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eric475

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Posts posted by eric475

  1. eric475, when all else fails, read the label: bottom left hand side, under your name, there's a link that reads - believe it or not - Thanks. Click it if you dare.... :-O

     

    trelis, thank you for reply. Belive it or not, it really wasn't there. It appeared after my 6th post on this forum... Now I can see it clearly... :)

     

    Have a nice one...

  2. 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....

     

     

    Yes, nice summary of what trader should or shouldn't do... But if trader doesn't know what he is doing, no mater how long are this rules, it doesn't help anyone...

     

    Here are my two cents how to not loosing money in trading (at least it worked for me :)

     

    1. Find your edge - first and foremost!

    Find/create trading system which works for you and will meet your personality (scalper, swing trader... rule based system, discretionary...)

     

    2. Backtest it!

    Once you found your edge, start with backtesting. Backtest will tell you how your system performed in the past so it will build your faith in your system.

     

    3. Start demo/ forward testing.

    Once you are done with backtesting, start trading your system on demo for at least 2-3 months. You have to be disciplined as it is a live account. This stage will build your confidence with opening positions.

     

    4. Trade it live.

    DISCIPLINE, DISCIPLINE, DISCIPLINE... Just trade your system no mater what. Of course you will have losing trades, but it's part of the game.

    1. You have your edge, 2. you know how it performed in the past, 3. you know how your system is reacting in real life situation 4. so just trade it and don't look for another "holy grail" after few loss trades... Losing traders are mostly those, who are constantly looking for new systems...

     

    Hope it will help someone :)

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