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Newbies out there are actually very lucky

Discussion in 'Beginners Bootcamp' started by phpower8, Apr 5, 2011.

  1. phpower8

    phpower8 Recruit

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    Newbies out there are actually very lucky. They have not yet been poisoned with hopes of magical indicators to tell you what to do. This allows them to look at the markets with a fresh set of eyes and I would like to share with you all that you will ever need to know to be a successful trader, newbie or not.

    Forex has been my main job for the past 3+ years, I had my ups and downs in the beginning and I wasted A LOT of time looking for 'something better'. It's just human nature and psychology that end up being what makes trading difficult for most people. Trading itself, it turned out, is very simple.

    I will list here all you will ever need to learn and you need to trust me.
    I speak from experience and I want to share my way how you become a successfully trader.

    1. Support/Resistance (Also know as Supply/Demand)

    2. Trend Lines (Drawing these is an art)

    3. Candlesticks (valuable information in picture format)

    4. Risk/Reward (The art of never risking more than you are trying to gain)

    5. Money Management (don't be greedy)

    These 5 items will make you as much money as you want but only if you allow 1 thing not to get in your way. That thing is of course your very own brain, you will be your worst enemy. Understand that you will NOT win every trade, it is NOT possible and it will NEVER happen. Accept loss as part of your success because with correct Money Management and Risk/Reward loss will not effect you.

    I wish you all the success in the world
     
  2. John Bozeman

    John Bozeman Private

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    Money Management should be one of your top priorities as a trader. I recently switched from Fixed Fractional to Fixed Ratio and it has helped me a tremendous amount in knowing what lot size I should be using for each trade and each account size.

    You should look into anti-martingale money management systems, they are less aggressive and help in protecting the money you do have while still being semi-aggressive.
     

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