledge.

This is a successful forex trader, who can continuous managed their capitals. And sure, they need learning the forex knowledge. :)

Hi Guys,

 

Just want to know if your happy and satisfied with your broker?

 

What are their strengths and weaknesses compared to other competitors.

 

At the moment i am with HY Markets and trying their demo accounts. I find it reliable and interesting.

 

I need your advice so that you can help me have more options.

 

Regards,

Waterlily

I'm happy with my broker, because offer the good services at all. And then the bonus for deposit or no deposit is available. :)

yeah right... keep learn the lesson...

Learning and doing is the key for minimize the trading mistakes. And then the traders should be make the trading journal. :)

It might be a problem, but the main advantage of Demo account is that it gives you a real life experience on how to trade with it

Nice bro, with the demo trading account, the traders can coach the trading experiences. Happy profit. :-bd

Being a newbie like me, I found High Probability Trading by Marcel Link ( Published by McGraw-Hill ) is a good book to read as well.

You can read the ebook for beginner to coach your trading skill. Never give up. :-bd

I think one should use leverage only if he/she is experienced enough, you should be smart enough to use leverages.

Yes, it is. The leverage is like knife, you can use it with smart. Money management is also needed. :-bd