45 Ways to avoid losing money trading forex by Jimmy Young | Forex Factory

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45 Ways to avoid losing money trading forex by Jimmy Young

  • #1
  • First Post: Jul 10, 2007 10:19am Jul 10, 2007 10:19am
Hi everyone,
Here is something I thought was well worth posting.....
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File Type: doc 45 WAYS TO AVOID LOSING MONEY TRADING FOREX.doc   38 KB | 2,583 downloads
  • #2
  • Jul 10, 2007 12:03pm Jul 10, 2007 12:03pm
first i thought it's one of those newby-be-aware-of-danger type, but it isn't, it a nice reading, althought i don't agree all his ideas.
I really like this

14) Being Too Smart – The most successful traders I know are high school graduates. They keep it simple and don’t look beyond the obvious; their results are excellent.

21) Interpreting FOREX News Incorrectly – Fact is the press only has a very superficial understanding of the news they are reporting and tend to focus on one element and miss the point. Learn to read the source documents and understand it for real.
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #3
  • Jul 10, 2007 12:17pm Jul 10, 2007 12:17pm
Me to semar. I don't agree with everything but I do think it is worth the read and something to give alot of thought to....
  • #4
  • Jul 12, 2007 5:01am Jul 12, 2007 5:01am
Great Reading...thanks for sharing!
  • #5
  • Jul 12, 2007 7:27am Jul 12, 2007 7:27am
It somewhat felt that this article was written by a trader who really was there and knows what he's talking about, not just making up things.

It is a VERY GOOD article.

*Gives 5 Stars*
  • #6
  • Jul 13, 2007 1:04am Jul 13, 2007 1:04am
Thanks for sharing.

Hoping that I can remember most of these points when trading.
Living needs faith!
  • #7
  • Jun 28, 2008 8:13am Jun 28, 2008 8:13am
He has a lot of good stuff in here:

Quote
5) Stop Losses– Putting tight stop losses with retail brokers is a recipe for disaster. When you put on a trade commit to a reasonable stop loss limit that allows your trade a fair chance to develop.


8) Trading a Currency, Not a Pair – Being right about a currency is half a trade; success or failure depends upon being right about the second currency that makes up the pair.


10) Trading Against Prevailing Trend – There is a huge difference between buying cheaply on the way down and buying cheaply. What was a low price quickly becomes a high price when you’re trading against the trend.


14) Being Too Smart – The most successful traders I know are high school graduates. They keep it simple and don’t look beyond the obvious; their results are excellent.
HELL IS EMPTY, ALL THE DEVILS ARE HERE. -- Shakespeare
  • #8
  • Last Post: Jun 28, 2008 3:10pm Jun 28, 2008 3:10pm
Cool. Thanks for sharing it.
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