If it was
to be summed up in one word, the key to a good forex trader is
discipline. Yes there are many things to learn and know before you make
any trades or get involved in the financial industry, but one thing that
must stay consistent throughout is discipline. Discipline in learning,
in making your first trades and in sticking with your plan.
The basics that all new traders should follow are:
-
Learn about Forex - there is an abundance of material on the net. Spend
a good 1 month learning. Study Technical and fundamental analysis. Your
learning should continue well into your trading and be ongoing.
- Come up with a strategy - Set rules that will determine your trading pattern and how you will enter and exit the market.
-
Practice on a Demo - Open a demo account and trade as if for real. Of
course this will not be 'exactly' as if you were trading on a real, due
to the fact that fear of losing would not weigh in on your decisions. Do
not proceed to the next step unless you can make a profit on the demo
first.
- Practice on a real account with small amount - Do this so
as to be able to understand the difference between trading with real
money and trading on demo. Do this with substantially a small amount,
but enough so that you are concerned over losing it.
- Trade on
real account with substantial amount - Do this with an amount you are
'comfortable' to completely lose. Even if your strategy worked on the
demo and on a real with a small amount it may not continue to do so in
future. Stick to your strategy (have complete discipline). If you see
the strategy is failing, then adjust your strategy accordingly, but
stick to it (to the pip) at all times once it has been decided.
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