15 ways to avoid losing money

[painofhell]

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..

[Gad]

Once again, you are posting frivolously ... why can't you abide by the rules noob? Edited August 20, 2014 by FloridaTrader

[alventa]

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. :)

[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

[Guest FloridaTrader]

Well! I will

 

Care to mention when new guy? Let's not play the losing game of dancing with me .... not a good idea.

 

Update: Seems like our noob is actually flooding the forum with spam which I removed, gave three infractions, removed previous irresponsible rule violating postings, requested a ban and he is out the door.

Edited September 14, 2014 by FloridaTrader

[fxapex]

There are plenty of ways to avoid loosing your money but most of the lessons a trader leans is by experience and how he deals with it.

[Klimov]

All tips are good. Always the problem is that all these rules are followed. Or at least most of them

[eric475]

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 :)

[Klimov]

Trading discipline is very important. It is exact and absolute observance rules of chosen trading system. More than 95% traders have loses because they haven’t self-control and discipline in spite of the fact that they have good strategies.

[newbie0101]

1 Way to avoid losing Money

 

Don't Trade---LMAO--- sorry couldn't resist

[binaryowner]

One more way to keep your money in your pocket is to learn how to withdraw from trading in time. I mean set some certain number of trades you make in a day and never exceed it. It's important part in money management and quite effective to avoid overtrading.

[SBlack]

Hi friends

 

Recently I've signed up for FreshForex live contest to win a car. It is rather simple. Click here and proceed as I did. I made some snapshots to show that it is quite easy.

http://i74.fastpic.ru/big/2016/0225/95/bc82fc30629f1c995abd707ce89f6f95.jpg

http://i75.fastpic.ru/big/2016/0225/28/abd528f75fa5529861490a71eed10028.jpg

http://i74.fastpic.ru/big/2016/0225/e2/426f67f5b326e6e8ccfac6959004fee2.jpg

That's it! You are in!

 

Just to remind: you can start with just $100 and take part in as many stages as you like. Good luck!

[binaryowner]

I'd rather join free demo contests with real cash prizes such as Hotforex offers. With real cash I won't take high risk to take first place because in 90% everybody will lose with such risks.

[usok]

do u guys have a myfxbook account? and with what broker do you trader? is this a hotforex pamm account?

[binaryowner]

do u guys have a myfxbook account? and with what broker do you trader? is this a hotforex pamm account?

 

Yeah time to time I invest in Hotforex PAMM but recently there was a flow of new traders so you need to make deeper research on quality and professional fund managers..

[usok]

yup hotforex has some good pamm accounts, many are posted on myfxbook for better track.

[Paek]

I can give you only one advice on how to save money in the forex market, but it is effective. All you need is just to simply work with the right broker, for example by freshforex.

[diablo88]

Only a few brokers are offering PAMM as hotforex, alpari. I am also investing in PAMM and earning consistent profit.

[Frederick Burton]

I don’t think we should have negative mindset; we should focus on making profits, If we do that then we will always be able to perform well and gain consistent profits. I am lucky enough to do this with ease through OctaFX broker with their awesome environment that they have set for traders while the conditions too are quite excellent with low spreads from 0.2 pips to high leverage up to 1.500 while there are many more such benefits to help us.

[arbtrader]

Forex gives to much opportunities and not enough profit than losses, hyip - is stable profit. It can be less than on forex, but more stable. Just monitor the situation and make withdrawals time to time!))) Forex is dead.

[Frederick Burton]

I don’t know about 15 ways to avoid losing, but I just know one way to win and that’s through proper planning and analyzing, if we’re able to do these things correctly then we’re going to win more often than not. I don’t think we need to worry about so many things as eventually nothing will work if we’re in tension. I always work with positive attitude, it helps me a lot working with OctaFX given they’re very special broker with epic rebate program that gets me to earn 15 dollars per lot size.

[Princesspips]

The secret to never losing at trading ................... don't trade !

 

Otherwise just accept that losses are unavoidable and part of the process. It's the end result not the day to day pnl that counts.

[binaryowner]

The secret to never losing at trading ................... don't trade !

 

Otherwise just accept that losses are unavoidable and part of the process. It's the end result not the day to day pnl that counts.

 

We are not here to listen to such advices. Newbies just need to understand that losses are essential in trading and handle them as usual trading result, not give way to the emotions.

[Princesspips]

Isn't that what I just said ................

[Frederick Burton]

That’s exactly what you said Princess and that’s exactly what any sensible trader should say, we’re never getting rid of losing, we need to learn to adapt to it. I always suggest people to look at the most successful people and that’s not just with Forex, but in any field, it will be crystal clear that losses or downtime came, but one’s who had self-belief in their ability were able to succeed. I am always keeping my emotions in control and thanks to OctaFX, I do it with ease with their massive rebate program!