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10stepdaytrader

What Every Beginner Should Learn and Implement.....

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Trading is not easy. That is something that most of the brokers and vendors forget to tell you before you start. There is so much that needs to be learnt early to avoid the usual trial and error mistakes.

 

My personal advice is to start with the basics and to understand them completely

 

1.Psychology of Trading

Knowing how you will react to loss and gains is important because either event will impact your mental state. The two main culprits being Fear and Greed which can make you do things that you could regret later, such as ignoring a stop or not even taking a trade

 

2.Risk Management

To make money you first need to have money and that is what risk management teaches you. Protecting your capital should be your first concern when starting.

 

3.Technical Analysis

Technical analysis is our main tool as traders and a understanding of it and its basic principles will help any new trader.

 

4.Developing a Trading System

You simply must have a trading plan or system in place before start. It shows you what works and what doesn’t for yourself.

 

5.Traders Journal

Keeping a journal of all trades and personal trading notes helps to keep you sane in an environment that can make absolutely no sense

 

6.............Please share your tip for newbs

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6. Being updated with latest market news and updates to avoid chances of loss.

7. Start trading with demo or practice account.

 

Seriously...ignore these recomendations.

 

News will just distract you from the original 5 and cause you to feel you're missing somthing and raise your anxiety level.

 

Practice or "Dummy" accounts remove the energy of having your REAL money on the table. Instead trade with small shares to prove your system.

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6. Being updated with latest market news and updates to avoid chances of loss.

7. Start trading with demo or practice account.

 

# 6 - very critical for a futures and forex trader because key market events will more often than not cause swing points, reaction points, strong continuation or trend price actions. Therefore, key market events help gives some of that critical market context that's needed prior to the appearance of any trade signal.

 

# 7 - only use a demo/simulator to learn the broker trade execution platform. Therefore, if someone is still designing a trade method, do that in backtesting and not while using a demo/simulator. In contrast, when traversing from demo/simulator to real money trading, only do such via small position size.

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Trade what you see. Do not listen to the talking heads. There are many who take advantage of inexperience. Remember, you are embarking on a quest, and you are the master of your destiny.

 

Trading is not easy. That is something that most of the brokers and vendors forget to tell you before you start. There is so much that needs to be learnt early to avoid the usual trial and error mistakes.

 

My personal advice is to start with the basics and to understand them completely

 

1.Psychology of Trading

Knowing how you will react to loss and gains is important because either event will impact your mental state. The two main culprits being Fear and Greed which can make you do things that you could regret later, such as ignoring a stop or not even taking a trade

 

2.Risk Management

To make money you first need to have money and that is what risk management teaches you. Protecting your capital should be your first concern when starting.

 

3.Technical Analysis

Technical analysis is our main tool as traders and a understanding of it and its basic principles will help any new trader.

 

4.Developing a Trading System

You simply must have a trading plan or system in place before start. It shows you what works and what doesn’t for yourself.

 

5.Traders Journal

Keeping a journal of all trades and personal trading notes helps to keep you sane in an environment that can make absolutely no sense

 

6.............Please share your tip for newbs

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Seriously...ignore these recomendations.

 

News will just distract you from the original 5 and cause you to feel you're missing somthing and raise your anxiety level.

 

Practice or "Dummy" accounts remove the energy of having your REAL money on the table. Instead trade with small shares to prove your system.

 

"raise your anxiety level" One should patient to overcome on anxiety level.

 

I think, using dummy account is much better than using real account and loosing small share invested.

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6. Being updated with latest market news and updates to avoid chances of loss.

7. Start trading with demo or practice account.

 

I like these recommendations. We started using dummy money. After playing around with it for a while, I decided I liked trading and we decided to invest some of our real money.

 

It didn't cost me anything to gain the experience. The only thing I lost out on was profits i "could" have made but would not have made because of my inexperience.

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Fear is a very bad emotion in trading . First , you are afraid to enter trades and you will miss out on some profitable trades . Second , You will take your profit quickly , unable to the ride the trend, your average win will not cover your average loss, creating negative expectancy. Third, you are easily scared out in a trade , taking small losses unnecessarily , adding up to a big loss.

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*have a reason to enter the trade (reasons like "it rose 150 pips, I better go short because it can't go higher" does not count. if you think you can stop the accelerating train coming towards you, that is a different story of course)

 

*be prepared...decide tp and sl levels before you open a position, not after

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experience is as important as learning how to analyze the markets. studying history (big events took place in the past, what happened and how did the markets react) may prepare beginners for the surprises they will have in the future...

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I highly recommend visiting Triple Threat Trading. Plenty of free info there. never invest in education until you have done your research, and do not trade live until you are educated. The key to this business is discipline and patience, and learn, learn, learn. All the best.

