Forex traders have to know these 7 things before they can start trading:
1) Get rid of your indicators - They are just getting in the way. If you are able to trade just using price action, you are way ahead of the curve.
2) Understand money management - you could have the greatest trading system in the world, but it wouldn't mean much if your constantly over leveraging your account. Remember, it's a marathon, not a race. You won't be a millionaire overnight, so there is no reason to risk that much.
3) Don't overtrade on your demos - I know that you'll feel like the more you trade, the better off you are going to be. But that is just false. The problem is you are going to get too comfortable with a demo account, that once you start trading with real money, you are going to realize that you are not ready for it.
4) Keep your emotions under control - There as may traders with unbelievable potential. They can really take apart the market. But unfortunately they don't know how to control their feelings. The moment you panic, is the moment you realize you are not cut out for this.
5) Start with Mini Accounts -Don't start off playing full lots, because I can assure you that you are not prepared for it. Trade with money that you can afford to lose, before you start trading for big bucks.
6) A Margin Ratio of 200:1 - I thinks that gives you enough room to trade comfortably without having to worry about getting a margin call.
7) Understand how news moves the market - It's a forex trading certainty. The economy will always have news coming out, and you best be prepared for it, if you want to succeed. Too many people disregard this aspect of trading.
1) Get rid of your indicators - They are just getting in the way. If you are able to trade just using price action, you are way ahead of the curve.
2) Understand money management - you could have the greatest trading system in the world, but it wouldn't mean much if your constantly over leveraging your account. Remember, it's a marathon, not a race. You won't be a millionaire overnight, so there is no reason to risk that much.
3) Don't overtrade on your demos - I know that you'll feel like the more you trade, the better off you are going to be. But that is just false. The problem is you are going to get too comfortable with a demo account, that once you start trading with real money, you are going to realize that you are not ready for it.
4) Keep your emotions under control - There as may traders with unbelievable potential. They can really take apart the market. But unfortunately they don't know how to control their feelings. The moment you panic, is the moment you realize you are not cut out for this.
5) Start with Mini Accounts -Don't start off playing full lots, because I can assure you that you are not prepared for it. Trade with money that you can afford to lose, before you start trading for big bucks.
6) A Margin Ratio of 200:1 - I thinks that gives you enough room to trade comfortably without having to worry about getting a margin call.
7) Understand how news moves the market - It's a forex trading certainty. The economy will always have news coming out, and you best be prepared for it, if you want to succeed. Too many people disregard this aspect of trading.
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