100 things you need to know before you Trade real money

[Forexmospherian]

Read at least 2 or 3 different versions on money management methods- and then dig deeper

 

[Forexmospherian]

Understand win ratios are not all consistent - ie yes you might do 20 trades and get 14 correct and 6 wrong and think you have a 70% win ratio. You then take another 20 trades and only get 8 trades correct and then 12 trades wrong. Finally you take 20 trades again and get 10 correct and 10 wrong

Your correct win ratio then over 60 trades - which really is still not enough to judge on is 32 wins and 28 losses so 53%

Then remember you still might take 10 consecutive trades and get 10 wrong - just like you might take another 10 consecutive trades another month and get all of them correct - ie 100% win ratio

Will you mind set be able to handle that - as well as your MM ??

 

[Forexmospherian]

Never just take a guess trade - or just follow any other trader without really understanding the clues or reasons for taking that trade

 

[mike.]

Don't expect a planned approach to always work in a random market.

 

[oshunt]

How to make a Trading plan

 

[oshunt]

What type of news affects your markets

 

[oshunt]

Understanding Volatilty of your market

 

[oshunt]

The times you can trade for your market, for example FTSE 100 8.00am-16.30pm

 

[oshunt]

Pre defined amount there willing to risk e.g. 200

 

[Sigma-D]

NVP - do you actually have 100 things that we need to know that you're going to share with us, or are you attempting to establish what they might be by obtaining consensus from other members? And why is it 100? Could just as easily by 1001, or better yet, just one thing that trumps all others?

I'm sure I came across a thread during a recent trawl of old material which was similar but was suggesting what was the One Thing you need to know etc. and that had some really useful stuff in it. Sorry I can't remember where it was now, but that would give you a really good start on your quest.

 

[NVP]

hey S

i'm after people sharing the important things they think people should know before the even consider putting the money down

nothing more nothing less ............100 , 101 , 2007 .............lets roll the dice and see what comes up

N

 

[NVP]

NVP - do you actually have 100 things that we need to know that you're going to share with us, or are you attempting to establish what they might be by obtaining consensus from other members? And why is it 100? Could just as easily by 1001, or better yet, just one thing that trumps all others?

I'm sure I came across a thread during a recent trawl of old material which was similar but was suggesting what was the One Thing you need to know etc. and that had some really useful stuff in it. Sorry I can't remember where it was now, but that would give you a really good start on your quest.

if you can find the link add it here S ..........more for the list as i'm sure more than one thing was chosen on those threads

N

 

[alexisjohn]

Apart from this patience is the virtue that is going to help you in the long run