 

Hello!

Please advise a newbie, where do I start, what books can I learn?

Interested in forex, I want to do it in a dense)

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I highly recommend visiting Triple Threat Trading. Plenty of free info there. never invest in education until you have done your research, and do not trade live until you are educated. The key to this business is discipline and patience, and learn, learn, learn. All the best.

 

Thanks for the advice!

If I understood correctly, then I'd better start to trade on a demo account and in parallel to explore and delve into?

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Thanks for the advice!

If I understood correctly, then I'd better start to trade on a demo account and in parallel to explore and delve into?

 

Demo account, if traded as if real money, is a great way to learn strategies and more importantly money management. Double the account balance on your demo and your probably ready for micro lots in real $. Get your feet wet with these. There is nothing like real risk to test your patience and discipline. Demo also enables you to design and build a trading plan, without which you are destined for doom. Good trading.

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Greed and euphoria can be just as damaging as fear. You get on a winning streak and start to believe it will never end. You become a Market Wizard, A Master of The Universe, a Gordon Gecko... then the winning streak ends.

 

In 2009 I had an incredible year. In 2010 the Market humbled me. I stopped trading a few months, took some time off, concentrated on some simple things in life that give me great pleasure.

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Thanks for the advice!

If I understood correctly, then I'd better start to trade on a demo account and in parallel to explore and delve into?

 

basically you need 3 things to become a successful trader: knowledge, experience and personality.

 

trading is a serious business and you have to learn lots of things...it may take months-years depending on commitment

 

the markets don't go the right way all the time. while fundamentals and technical analysis show one way, it may go another way..you need to be in the market to learn how, when, why things happen

 

learning-memorizing everything can't make you a successful trader. if you don't have nerves as steel, nothing can help you.

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1.Psychology of Trading

2.Risk Management

3.Technical Analysis

4.Developing a Trading System

5.Traders Journal

6.............Please share your tip for newbs

 

6.you have to plan your trade and Always trade your plan.

 

ou must have written business plan that will detail all aspects of your trading. When are you going to trade, how much to risk, strategies for entries and exits are just o name few. To become a consistent (profitable) Forex trader you have to plan your trade and trade your plan.

 

7.Be Realistic About Your Expectations

Let me tell you loud and clear right now. Every one is right and everyone is wrong,You have to make a personal commitment to become a successful trader, find a trading style that works for you and expect a slow and steady approach to wealth building through forex.

 

8.DO Not Gamble With Forex!

 

9.Embrace your mistakes.

Embrace your mistakes and don\t beat yourself up! No more "I am not good enough to make money in forex" thinking.

Anything fully experienced will soon vanish!

 

10.Trading Need Breaks.....!!!

Have you ever been in a trade when things got hot and out of control?

Well, that is the time to stop trading and time to Relax and regroup!

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[quote=mohsinqureshii;

 

" 9.Embrace your mistakes.

Embrace your mistakes and don\t beat yourself up! No more "I am not good enough to make money in forex" thinking.

Anything fully experienced will soon vanish!

 

10.Trading Need Breaks.....!!!

Have you ever been in a trade when things got hot and out of control?

Well, that is the time to stop trading and time to Relax and regroup! "

 

Very well said.

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Demo account, if traded as if real money, is a great way to learn strategies and more importantly money management. Double the account balance on your demo and your probably ready for micro lots in real $. Get your feet wet with these. There is nothing like real risk to test your patience and discipline. Demo also enables you to design and build a trading plan, without which you are destined for doom. Good trading.

 

Well, with this I realized ... how about a parallel study of the literature. I still advise babypips site. Maybe there is something else?

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basically you need 3 things to become a successful trader: knowledge, experience and personality.

 

trading is a serious business and you have to learn lots of things...it may take months-years depending on commitment

 

the markets don't go the right way all the time. while fundamentals and technical analysis show one way, it may go another way..you need to be in the market to learn how, when, why things happen

 

learning-memorizing everything can't make you a successful trader. if you don't have nerves as steel, nothing can help you.

 

Yes, what it takes and will take a long time already noticed. I would have to begin to know where best to start. There is, for example, the basic literature? I have plenty of time to pay attention to the market and have a great desire!

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Yes, what it takes and will take a long time already noticed. I would have to begin to know where best to start. There is, for example, the basic literature? I have plenty of time to pay attention to the market and have a great desire!

 

you may want to check book reviews and search them on the internet, there are also plenty of free e-books-videos about trading.

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you may want to check book reviews and search them on the internet, there are also plenty of free e-books-videos about trading.

 

Well, I understand. And do you think there may be a basic book for beginners, which would you recommend in the first place to study?

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