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[delijaworld]

Hi

What you need to include in Forex market?

First make decision and choose forex broker (Trading Platform) then take Free DEMO account or Forex Simulator ( but i wish to recommend live account with a little money $50) where you start to practice forex trading, start learning take some course or managed forex account, after those step open live forex account and start trading, all what you need for successful trading you can find here

[Lhar_moneytec]

Yes, I agree with that, in addition to that, also keep mental note of this:
10 Tips for your success in Forex trading
1. Implement a trading plan.
“If you fail to plan, you plan to fail”. A trading plan is especially crucial in Forex trading to stay ‘in-control’ against the emotional stress in speculative situation. Often, your emotions will blind and lead you to the negative sides: greed causes you to over-ride on a win while fear causes you to cut short in your profits. Hence, a well organized operation has to be predetermined and strictly followed.

2. Trade within your means
If you cannot afford to lose, you cannot afford to win. Losing is a not a must but it is the natural in any trading market. Trading should be always done using excess money in your savings. Before you start to trade in Forex, we suggest you to put aside some of your income to set up your own investment funds and trade only using that funds.

3. Avoid emotion trading
If you do not have a trading plan, make one. If you have a trading plan, follows it strictly! Never ever attempt to hold your weakened position and hope the market will turn back in your favor direction. You might end up losing all your capital if you keep holding. Move on, stay within your trading plan, and admit your mistakes if things do not turn as you want.

4. Ride on a win and cut your losses
Forex trader should always ride till the market turns around whenever a profit is show; while during losing, never hesitate to admit your mistakes and exit the market. It is human nature to stay long on loses and satisfy with small profits – this is why as we mentioned earlier that a strictly followed trading plan is a must-have.

5. Love the trends
Trends are your friends. Although currency values fluctuate but from the big picture it normally goes in a steady direction. If you are not sure on certain moves, the long term trend is always your primary reference. In long run, trading with the trends improves your odds in the Forex market.

6. Stop looking for leading indicators
There aren’t any in the Forex market. While some firms make a lot of money selling software that predicts the future, the reality is that if those products really worked, they wouldn’t be giving the secret away.

7. Avoid trading in a thin market
Trade on popular currency pairs and avoid thin market. The lack of public participation will cause difficulties in liquidate your positions. If you are beginners, we suggest the big five: USD/EUR, USD/JPY, USD/GBD, USD/CHF, and EUR/JPY.

8. Avoid trading in too many markets
Do not confuse yourself by overtrading in too many markets especially if you are a beginner. Go for the major currency pairs and drill down your studies in it.

9. Implement a proper trading system
There is hundreds of trading systems available on line. Pick one that you are most comfortable with and stick with it. Stay organized in your trades and fully utilized stop-loss or limit functions in your trades.

10. Keep learning
The best investment is always the investment on your brain. Without a doubt, Forex trading needs much more than just a few guidelines or tips to be successful. Experience, knowledge, capital, fortitude, and even some help of luck are all crucial in one’s success in the FX market. if you lose in a trade, do not lose the experience in it. Learn from your mistakes and regain your position in the next trade.

[Daniele]

Great rules Lhar! I really like most of them.

[hale24]

for as long as you put value on what you're doing, then you'll attain success on it no matter what. also patience has to be developed.

[CashSplash]

As long as you have constant improving strategy, and you keep everything professional, than you will succeed, and reach your goals. Once you reach your goals, hold on to them and keep improving them

[Lhar_moneytec]

Originally Posted by Daniele

Great rules Lhar! I really like most of them.

Thanks Danielle, hope everyone here feels the same with it.

[hale24]

Originally Posted by CashSplash

As long as you have constant improving strategy, and you keep everything professional, than you will succeed, and reach your goals. Once you reach your goals, hold on to them and keep improving them

that's right. the easiest way to achieve your desires is constant improvement.

[Rich14304]

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Readers,

You have started on a wonderful platform on which to build IMO. Those rules Lhar are really a good base in which to develope and impliment.

Would any of you be interested in bringing 'meaning' to each of those rules?

Bring them to 'life' so to speak. By examining what the meaning is behind each of those rules?

As they stand, they are words on a piece of paper, unless somehow, they are changed to actual use.

Discussing the 'rules' permit a personal connection and helps to "bring home" the message.

Of course that is just my opinion as this forum is yours to use and learn however you desire. I can offer suggestions if you think it may be of benefit, but the outline should be for you guys to work though this and understand that words on paper is not the same as actually following through with what is listed nor does it mean we all have the same idea of what those rules actually say.

IMO.

Rich

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[pinalli]

So I'll lay it out for you:


No' 1- Practice using Automated Forex Trading Software: A very important tool in the Forex Traders Toolbox.
Not only do you get Demo accounts to practice on before you get your feet wet, but these little robots which scour complex and ever changing Forex Currency Trading Markets, will run 24/7, scalping trades and getting you pips day and night, whilst you sleep, shop or explore other markets.


