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Forex - Tips for happy trading

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  • First Post: Aug 28, 2010 6:40pm Aug 28, 2010 6:40pm
Here is some tips for happy trading :

1. Use Simple Method,
2. Use fix Lot Size, Never increase or decrease it. Same with TP SL
3. Use 5% capital at a time
4. Never Over confidence
5. Limited Trading : Set time for trade, never trade anytime
6. Forgot Sentiment
7. Satisfied with 65% winining rates (you are in 15% profit dear)
8. Forex is a trade, not a gamble.
9. Forex is a part time profession, never make it full.
10.Pray that you will follow these.
That's a good idea, rules.
I'll try my own version, in case I ever make it:

 

  1. Use comprehensive method that is always simple enough to apply in a hurry.
  2. Use compounding between trades for lot size. Match it with SL and SL with TP.
  3. Use % capital appropriate to cover SL for enough losses so that you are adding and subtracting pips rather than making up for too big a loss.
  4. Never over- or underconfidence. (NOTE The former also a big problem of mine.)
  5. Trade from the bigger picture, so as not to trade small and lose big.
  6. Consider others' views only if you're able to fit it into your method.
  7. Going with the logic here, agreed on 65%, since I trade the 1'.
  8. (Okay.)
  9. "Genius is 1% inspiration and 99% perspiration." Trading is fulltime, it's just that most of it is study and practice.
  10. Believe in your method. (SEE also 4.)

Could you explain what you mean about being in 15% profit with 65% accuracy? I'm a little slow on the math of it.

Hi there,

Have just joined the forum today. I trade a lot in my spare but want to go for it a bit more.
Just saw this thread and figured it would be a good place to start.
Any advice of the best discussion would be great as I’m more of a newbie to forums not forex.

Cheers.
Quoting forex mega
Here is some tips for happy trading :

1. Use Simple Method,
2. Use fix Lot Size, Never increase or decrease it. Same with TP SL
3. Use 5% capital at a time
4. Never Over confidence
5. Limited Trading : Set time for trade, never trade anytime
6. Forgot Sentiment
7. Satisfied with 65% winining rates (you are in 15% profit dear)
8. Forex is a trade, not a gamble.
9. Forex is a part time profession, never make it full.
10.Pray that you will follow these.

