Wednesday, February 29, 2012

Before the storm

I got a few pips and then I left monitors to take care of my daughters. When I came back, price was 70 pips down...

8 comments:

Amarjeet Prasad said...

Pretty insightful post.

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Shahzad said...

This is one of the biggest mistakes as newbies we do is to think that Market can be calm, if it is then it is just the sign before the storm so we need to be very careful as we don’t want to get into situation like this it is impossible to get out from it. I am lucky that I use stop loss always on my trade so I am out of danger. Also, it helps when the broker is OctaFX as they have low stop out level of just 15% which helps immensely.

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OLATUNBOSUN OYEWOLE said...

What Are the 10 Fatal Mistakes Traders Make?
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process. That’s why you should be prepared to expect them and if possible not make them. Easier said than done you would say and you will be completely right. That is why I have compiled that list of trading mistakes that you should be trying to avoid. Real life trading will show you how “easy” that could be.
1) Trading without having a predefined trading plan
2) Over-leveraging
3) Staying glued to the screen: (a) Set entry rules and (b) Set exit rules
5) Ignoring the trend
6) Having a bullish/bearish bias
7) Little preparation or lack of strategy
8) Being too emotional
9) Lacking money management skills
10) Lack of record keeping

CONCLUSION:
What are the 10 fatal mistakes traders make?? Successful paper trading does not ensure that you will have success when you start trading real money and emotions come into play. Successful paper trading does give the trader confidence that the system they are going to use actually works. Deciding on a system is less important than gaining enough skills so that you are able to make trades without second guessing or doubting the decision.
There is no way to guarantee that a trade will return profits. This is the actual beauty of trading and being consistent is based on a trader’s skill set and his/her eagerness to improve. Keep in mind winning without losing does not exist in the world of trading. Professional traders know that the odds are in their favour before entering a trade. It is a continuous process of making more profits and cutting down loses which might not ensure a win every time, but it wins the war. Traders or investors who don’t believe in this adage are more viable to making loses.
Traders who win consistently treat trading as a business. While it’s not a guarantee that you will make money, having a plan is crucial if you want to become consistently successful and survive in the trading battle.
I am a forex trader who has moved from lows to highs and I am aspiring for higher highs in my career. I owe my broker a million of thanks for their excellent services that enhance the performance of my strategy.If you want the highest ranking broker that offers fast execution and timely processing of withdrawal requests, I would recommend FxGlory.



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