Fxgeekstar

I read that in forex, we mustn't learn about knowledge and experiences how to trade well but also we must control our emotion.

So how did we control our psychology in forex? What must we do so we could know when to start trading and stop trading,

when to open position and close position?

First of all what you need to have is a trading plan. In a trading plan, you will have all your strategies, the criteria of entry and exit, when to stop trading (maximum drawdown) and your risk management. The thing about trading plan is that it's not fixed and one trader doesn't have the same plan with others.

You also need to record the trades that you take as well as the reasons of taking them. This record is useful for a periodical review to see whether you have followed the plan consistently and whether the plan needs some amendments.

You should follow this plan consistently and if you feel that you need to do some amendments to improve the plan, you can make the changes accordingly and stick to the new plan.

Let me put a simpler version here.

Instead of learning the steps, let's get down to the trading plan itself. Every successful trader has a plan in place to help guide their trading approach.

A trading plan should include, but is not limited, to the following:

1. A daily trading routine

2. Sources for market news and events for an overall market view, to form a fundamental analysis

3. Chart time frame for analysis and time frame for entries and exits, to form a technical analysis

4. Entry and exit criteria

5. Market conditions to trade in, e.g., trending market, ranging market, significant news events

6. Trading strategies for the above market conditions

7. Currency pairs to trade and pairs to avoid

8. Market conditions to stop trading

9. Mental conditions to stop trading

10. Amount to risk per trade – i.e., money management

Anyway the best way to learn to trade is to have a mentor of your own. I would like to encourage newbie to check out FXPRIMUS Coach program.

Every trader have different strategy when trading. So, what do you prefer to use, Hedging or Scalping? And why do you use it? Let's share here.

Why are you considering hedging as a possible strategy? Hedging is often done by businesses and big institutions to protect themselves against adverse price movements. It is more a 'defensive' measure to protect against losses.

Scalping is a viable trading method but you must be aware that it requires you to be looking at the charts for prolonged periods of time as it involves trading on very short timeframes. Trading opportunities present themselves on very short notice.

If that is not your cup of tea, perhaps you might want to consider trading on higher timeframes such as H1, H4 or Daily. Trading on hese timeframes does not require you to look at the charts often. For example, trading on Daily charts requires you to look at the charts maybe twice a day - once in the morning and once at night to manage the trade.

Why not be both? I'm both with FXPRIMUS.

Learn to trade the market as a trader while at the same time be an affiliate and refer your friends and family to the world of Forex trading.

But please be responsible. If you want to recommend a product or service to someone, you better be using or doing it yourself. So if you want to be an affiliate, you should be trading the market as well.

I might sound lame but I think being morally responsible is not a bad things.

Hi guys,

 

Which do you think is beneficial? To be a TRADER or To be an Affiliate?

 

Currently, I am doing demo account in HY Markets... still practicing though but i also noticed that they have affiliation program in which i can also earn money by referring traders to them. Do you think it will be worth the time if i will join their affiliate program while im still studying and practicing my trading skills?

 

I need your advice.

 

Have a nice day fellow traders.

 

Regards,

waterlily

1. No. I look at my profit/loss at the end of the month.

2. I prefer to trade on the side of momentum, basically trend markets.

3. Moving Averages and Support and Resistance.

4. Around 60%

5. About 2-3 trades a week.

6. Keep it simple. Select a couple of strategies that resonates with you and keep executing them consistently even if there is a string of losses. Every strategy has its win/loss probability but you need to continue trading it in order for it to materialise