U forgot one important aspect.....drink heavily
- #450,241
- May 26, 2011 5:25pm May 26, 2011 5:25pm
- Joined Apr 2010 | Status: Trader | 13,228 Posts
- #450,243
- May 26, 2011 5:28pm May 26, 2011 5:28pm
- Joined Apr 2011 | Status: Liverpool's KOP | 8,021 Posts
Thanks AllyB for supporting
Here i can learn alot. This site FOREXFACTORY Rocks guys
its a great place to get advice n learn buddy
good luck to u
Patience, Emotion Control and Discipline.
- #450,245
- May 26, 2011 5:28pm May 26, 2011 5:28pm
- Joined Jan 2009 | Status: Pharaoh | 1,612 Posts
AUD and NZD looking a bit top heavy fwiw
Don't have an ego. Always question yourself and your ability.
- #450,246
- May 26, 2011 5:34pm May 26, 2011 5:34pm
- Joined Apr 2011 | Status: Liverpool's KOP | 8,021 Posts
Patience, Emotion Control and Discipline.
- #450,247
- May 26, 2011 5:35pm May 26, 2011 5:35pm
definitelygood advice, you will save a truck load of money in the long term...
re. migraines, get a decent night's sleep, eat healthily and get some exercise, take regular breaks away from your work station. also, use a black background for your charts and adjust your screen brightness to a dim setting...
im used to refer bro but im hesitating b'coz am not aware of the age of anybody here i'll take care. actually i'll have to if i need to stick to this profession. i learnt one more lesson in these few days. "Never trade if you're not feeling well". Good health & fresh mind plays the most important parts here.
U forgot one important aspect.....drink heavily
i was a heavy drinker earlier but now i avoid drinking Hope
- #450,249
- May 26, 2011 5:41pm May 26, 2011 5:41pm
- | Joined Apr 2011 | Status: Trader | 4,789 Posts
ahhhh....thats the problem...
naturally, but don't trade if you've had a few too many...
- #450,254
- May 26, 2011 5:47pm May 26, 2011 5:47pm
- Joined Jul 2010 | Status: Weebley Wobbly Timey Wimey stuff | 10,604 Posts
- #450,255
- May 26, 2011 5:48pm May 26, 2011 5:48pm
- Joined Mar 2010 | Status: aka QueenB | 4,808 Posts
you are right..we do not have a clear picture here
not to me but getting there
- #450,256
- May 26, 2011 5:49pm May 26, 2011 5:49pm
- Joined Apr 2010 | Status: Trader | 13,228 Posts
Thanks Archie
i'll take care. actually i'll have to if i need to stick to this profession. i learnt one more lesson in these few days. "Never trade if you're not feeling well". Good health & fresh mind plays the most important parts here.
hahaha lol
Inserted Video
- #450,258
- May 26, 2011 5:59pm May 26, 2011 5:59pm
- Joined Jul 2010 | Status: Weebley Wobbly Timey Wimey stuff | 10,604 Posts
Thanks bro & same to you too
- Always have a trade plan for each and every single trade you take.
- Try to follow if then statements with levels: If it touches this, I'll take profit, if it closes below this level I will take my loss, if price hits this level I will take a loss, if this then this, else that. Concrete this into your mind. No exceptions.
- Learn to take a loss. The quicker you do this, the quicker you will become profitable.
- Indicators are generally worthless. Price is king. Study it, get a feel for it. After a while price will you tell you where it's going just by looking at the little candle sticks. If price lied to you? Close the order, take your loss and move on to the next trade.
- Stick with 1 pair for now. Try to limit yourself to just a few time frames. 15m or 30m are great to start out with.
- Trade to targets. Once at your target, close the order. Don't let hope dictate what you are doing. If price keeps rallying in your favor... don't get upset about it that you closed your order so soon. You can always get back in. Generally, when you are trading to targets, and they are correct targets, price will at least bounce a little a bit if not a full retrace. Follow that if-then logic.
- Try as best you can to remove emotion from your trades. I personally no longer feel excitement nor misery for a win or a loss respectively. It's just another order closed, good trade or bad. Make yourself numb to trading.
- Try not to look at how much money you are making or losing, instead try to focus on making good trades. Plan your trade, then trade your plan. No exceptions.
- Speaking of emotions, keep your ego in check. Yes, you will get those fun little streaks where you hit a 10-15 winning streak. Next thing you know, you will be telling yourself you cannot be wrong. I guarantee the market will teach you differently.
Just dumping out some of the stuff I have learned...
You will probably make the same mistakes as well, but hopefully you can realize it sooner.