Treat trading as a business

Discussion in 'Growing and Managing a Business' started by daytrader, Apr 1, 2012.

  1. daytrader

    daytrader
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    Essential trading rules for Forex trading

    - focus on the areas where the patterns are closely and definitely formed. Look for as many contact points as possible for trendlines, channels etc.
    - Identify the highest probability trades and ignore the others. Remove all stupidity from my game plan - must have as many good reasons to enter a trade as possible.
    - Never ever rush into or chase a trade just because it's moving. [never trade on impulse]
    - Always look for the most obvious markte patterns. This rule is Very important.
    - Keep trading as part of balance life. Work hard at learning "how" to trade and keep working.
    - overtrading - if you cant see anything,dont trade!
    - Must have a plan [entries, exits, risk, MM, emotions]
    - Set targets.
    - Study traders psycology - learn to manage emotions.
    - Treat trading as a business like any other. Its a professional business to get involved with.
    - Start Small - Use the power of compounding.
    - Get a mentor if possible.


    I learned these from a Mentor :D
     
  2. sigma

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    I agree with you.
    All this kind of "investment" is about the deep study and long term invest.
     
  3. cesspadilla

    cesspadilla
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    Where can I find one? :)

    I was hoping some of you can explain how Forex Trading works. I read some of the stuff posted in BAF are about Forex. What is it?
     
  4. daytrader

    daytrader
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    Forex trading is just exchanging currency to other currency. However, a trader must only exchange a currency to a particular currency for you as a trader can only buy by pair. Say for example usd/eur, when you buy $ you can only exchange it to eur of course not to any other currency.

    Theres a lot more to learn if youre not into this apart from the mt4 software. I recommend you to study pipsology here.
     
  5. Casey

    Casey
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    Agreed, for a person who is just beginning to learn trading, finding a mentor is critical. But for those advanced traders, there are automated software that handles the analysis, comparison, forecast and buying process by it self :)
     
  6. Krisz Rokk

    Krisz Rokk
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    A mentor who successfully traded Forex for several years is an awesome way to start! Follow the strategies 100%, it's a business.
    Psychology is very important. Trading is a great psych-game and requires mastering 'your own mind' :)

    I learned trading CFDs from my mentor and I'm soooooo lucky I had him as a coach. It's very important to learn from the right people...
     
  7. daytrader

    daytrader
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    Automated software that will do transactions for you to go long or short and exit don't work in time. it can't adjust the market trends like my mentor told me. Its best that you do the chart analysis yourself and trade.
     

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