Forex traders have to know these 7 things before they can start trading:
1) Don't Trade With Indicators - All they are doing is taking up space. Find out how to trade with price movement, and you'll have a better idea of how to trade the market.
2) Understand money management - you could have the greatest trading system in the world, but it wouldn't mean much if your constantly over leveraging your account. Remember, it's a marathon, not a race. You won't be a millionaire overnight, so there is no reason to risk that much.
3) Don't overtrade on your demos - I know that you'll feel like the more you trade, the better off you are going to be. But that is just false. The problem is you are going to get too comfortable with a demo account, that once you start trading with real money, you are going to realize that you are not ready for it.
4) Maintain your poise - One of the hardest things traders have to deal with is what happens when trades go against them. Certain traders just can't handle this. Expect to lose once in a while, and you won't be so disappointed.
5) Start off small. Do some mini trading - Once you got the demo trading out of your system, start off trading on a mini account. Chances are you aren't quite ready to play full lots (both financially and emotionally).
6) A Margin Ratio of 200:1 - I thinks that gives you enough room to trade comfortably without having to worry about getting a margin call.
7) Understand how news moves the market - It's a forex trading certainty. The economy will always have news coming out, and you best be prepared for it, if you want to succeed. Too many people disregard this aspect of trading.
1) Don't Trade With Indicators - All they are doing is taking up space. Find out how to trade with price movement, and you'll have a better idea of how to trade the market.
2) Understand money management - you could have the greatest trading system in the world, but it wouldn't mean much if your constantly over leveraging your account. Remember, it's a marathon, not a race. You won't be a millionaire overnight, so there is no reason to risk that much.
3) Don't overtrade on your demos - I know that you'll feel like the more you trade, the better off you are going to be. But that is just false. The problem is you are going to get too comfortable with a demo account, that once you start trading with real money, you are going to realize that you are not ready for it.
4) Maintain your poise - One of the hardest things traders have to deal with is what happens when trades go against them. Certain traders just can't handle this. Expect to lose once in a while, and you won't be so disappointed.
5) Start off small. Do some mini trading - Once you got the demo trading out of your system, start off trading on a mini account. Chances are you aren't quite ready to play full lots (both financially and emotionally).
6) A Margin Ratio of 200:1 - I thinks that gives you enough room to trade comfortably without having to worry about getting a margin call.
7) Understand how news moves the market - It's a forex trading certainty. The economy will always have news coming out, and you best be prepared for it, if you want to succeed. Too many people disregard this aspect of trading.
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