5 things a trader should know

Coleen

Junior member
14 1
Hello, I'm a new trader here in Forex, I'm here because I believe Forex can help me to make a big profit, but in order to achieve it, in order to trade successfully, you've go to know a lot about Forex. But I wonder which 5 things a new trader should know before he starts trading?
 

neil

Legendary member
5,167 747
Hello, I'm a new trader here in Forex, I'm here because I believe Forex can help me to make a big profit, but in order to achieve it, in order to trade successfully, you've go to know a lot about Forex. But I wonder which 5 things a new trader should know before he starts trading?

So you believe "Forex can help me to make a big profit", --Please tell us how and, what you base this belief on ?
 

neil

Legendary member
5,167 747
well, lets wait for tips by any trader.

High doe nut think you will find trader giving tips cos it took them years of study and practice to get where they are. Sadly, many lazy people come here hoping to get rich with no effort, immediately. But they never do because the energy isn't there.
But I can change that with my method I will share with you for £125 - send it to the doe nutt fund at Loosers R Us in Peckham UK (care of Del trotter).
 

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jeffre4

Experienced member
1,161 157
never eat yellow snow
 
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nelsonhimes

Junior member
22 0
I love to read interesting post that has knowledge to impart! Thank you for sharing this thread because i will get some good information from discussion...
 
Last edited:

natureboy

Established member
770 2
Hello, I'm a new trader here in Forex, I'm here because I believe Forex can help me to make a big profit, but in order to achieve it, in order to trade successfully, you've go to know a lot about Forex. But I wonder which 5 things a new trader should know before he starts trading?

Why 5 things? Why not 7 or 3?

You come in looking for big profit, sooner or later (usually sooner) you get a big loss. If you're new, you need to learn about money management. Sizing your trades to withstand drawdown. That is really only vital in the context of a winning strategy, otherwise its all drawdown. You need to be ready to spend 3-5 years learning, watching price. If you have 20k or more, only put 2k in an account and trade small after you have a system you think is workable (that tests profitable over 100+ trades net). Even with the knowledge of what works, You Working It is another issue, most people have to adapt psychologically to trading, and dealing with losses while still taking the next trade your rules call for, and keeping to your risking algorithm.. Easier said than done, all of it
 

Raleigh Lee

Junior member
22 0
Know the 5 Fundamental Truths of Trading:

  1. Anything can happen.
  2. You can gain an edge, but wins and losses are random.
  3. The biggest advantage you have is the probability of one thing happening over another.
  4. You don't need to know what's going to happen next to make money.
  5. Each moment in the market is unique.
 

georgedon

Junior member
37 2
My tips are (1) work on your mindset, you need discipline, patience, flexibility and persistence.
(2) open a demo account and experiment with different trading styles until you find one that suits your personality.
(3) Price changes are the result of the interaction of order flow and liquidity.
(4) When you open a live account, trade the smallest size possible until you are consistently profitable
(5) Some great books to read are Trading in the Zone by Mark Douglas, Come into my trading room by Alexander Elder, and Trading price action trends, trading ranges and reversals by Al Brooks.

Hope that helps, good luck, and trade small, remember the forex market is run by the big boys, if you take care, you as a retail trader can follow in their footprints and pick up the crumbs they drop from the table.
 

Hoggums

Senior member
2,176 878
1. There is no easy route to riches in trading.
2. See 1.
3. Give up those dreams of retiring in 2 years - it aint gonna happen.
4. I am waiting in the market to take money off you.
5. Hard work, devotion and plenty of experience are the only things that will make you successful.
 

wanelad

Junior member
38 0
But I wonder which 5 things a new trader should know before he starts trading?

If it were only that easy; Robots have been developed to follow anticipated moves and have some success but always come unstuck as the market is a living, breathing, wild beast that is not tamable.

Therefore the trader has to change strategies sometimes daily, this being the case how could it be summed up in 5 steps? Trading a demo account can give some experience however does not have the emotional impact that trading a real account has.

Stop losses can help but be sure to set it well below where everyone else's is or expect to be swung out. The Pros love to take out Stop areas as it generates liquidity. This may mean your stop could be equal to your anticipated gain and that can have some ouch factor.

know the trend eg Primary trend and trade the corrections in the secondary trend. Make sure your bank balance can afford the swings to avoid margin calls, trade small parcels so that losses are small.

But before you even start watch, read, learn and practice anticipating the moves. Never continue on a loosing day/night hang up your trading jacket and try again another day. Often if it starts off bad, it continues to be so.

Good luck (y)
 

sedna888

Newbie
3 0
It is not as easy as you thought, I won 3 trades initially and after which, I keep loosing 8 trades in a row and cost me dearly....
 
 
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