10 keys to become a better fx trader

[siriyke]

good list

i would like to add ... experience it is very very important to be experienced to feel the market and also to be experienced needs to be in the market for quite some time .... which is yet a performance

some of my accounts get burned in few days ... at the start of trading

Hello Pal,

Dont be discouraged if your account was burnt on few days trading. I suppose you are affected from No.2,3 and 6 of my post 10 keys to become a better fx trader. Well you are not the first person in fx to get a zero balace . It has happened to me when I was learning fx but the best is if you can be able to learn more and recover those losses would make you a great trader as I have done . You need to check very well your margin requirement for each trade not more than 10% of your standing capital and limit your no of open positions in a day and with a strictly defined Stop loss and Take profit order for your trades . If you put more rules you will make a better trader.

I wish you all the best .

Dr.pips

 

[siriyke]

I like those the most.
Just i am not sure whether you have to follow these rules to become "a better trader", or you HAVE TO BE "a better trader" in order to enjoy #9 & #10.

Sure,

To be a better trade you must have been familiar with those rules. If not your are not a better trader but a lucky trader and a lucky trader mostly end up with with loss because Luck is limited but experience is continues. #9 &#10 are the rewards from obeying those rules.

 

[siriyke]

Try to trade the news: in a cycle of clock, series of economic news are released that influences the market movement . Learning how to trade positive and negatives news events increases your chance to profit in market.


ooohh yeahh
I'm learning with this during a year. But my results are not stable yet

Hello Pal,

You can improve your news trading strategies as follows: Try to trade only the High impact and medium Impact news . Moreover, you need to have a good idea of the previous data released on each news and the forcasted data. To trade the news live. Do not enter the market before the relaese of the news or immediately after the release. For High impact and Medium impact news wait at least 1-2 minutes to see if the market goes on favour of the released data. You aswell need to know that the forcasted data for each news needs to be fewer points higher than the previous data in order to influence the market movement for short term trend change. And to add. Not all high data released on news are favourable to to currency, rather some news read higher than expected and yet the price goes against the currency before the market favors the news when the data comes lower.


I wish you all the best with fx

Dr.pips

 

[siriyke]

Try to trade the news: in a cycle of clock, series of economic news are released that influences the market movement . Learning how to trade positive and negatives news events increases your chance to profit in market.


ooohh yeahh
I'm learning with this during a year. But my results are not stable yet

You can improve your news trading strategies as follows: Try to trade only the High impact and medium Impact news . Moreover, you need to have a good idea of the previous data released on each news and the forcasted data. To trade the news live. Do not enter the market before the relaese of the news or immediately after the release. For High impact and Medium impact news wait at least 1-2 minutes to see if the market goes on favour of the released data. You aswell need to know that the forcasted data for each news needs to be fewer points higher than the previous data in order to influence the market movement for short term trend change. And to add. Not all high data released on news are favourable to to currency, rather some news read higher than expected and yet the price goes against the currency before the market favors the news when the data comes lower.
Good lucks with your tradings

Dr.pips

 

[kalkarin]

Try to trade only the High impact and medium Impact news . Moreover, you need to have a good idea of the previous data released on each news and the forcasted data...

What you're talking about is pure FA trade. IMHO it takes between 3 to 5 years for an average IQ man to get in line with it. And a good mentor will be highly welcome.
Long story short, that's a long and lonely road to take, although it sounds pretty easy in your post. Have you any history on trading the news impact? Or probably a strategy based on particular data? Smth. like the NFP hysteria

 

[Dale Paterson]

Hi all,

This is my first post here (I think anyway) i.e. I've been a member here for a while if memory serves me correctly but usually I'm 'lurking' around the 'Broker Reviews'. But I found this thread interesting so I figured I'd contribute my 'two cents worth'. Please note that I can only talk from my own experience here.

First: those are excellent 'rules' noted. However (and as I say this is in my opinion only): I still cannot figure how anybody can make money consistently trading the news (well not unless you have MANY years of experience behind you). There are just too many things 'at play' against you. Also: I've noted for a good while now that the currency reactions after news data are not what they used to be and many people have written about this so I don't think it's only my observation here.

Second: I believe now that this business is 99% psychology and 1% system!!! It's taken a long while and a lot of losses realise this. Of course: having a decent trading system goes a long way to toward building confidence. I have a few (and I've started detailing them on a blog: technicaltradingsystems.blogspot.com if anyone is interested). The strange irony is that only now that I BELIEVE I've mastered the psychology do these trading systems work.

Third: I agree with a comment made by another poster about EA's. There really is 'no free lunch' in this business. But I'm sure everyone has read comments like this all over the Internet. In my opinion: the only money an EA makes is the income generated by the seller from the sale of the EA. I don't understand why most that are new to this business think that it's easy to make money. Why do some people think that this business is anything different from a profession??? Doctors, Lawyers, Bankers??? They spend years studying and then gaining experience. This business is no different. It's just sheer plain hard work.

Lastly: it's a lonely business too let's face it so if anyone is interested in forming some type of group or something let me know.

Edit:

Yep I was right i.e. first post!!! LOL!!!

 

[FrankyW]

Patience, patience and patience again

 

[Steven_Smith]

Patience, patience and patience again

And learn, learn:nerd:

 

[Stanly]

I like the 6th rule. Actually it is the most important rule, because greediness makes us lose money faster than any calculation mistakes

 

[TromS]

I need an advise! What time is better to enter trade and exit your trade?
I don't understand this rule.