1. And what is a simple method? Sort of agree
2. Why not? Why not use a fixed percentage of account?
3. Hm so According to #1 I adjust my SL to my lot size>?
4. Why not overconfident>? What if you're right?
5. Agree
6. Why forget sentiment? At least you know what everyone else is thinking
7. Dont understand. Don;t agree. Dont settle for anything
8. Forex is a trade AND a gamble IMO. Take both worlds and work with them to your own advantage
9. Why not? Why? Who? WHere ? what? when??
10. hm. I will not follow what you said. Should I be worried?
Time hides Nothing
Forex is a losing proposition. Better not to trade.
for tips on forex trading in happy in the need to constantly improve the ability of trading well, and I always run as in the demo account trading or demo contest of instaforex broker in stages to maximize trading profits will be run and can be obtained
Quoting gravitist
Forex is a losing proposition. Better not to trade.
haa haa. why you are discouraging for trading .
have you done a great loss ?
please share more about
Some people do work as fulltime traders and they make a profit. They are few and far between but they do exist. If you know enough and you're capable of living off Forex trading alone I don't see why you shouldn't do it.
Quoting mlawson71
Some people do work as fulltime traders and they make a profit. They are few and far between but they do exist. If you know enough and you're capable of living off Forex trading alone I don't see why you shouldn't do it.
I took Fx first of all as a part time job but didn’t get the result that I have expected. And I have never found anyone who is part timer and also profitable. We have to be full time Fx trader if we want to get maximal result from our trading.
Quoting mlawson71
Some people do work as fulltime traders and they make a profit. They are few and far between but they do exist. If you know enough and you're capable of living off Forex trading alone I don't see why you shouldn't do it.
Plus if you have no other job you can spend time learning how to trade other securities and up your profit. Technical analysis is pretty much consistent across the board, you just have to learn the unique market psych behind whatever you're trading.
Forex is not an easy business but it’s often our choice which puts us into trouble and makes us lose. So, we have to be wise with choices we make whether to do with brokers, with making investments or when to operate trades, it’s all vital to be on the mark!
When someone tells you how successful they are as a retail forex trader. ( someone who sits on their computer half the day trading ). Ask them for a recent 6 month bank trading statement. That can be done very easily and securely. If you are happy with the figures then hopefully this person will help you on the positives and negatives off retail trading.
Please elaborate on #2.
Livin' the dream!
Quoting pickle
{quote} Plus if you have no other job you can spend time learning how to trade other securities and up your profit. Technical analysis is pretty much consistent across the board, you just have to learn the unique market psych behind whatever you're trading.
That sounds good in theory, but it applies only to those people who have enough to live off while learning how to trade while not having a job.
Quoting mlawson71
{quote} That sounds good in theory, but it applies only to those people who have enough to live off while learning how to trade while not having a job.
Well I'm just referring to traders of forex (or a different type of security) who are already good enough to live off of only trading. They can easily learn how to trade other securities and potentially increase their profit. Essentially it's easier to trade many different types of securities when you are already trading one full time and don't have another job.
Quoting forex mega
Here is some tips for happy trading : 1. Use Simple Method, 2. Use fix Lot Size, Never increase or decrease it. Same with TP SL 3. Use 5% capital at a time 4. Never Over confidence 5. Limited Trading : Set time for trade, never trade anytime 6. Forgot Sentiment 7. Satisfied with 65% winining rates (you are in 15% profit dear) 8. Forex is a trade, not a gamble. 9. Forex is a part time profession, never make it full. 10.Pray that you will follow these.
Want a happy trading? Get a joint.
1. Use Simple Method,
2. Use fix Lot Size, Never increase or decrease it. Same with TP SL
3. Use 5% capital at a time
4. Never Over confidence
5. Limited Trading : Set time for trade, never trade anytime
6. Forgot Sentiment
7. Satisfied with 65% winining rates (you are in 15% profit dear)
8. Forex is a trade, not a gamble.
9. Forex is a part time profession, never make it full.
10.Pray that you will follow these.

1. A trader should use whatever methodology he choose to, simple or complicated, as long as the user knows them and can execute them well.
2,3 . A trader should trade whatever size he wants. 2% to 5% is a popular guideline, but not a rule.
4. If emotion is kept to the minimal or position size is kept small (in terms of percentage), there wouldn't be much sense of confidence or despair.
5. If a trader is selective with his trades (according to his system), one would naturally take less trades. It is because of selective criteria that lead to lesser trades. It is not deliberately taking less trades or less often for no reason. But in the end a trader has the right to trade as often as he wants to. Nothing wrong if a trader opts to scalp, taking tons of positions a day.
6. ?
7. Every trader's objectives are different.
8. Forex trading can be gambling without traders realising/admitting it. Most traders are losing traders with systems that don't yield profits in the long run. Are these people gamblers? Some gamblers place wages based on betting systems that give them edge, and win in the long run. Does that makes them less gambler-like?

Speculating is the common term used for what traders do. It is also very close to what gambling is. The line between speculating and gambling is thinner than most traders would care to admit.

I suggest not thinking about all these, and just focus on trading well.

9. Part time, full time or no-'time' (don't trade), it doesn't matter.
10. A trader/person should follow his own rules.

Holy... a seven years old thread.... why is this thread revived when the op will not reply? [joined: Aug 2010 last online: Sep 28, 2010]
'For the market to work, it needs people who think that they can beat it.'
I appreciate your contrition! But, regular profit is not easy job actually! By the way, I seem 5% risk reward ratio is too much high! According to my experience, traders need to work with low risk reward ratio like 1%-2%.
I think, a good trading strategy is the core point! For the reason that, when you have a good weapon, then your probability is high on trading success! I needed fully one for making a decent trading system for me!
Quoting JimmyChoo
I appreciate your contrition! But, regular profit is not easy job actually! By the way, I seem 5% risk reward ratio is too much high! According to my experience, traders need to work with low risk reward ratio like 1%-2%.
Regular profit is not an easy task I admit it. But always trade with 1-2% is not possible at all. Because the market is too much volatile and not possible to reduce risk at all times despite of having good risk managing approach.
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