SGlenn
Newbie
- Messages
- 6
- Likes
- 0
Hi
I am new to this forum and have been reading various posts. I have been trading from home now for over 3 years and have made plenty of mistakes especially in the early days. However for what it's worth here are a few tit bits of what I believe to be sound advice...
1. When choosing a broker focus on a low spread not on the margin requirements.
2. When dealing never risk any more than 3 % of your total equity on any one trade. i.e. Set an appropriate stop loss - always
3. Unless you have a good feeling or some wonderful 'inside' information keep out of the market when major economic news is about to come out.
4. Work hard at learning technical analysis. Use SMA and Fib Retracements in trending markets and a 7 point RSI in sideways markets.
5. Remember there is no such thing as easy money - sure you can be lucky - but you can do that at the races as well. If you want to consistently make a few quid then study high and lows of just a few currencies max 3.
6. Know the support and resistance levels.
7. Have fun!
Cheers
SGlenn
I am new to this forum and have been reading various posts. I have been trading from home now for over 3 years and have made plenty of mistakes especially in the early days. However for what it's worth here are a few tit bits of what I believe to be sound advice...
1. When choosing a broker focus on a low spread not on the margin requirements.
2. When dealing never risk any more than 3 % of your total equity on any one trade. i.e. Set an appropriate stop loss - always
3. Unless you have a good feeling or some wonderful 'inside' information keep out of the market when major economic news is about to come out.
4. Work hard at learning technical analysis. Use SMA and Fib Retracements in trending markets and a 7 point RSI in sideways markets.
5. Remember there is no such thing as easy money - sure you can be lucky - but you can do that at the races as well. If you want to consistently make a few quid then study high and lows of just a few currencies max 3.
6. Know the support and resistance levels.
7. Have fun!
Cheers
SGlenn