Info that might help on FX

Discussion in 'Professional Trading' started by fxuk, Oct 21, 2008.

  1. fxuk


    Hi all

    This is my first post on this site, i have been passing on information to others to help them with trading etc , have a look and let me if it is of use to you.

    Here is some information that beginners or advance traders might find useful.

    I trade breakouts mainly but use other methods also.

    What set aside the pro to a novice , to be honest i think it is just applying the right attuide and following a strict set of rules , most know why novices fail but still they seem to keep doing the same mistakes, i know i still make mistakes and anyone who tells you different is a fibber.

    Rules that were taught to me when i first started but took me a while to completely understand them, but are very straight forward

    1) Identify highest probability, ignore the others.
    2)Never ever rush into or chase a trade,Loss of opportunity is preferable to loss of capital.
    3) Always look for most obvious charts patterns, same as the big boys will be looking at.
    4) Dont Overtrade , its the same as gambling.
    5) Have a plan - Set targets
    6)Study Trader Pschology
    7)Treat it as a business , start small ,use the method of compounding ,

    As i use a method that has set indicators and methods you might know follow everything but most of it applys .

    Fear and greed , Market is ruled by these emotions. You need to learn to understand this and control it, i feel this is the most important part to be a professional.

    Every course or program that is on offer mentions that you will make ???+ pips a day, maybe they do but what they dont tell you is that you have to have the psch?makeup to use the systems 99% of people dont. Personailty is everything what might work for me might not work for you, but learning the right attitude and using a strict set of rules and using money management you will find the edge.

    Professional edge

    They go that extra mile
    Diet, exercise, sleep, relaxation, visualisation, reading, studing, self improvement.

    4 emotions

    Fear- to control this you need to feel good about your trades , know that if it goes bad you have done your homework etc . You have done a correct trade it has just gone against you this time.

    Greed - People want to make money fast, now etc , they overtrade , this is how fear kicks in because you are gambling, it is all relative.

    Anger/revenge- just getting stopped out or you just missed a trade and jump in, it reverses , you trade again ,so on and so on. JUST DONT DO IT. BE A PROFESSIONAL.

    Arrogance- Dont get cocky , keep yourself to yourself about how successful you are, help others be respectful and humble.

    Well i hope this helps , i will be glad to answer any questions and problems you may have.

    For now