How many digits Stop Loss & Take Profit is 'ideal'
Actually, you need to get financial management strategy (money management) here I called it as forex trading strategies. Then, its also is related to how long you are trading in a month, how do you account resistance level against the risk of loss. Make sure that you understant about risk management, when adding funds, and allocation of income to savings, investment and consumption.
Make the trend as your sidekick (Trend Follower). Do not fight the market trend (though not including mandatory rules). If prices are rising, you can install Buy position and vice versa if the price is down then you can install Sell position. Most people often take the opposite (counter trend) and often wrong - though there is also often true:).
Keep well & carefully your capital. Do not allow your capital to $ 0.0. If that loss, try to keep 10-50% of your capital, so that when the time comes to add funds or Injeck, or the dollar amount paid is not too big. Imagine if you had to add big money loss due to Forex trading you. If in two or three trades already spend 20-40% of the capital due to loss, stop for a moment. Hold yourself to open new positions. Do not obey yourself to "get even" or "want return on investment." Try to calm your mind and your head. Arrange your trading system back in the Demo Account. Spend time 3 days - 1 week to try trading system in the Demo Account.
Knowing when to dispose of "toxic" of online forex trading. The term toxin is a Buy or Sell which has been opened which has a floating (floating position / not closed) a negative or minus a sizable position. Say if Buy GBP / USD you have -150 points in a span of 2 hours, is it still worth keeping. Or if the position of AUD / USD is minus -100 within 20 minutes, if still loved-baby??!
Stop Loss Plan you as early as possible. These days, the price movement to the Euro & Pound reach 200-400 points per day. Determine the ideal Initial Capital & Stop Loss you with a situation like that.
Do not be emotional. If you've reached your daily or monthly targets, get out of the market. Do not be greedy.
Avoid the fear of online forex trading. Now it is linked with tips no.6, be informed. If you already know how far prices can move with technical indicators and fundamentals, do not look for the disease. Do not hesitate to put a Stop Loss or Trailing Stop to limit losses.
Be smart and informed. Not intended to support one private TV, but be a smart trader. Smart here is no basis why should buy and why must Sell. That means you must research the market as a Fundamental and Technical. Open daily news or Belajarforex.com Forexfactory.com. Adjust date & time to time in which you reside. Immediately write your trading on a trading journal. Make a note Profit / Loss of your daily. Note also the causes, why and why the profit and loss. My Trading Diary .....
When prices move sideways or a little, do not enter the market. The point is if your own conscience in doubt, what about your online forex trading. URLs have your Forex account as a car that takes you to profit / benefit. Do not be too much or excessive trading. In one day, for you are a scalper for a maximum of 10 times the position. For your Daytrader maximum of 2 positions and even fewer Swing Trader. Remember, technical analysis & fundamental condition Forex frequent change from time to time.
Never Give Up. Do not give up .. never give up. Loss of Demo $ 5000 within 1 month, try again with a $ 1000. Loss, came back with $ 3000, ff. Find a suitable trading system for yourself. Only one goal: Profit & Consistent.
1 comments:
your post is very informative. I think it will help me a lot. Thanks for giving this information.
Elizabeth
forex account
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