No' 2- Get yourself a Bee's Knee's Broker: There are many average Joe Brokers on the market, some definite scammers and a sprinkling of seasoned Pro's.
Do your homework, visit forums, write a thread asking this exact question. Check who responds, see how many posts they have, see when they joined. If they have over a 1000 posts chances are they know what they're on about and there advice on who they recommend will probably be invaluable.


No' 3- Never rely on Guess Work and Get Out when you Should: With Automated Trading Software Systems this doesn't apply as there is no human subjectiveness involved as it simply sticks to the margins in place.
When you trade on your own though you MUST apply discipline or you will be on the road to the Forex Newbie Graveyard sooner than you can say "Mumma Meeah!"


No' 4- Follow these 3 Steps with Cold Hearted Discipline: Tell yourself that Forex Currency Trading is a business, just like any other business- it takes time, but if you follow the 3 Steps above:
Practice on your Automated Trading Software and practice like mad on a demo account.
Get yourself the Mother of all Brokers, one that comes highly recommended from more than 3 sources
and..
Never believe you can Guess the market forces or how the trade will shape and you have what it takes Kick sss in this business.
Cheers & Happy Trading!

[Deborah]

Great advise pinalli!!!
For me first forex rule to have in account is to trade with money you can afford to lose. When trading, the market cannot be predicted so there may be times when you are not right in your prediction and you might lose some money, be aware of this and don’t invest money you need to live.

[hale24]

Originally Posted by Deborah

Great advise pinalli!!!
For me first forex rule to have in account is to trade with money you can afford to lose. When trading, the market cannot be predicted so there may be times when you are not right in your prediction and you might lose some money, be aware of this and don’t invest money you need to live.

i think i would have to agree with that. it's a good thing to get rid of some risky situation as well in trading.

[Lhar_moneytec]

Totally agree with you guys.

[Rich14304]

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Readers,

I have a silly question that may not seem so silly. It is not a secret people from all over the world stop in to forums, seeking education to add to their ‘traders’ toolbox’.

Many of you have a pretty good idea of what Forex is and most of us have been doing DEMOs and checking or testing things out, right?

Look how many times the topic of RULEs and good ideas on how to conduct ones emotions have been posted. We all reply to them in one way or another. Do you think we understand them?

So when we are looking for education, what is it we are looking for? Do we have any idea of what we are looking for? Are we just hoping to find something of value?

Do we want to be well rounded and well equipped to understand what we are up against, by design or by folly?

I have read many of your posts and I sense that you harbor a desire to learn as much as you can as fast as you can. I also know how you can help each other educate each other too, besides just repeating the same RULES over and over in different ways. Good RULES mind you, just I would think by now you folk would have a handle on them. What do you think?

Would you think it would be helpful to everybody, including yourself, if a Topic or Thread was opened that promoted a basic step procedure of analytics in observation and report of PRICE and Indicators?

After-all, are those not what you are going to be actually trading? IMO, RULES have to be placed against something, they have to meet challenges or they would not be RULES.

Trading RULEs has merit and RULEs promote disciple too. But they are but a few cobble stones on the path to Profits.

You are all intelligent people and could put together observations you have in recognition of PRICE movement.

As an example, you may bring up the topic of MACD. And while one person has noted the effects of cross-over’ of the Lines, someone else may note the crossing of the centerline while yet another may have been noting the divergence relationship between Price and the indicator.

The same could be said of other indicators such as the RSI, CCI, the A/D or numerous other indicators.

Does the indicator have to be Pair specific? Absolutely not, it is the indicator to PRICE relationship that is being explored.

Each one of you has some insight to an indicator PRICE relationship.

As you would share that information between yourselves not only are you helping yourself in reinforcing belief and confidence in your analysis but you are helping others as well.

You never know what piece of information will be that ‘missing piece’ that shines the light on this whole Forex experience, either for you or for that someone you helped.

Education: it’s a Powerful Drug

Rich

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[Deborah]

Besides if you depend on that money, when lose trades your emotions are gonna be the ones doing the trades for you and that strategy is not profitable at all!!!

[Rich14304]

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Readers,

For your consideration, I have often read keep emotions out of the mix when dealing with Forex. I am not all so sure that is a good thing or not. I mean, I READ it is not a good thing, but what backs those kinds of statements up?

An example, you’re in the woods, it is night time and difficult to see ones hand in front of one’s own face. You know you want to get out of the woods back to one’s comfortable ‘civilized’ setting. All around, one can HEAR the calling of the beasts of the jungle, all hunting, all seeking their next meal.

One’s eyes dilate, taking in as much light as possible, straining to see even the slightest movements amongst the trees and underbrush. Hearing sounds coming closer and closer to where one stands, one’s heart rate picks ups, actually that is only a couple of reflexes, as all of one’s senses begin jumping into overdrive,
a survival mechanism, a human element, a heighten condition of fight or flight.

Do you ignore this as a conditional response?

Have a thoughtful day

Rich

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