how i can study forex??
can u teach me?
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This entry was posted on Sunday, May 4th, 2008 at 5:13 am and is filed under forex trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
May 4th, 2008 at 5:13 am
1. Open a free demo trading account with any forex trading website.
2. Define your own trading rules for entry and exit. Let's say you want to use the parabolic sar. You open a long position when the system says so, then close and reverse when the signal is given.
3. Pay attention to your emotions while trading. You may have to use a journal so you can look back at the end of the week on how you were feeling when you were both winning, and losing money in your demo trading account.
4. Fine tune your trading method. Again, if you were using parabolic sar, after a few weeks, you will notice that not all signals should be followed. You will then test when you should trade or not based on the signals given, and what the market is telling you.
5. When you are consistently making more winning trades than losing trades, open a mini account. With oanda.com, you can open a trading account for as low as $1, with a leverage of 50:1.
6. Monitor both your trading method and your emotions trading this live account.
6. When you are again consistently making money with the live mini account, add some more capital to your account.
7. it is important to see trading forex as a business. This way, any losses that you incur should be seen as a business expense.
Your goal as a trader is not to make money, but to protect your capital. When you protect your capital by managing losses, the profits will take care of themselves.
Some things to keep in mind while trading:
- Trade what you see, not what you think.
- Always keep positions small.
- Risk only 1% of your total equity on any trade.
- Trade only when the odds are clearly in your favor.
- Buy on strength; Sell on weakness.
- cut your losses and let winners run.
- discipline weighs ounces, while regret weighs tons.
Feel free to contact me if you need more information.
Trade to live another day! Good luck!
May 4th, 2008 at 5:13 am
I highly recommend you visit this site. Register to download a Free Ebook. Being a beginner, you need to really exhaust all means to learn forex trading. This site can help you a lot in your search to be successful in this field. Other than the Ebook, you can also download a Free Demo Account for you to practice and get yourself acquainted with actual trading. Moreover, this site provides each trader a personal Account Service Manager with whom you can TALK LIVE over the phone, email or chat as you like. You will never be left alone on your first trading days as your Account Service manager will always be there to be your mentor. The Chat room is also always full of expert forex traders to lend a hand should you need expert advices. More features are available in the site designed to protect the every trader’s interest. Good luck.
May 4th, 2008 at 5:13 am
To be successful in trading you need to be diciplined and have your own rules and strategy and stick to it completely. Also your strategy neds to be backtested so you can know how it has performed in the past and what win/loss ratio you can expect i9n the future.
Also you will need to know if you like to do short trades or longer term trades. Not everyone is h same and also keep away from most courses that are offered as those who offer them in most cases do not make money and all they do is sell courses.
I trade forex and only follow technicals and use a few indicators and usually trade the London session and sometimes will also trade the beginning of the New York sesson.
My main indicators are moving averages, MACD, and price
May 4th, 2008 at 5:13 am
Get some good books to read or an online course. Learn as much as you can on all the basics.
Then open a trading account that has an option for paper trading. Practice trading on paper what you have learnt. Do it for as long as you need. Don't rush into real trades. get some good forex trading software to help you trade. Practice using them on paper trades. There are many these days that can help you such as Forex Killer.
When you are really confident, then start will small trades. Use these to practice until you are sure of yourself before going into proper trades.