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painofhell
  • Posts: 1381
  • Joined: 25/09/2016
The only best way one can learn about trading is by exploiting the knowledge from the professionals in the field. No school or college is going to teach you about the trading market, you have got to self-educate yourself and get as much knowledge as you can from effective sources.

For example, this article. I’m going to share some of the important things I learned in my 15 years of experience in the trading world.

Develop a Consistent Trading Plan
The first thing you need to understand is that it’s easier to over-trade than one can imagine. I didn’t even know I was over-trading in my rookie years, it’s a very, very easy mistake to make, especially for beginners, and it’s also a very costly one. You need to have a trading strategy and trading plan criteria so that you can develop some structure and routine into your trading processes, so that way you can tell whether or not you’re over-trading.

Don’t Overuse Indicators
The next thing you need to remember is that indicators are a bootless errand. Yes, indicators may seem quite attractive and fancy but all they do is add extra burden for you to deal with. There is no use of analysing them, I started reducing variables instead of adding them and that had a huge impact on my trading outcomes.

Let Trades Play Out Themselves for you
However, if someone asks me to give them an advice on trading, this ones the first that’ll come to my mind; give your trades time and space to play out themselves for you. One has to be patient with the market and give the trade some space, this means to place wider stop-loss orders. Don’t react at every fluctuation in the market, let it prove you wrong.

Beware of Short Time Frames
Remember, short time frames are perilous. A lot of these important things are interconnected, for example, over-trading can be caused by looking at short time frames. The simple reason for the failure of most signals on short time frames is that they have no value as compared to the ones on the higher time frames.

Losses are Inevitable
The last thing you need to do is accept the fact that there are going to be losses, you cannot and should not avoid them. Losing a little is still better than losing it all at once. Losses are a part of this field, the key is to make sure that they don’t let your emotions get in the way and throw you off your game.

Master Self-discipline
To achieve more in the trading world, you need to master your trading strategy and self-control. You have to be focused and passionate about your work, not the profits and rewards that come with it because if you do that you will be prone to making mistakes like over-trading, not giving your trade the time it needs and over-leveraging your account.
Open Account: Real / Demo
www.instaforex.com 
Elena Watt
  • Posts: 136
  • Joined: 23/04/2020
While investors in the past may have relied on their personal social networks to find reliable business mentors, today's beginners can take advantage of many online resources and applications that allow beginners to trade forex as well.
Elena Watt
  • Posts: 136
  • Joined: 23/04/2020
Forex trading can be complex and may not be suitable for everyone. Whether Forex is right for you will depend on your financial situation, your goals and how much investment experience you already have as a beginner. Overall, beginners must proceed with caution, especially since most forex traders lose money.
Elena Watt
  • Posts: 136
  • Joined: 23/04/2020
Rayner Teo is often featured on the best Forex traders YouTube channel lists - and for good reason. Teo is an independent trader and founder of Trading with Rayner. His YouTube videos are super easy to get started with, with detailed tutorials on some of the trickiest trading elements.
forextips22
  • Posts: 1
  • Joined: 02/03/2022
I love this. Thanks for sharing this useful information. This is going to be a great resource for beginners who are taking a dive into forex trading. Do you also happen to have a forex training platform list ? Thanks!
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