I posted this on MMG , but they don't look much at Forex , so I went here
First of all , I would like to say I'm glad I'm able to be here and teach who is begging in this wonderfull market.I trade Forex for 3 years , and I think I have passed trought almost all phases Forex begginers passes , so I know how you fell excited right know , you will try to use as much leverage as you can so in some days you will loose it all.Don't worry , because it is normal , sometimes you will want to quit , it is normal , sometimes , you will be searching for strategies at forex factory , but forget about the money managment and the discipline.Let me explain what is needed :
Mind
Discipline
Plan your entries and exits , use SL and if you want use TP , always do your math before so you calculate the time when you have to come back and close the position , choose a time frame and confirme it at least 3 times , be patient.
Money Managment
Wihtout porper money managment you can get in and out of the market as a crazy ciclist gets his ass dirty , so please use no more then 10% of your account , this depends on how much you can risk per position , put like only 1 trade a day , don't be crazy trying to revert bad trades , this is for you to learn , instead , learn with your mistakes.Don't be afraid to tell your losses , without them , successful trades wouldn't exist , every trader must pass trought losses and learn from them , don't ignore this.
For begginers 5-10% a month is fine , for medium traders , 10-15% and for experienced trades , 15-20% - this will depend on you
Money
At first you must start with low to test the markets , just test and learn , just like $10 bucks or more.Then as you get experienced you rise this ammount but please don't start to trade sriously with low ammounts.Get enought margin to risk 1% of your account if necessary , and enought so you don't get pissed of if you win a little bit in the month.
Method
This part begginers consider the most important , but all three M's have the same importance , so please , find your strategy with indicators that better suit you , and when possible (you have news almost every day) put togheter technical analysis and fundamental ones , it's the best way I can tell you for more certain profits.
Finally , please don't igonre the Mind , Money , Method , all three are important , pe persistent , do never give up , and I wish you good luck
If you have any doubts , please PM I will be happy to answer you , if you want , leave your msn so it's better to chat bout those subjects.
If you are a begginer and don't know what to do , do the thing above
Good luck and good trades for all (use more intelligence then luck http://www.moneymakergroup.com/style...fault/wink.gif)
First of all , I would like to say I'm glad I'm able to be here and teach who is begging in this wonderfull market.I trade Forex for 3 years , and I think I have passed trought almost all phases Forex begginers passes , so I know how you fell excited right know , you will try to use as much leverage as you can so in some days you will loose it all.Don't worry , because it is normal , sometimes you will want to quit , it is normal , sometimes , you will be searching for strategies at forex factory , but forget about the money managment and the discipline.Let me explain what is needed :
Mind
Discipline
Plan your entries and exits , use SL and if you want use TP , always do your math before so you calculate the time when you have to come back and close the position , choose a time frame and confirme it at least 3 times , be patient.
Money Managment
Wihtout porper money managment you can get in and out of the market as a crazy ciclist gets his ass dirty , so please use no more then 10% of your account , this depends on how much you can risk per position , put like only 1 trade a day , don't be crazy trying to revert bad trades , this is for you to learn , instead , learn with your mistakes.Don't be afraid to tell your losses , without them , successful trades wouldn't exist , every trader must pass trought losses and learn from them , don't ignore this.
For begginers 5-10% a month is fine , for medium traders , 10-15% and for experienced trades , 15-20% - this will depend on you
Money
At first you must start with low to test the markets , just test and learn , just like $10 bucks or more.Then as you get experienced you rise this ammount but please don't start to trade sriously with low ammounts.Get enought margin to risk 1% of your account if necessary , and enought so you don't get pissed of if you win a little bit in the month.
Method
This part begginers consider the most important , but all three M's have the same importance , so please , find your strategy with indicators that better suit you , and when possible (you have news almost every day) put togheter technical analysis and fundamental ones , it's the best way I can tell you for more certain profits.
Finally , please don't igonre the Mind , Money , Method , all three are important , pe persistent , do never give up , and I wish you good luck
If you have any doubts , please PM I will be happy to answer you , if you want , leave your msn so it's better to chat bout those subjects.
If you are a begginer and don't know what to do , do the thing above
Good luck and good trades for all (use more intelligence then luck http://www.moneymakergroup.com/style...fault/wink.gif)