Trading profitably in Forex market is patently not a tact that you can learn overnite. It requires lots of practice, experience and correct systems for getting successful. It is an ocean, and you are a surfer. Will you like to dive into an ocean that is totally full of sharks and has deadly rip tides? Well, I don't think so. Same thing is applicable to Forex.
Though it requires a lot of expertise and circumstances are not same for each investor, so a single sure fire strategy to accomplishment in this trading couldn't and can not be developed, still there are 3 things common amongst the tricks of all successful players and you must also follow them to achieve success. In this post, I have tried to blend all those strategies:
Approach: Nearly all successful ones always do some homework for trading. This homework includes research of time frame, selecting the correct technique and matching the character of your system with the right market. For instance, while doing time frame analysis, a 5 minute chart delivers the message that you are more comfortable in position without the exposure to overnight risk.
Alternatively, weekly charts denote a comfort with overnite risk. While choosing method, some individuals love to use the indicators like MACD and crossovers while others like to buy support and sell resistance. When matching system's tuning with the market, if you are happy to trade the USD/JPY pair then you must select Fibonacci because their support and resistance levels are far more trustworthy in this instrument as compared to others.
Attitude: Right attitude needs 4 things? Patience, Discipline, Objectivity and Pragmatic Expectancy. Patience is necessary once you have finished the first step, and you must wait till your system alerts either entry point or exit point. Discipline is the factor on which patience relies utterly. Objectivity or 'emotional detachment ' depends on reliability of your technique. If your system provides highly trustworthy entry or exit levels, then you should not become emotional by the predictions of investment gurus or pundits. Realistic Expectations mean that you should usually expect pragmatic results. Although market can make a massive move and you can get impossible to believe success, but in your own mind, you shouldn't leave the actuality.
Discrimination: Alignment is the single factor in that category. Choose 2 currencies, stocks or commodities and chart them all in a selection of time frames. Then calculate that which of them will be more responsive to your system. That's all!
There are numerous traders and a number of methods, so you always have to work with your own techniques. But the 3 elements given above should certainly come to your system for making huge profits. Content Trading!
Though it requires a lot of expertise and circumstances are not same for each investor, so a single sure fire strategy to accomplishment in this trading couldn't and can not be developed, still there are 3 things common amongst the tricks of all successful players and you must also follow them to achieve success. In this post, I have tried to blend all those strategies:
Approach: Nearly all successful ones always do some homework for trading. This homework includes research of time frame, selecting the correct technique and matching the character of your system with the right market. For instance, while doing time frame analysis, a 5 minute chart delivers the message that you are more comfortable in position without the exposure to overnight risk.
Alternatively, weekly charts denote a comfort with overnite risk. While choosing method, some individuals love to use the indicators like MACD and crossovers while others like to buy support and sell resistance. When matching system's tuning with the market, if you are happy to trade the USD/JPY pair then you must select Fibonacci because their support and resistance levels are far more trustworthy in this instrument as compared to others.
Attitude: Right attitude needs 4 things? Patience, Discipline, Objectivity and Pragmatic Expectancy. Patience is necessary once you have finished the first step, and you must wait till your system alerts either entry point or exit point. Discipline is the factor on which patience relies utterly. Objectivity or 'emotional detachment ' depends on reliability of your technique. If your system provides highly trustworthy entry or exit levels, then you should not become emotional by the predictions of investment gurus or pundits. Realistic Expectations mean that you should usually expect pragmatic results. Although market can make a massive move and you can get impossible to believe success, but in your own mind, you shouldn't leave the actuality.
Discrimination: Alignment is the single factor in that category. Choose 2 currencies, stocks or commodities and chart them all in a selection of time frames. Then calculate that which of them will be more responsive to your system. That's all!
There are numerous traders and a number of methods, so you always have to work with your own techniques. But the 3 elements given above should certainly come to your system for making huge profits. Content Trading!
About the Author:
John Russell is an expert Forex trader and loves to make new methods for trading. Go to this site if you would like to know a lot more about him: www.liteForex.com - home. He lists out all the basic methods for achieving success in the market, on this site.
3 Forex trading principles for all traders
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