Tips for trader:
Discipline is a key to success
Many traders fail even having a “dangerous weapon” – their own trading system. The secret of success is in trader’s self discipline and his ability to follow the signals of the system not losing the moments of opening and closing positions. “If you break a discipline once, the next transgression becomes much easier”, – Gill Blake, fund manager.
Tips for traders beginners:
Don’t believe trade analysts and Forex forecasts. Most analysts have never tried being a trader and the main source of their earnings is paid forecasts. Learn to take responsibilities for all trade decisions only on yourself. Remember, analysts will not return you a loss in case of failure.
Tips for traders-beginners:
Don’t overtime loss positions. Practice shows that novice traders are ready to keep a loss position just until the balance comes to zero. But profitable positions are closed just a few points in plus. Learn to close loss positions easily as well as to wait easily for profitable positions to reach high. Always use Stop- and Limit- orders; it will help you to avoid losses at short-term spikes.
Tips for traders: Move from simple to complex
Choose a market (for example, USD/JPY) and study its history for at least past 10 years (the more history you study, the better). Mark trends, levels of support and resistance on a price chart, look at the prices approaching the levels. Find familiar and unfamiliar technical analysis patterns and make a thorough examine of the price behavior in these patterns. Try «to hear a melody» of currency exchange rate shown on the chart. Having made such exercises on different scale charts (monthly, weekly, daily and hourly), you can find a lot of useful regularities.
Tips for traders:
Keep a trading record. Describe your positions in a special trade diary. Besides factual information about the transactions write your thoughts into it. It will help you to correct your mistakes. If you know exactly the cause of your mistake, such mistake turns into an invaluable experience.
Tips for traders:
Make decisions yourself:
Trader is a person who is 100% responsible for the results of his work. That’s why a trader always has his own trading plan and makes decisions HIMSELF. Only if you refuse from the majority opinion, you can understand whether your actions are right or false and this is the clue to your profitable trading!
Tips for traders beginners:
Don’t use a significant part of your capital in trading. If money is great, you will be very afraid of losing it. And as it is known, those who are afraid of losing, loses. At first, a more important thing is not the amount you will manage to earn but the development of trade efficiency.
Tips for traders beginners
Don’t give loose to your emotions. An experienced trader treats losses and winnings equally. Remember that one-time gain or loss change nothing; the result by the end of the month, quarter, year is more important.
Tips for traders Learn the psychology of traders
Traders, it is them who form the currency market, are, first of all, people with their emotions and psychology. What is the exchange rate chart? This is nothing else but a graphical representation of opinions, hopes, desires, and fears of the global community of traders. For a successful trade the study of human psychology and its impact on the trading decisions is necessary. Analyzing the price chart, try to understand the feelings and thoughts of traders in each moment. This approach will allow you to leave the ranks of cowards and the weak and to join the ranks of aggressive and bold "bulls" or "bears".
Tips for traders: Constantly develop three areas of knowledge: fundamental analysis, technical analysis and market psychology. These three components arm a trader to conduct operations at the battlefield of financial markets. Constantly develop yourself, read as much information as possible and don’t forget about practice.
