Hard to believe I know, but its true. You cannot let losing trades affect you too much; you really do need ice cold discipline to excel at trading. To build a solid trading foundation, you need to take the time to learn about how the Forex market works (or any market youre trading) and really get a solid understanding of all the jargon, etc. Ive written many articles on this topic, and I know that for many of you this will unfortunately not register in your mind until its too late, but you do not need to trade a lot to make a lot of money. Being grounded and realistic is what will keep you on the path to trading success. Perhaps no other profession in the world has as much upside potential as trading.
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Trading with high frequency opens you up to a world of emotional trading mistakes that will destroy your trading account and your self-esteem. No need to clutter up your charts and mind with a bunch of messy and over-complicated indicators or news events. The following 10 forex trading tips are things that I wish someone had told me when I first began trading. Im not going to get into this too deeply here, because I have several other articles on it which you can check out here:. Slow and steady wins the trading race, its cliché I know, but its so true. Ive had trades move to within 5 pips of my stop loss and go on to be huge winners after that. How do you think they did that? Focus on the price action. Then later, after theyve lost a bunch of money, they decide to get some education. It wasnt with RSI, macds, Stochastics why can t i trade forex or some automated trading software obviouslyit was with price action. If you are using a logical, common sense trading method like my price action method, you need to really learn it and master it before you do anything else.
This is the main reason why you need to let your trades play out and not close them out early only because theyve moved against you. Im sorry, but I have to tell you that you arent going to be able to quit your job and go work from a beach with a 2,000 trading account. This one is big, and it takes most traders a while and a lot of lost money to figure it out; you have to place your stop losses at a safe distance away from your entry price. This method is the only natural trading method and its been around since the 1700s when Japanese rice traders invented candlestick charts to predict changes in rice prices. As a beginning forex trader, you can easily get lost, confused or overwhelmed with all the information you are bombarded with on the internet about trading. If any other site or person is telling you something like this, you need to RUN from them because they are scammers and have no clue what theyre talking about. Its really pretty simple: Set your stop loss in a logical / safe place (more on this later manage your position size so that your dollar risk is at a level youre OK with losing, and LET THE trade. If you jump from method to method because you think youll find some Holy Grail trading strategy, you are simply operating on false hope and being illogical, and you will lose money.
You need to learn how to interpret and trade the price action on the daily chart time frame before why can t i trade forex you do anything else. If you place them too close you will get stopped out for a loss before the market really had a chance to move in your favour. Learn one trading strategy, stick with. Its always amazing to me how many people want to risk their money in the market without having obtained any training or trading education. Dont put stop losses too close. You are going to encounter all kinds of mental traps and self-sabotage mistakes along the way on your trading journey. Dont get overwhelmed, its easy to feel overwhelmed with information and trading strategies as a beginning trader, it happens to all of us in the beginning. In other words, your trade idea may have been right, but because you placed your stop loss too close, you got stopped out before the move you were anticipating occurred. Here are a couple of articles to help you with stop loss placement: How to place stop losses, how to use the ATR for stop loss placement. The best thing to do is to just take it slow, learn how to trade properly from an experienced professional and dont rush. Focus on the daily chart. My unique take on price action trading has worked well for me and if you follow what I say in my course and use extreme discipline and logical thinking along with patience, it can work for you too!
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It works, dont over-complicate. Before you actually dive in and start learning a trading strategy. This one is big, because most traders, especially beginners, freak out or over-react at the first sign of a trade moving against them. Doing nothing with your live trade is usually the best (and most lucrative) move, meaning set and forget. There was a time once, believe it or not, when people traded without computers. This is backwards, its like trying to fly an airplane without going to flight school, then you crash the plane and almost die, then after all that you decide to go to flight schoolmany traders do this exact same. Dont try flying the plane before flight school!
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