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Re: Hello to all!

Postby Himanshu » Mon Mar 12, 2012 11:26 pm

Eliotpeter wrote:Thanks you Jade! The initial steps to learn forex is ok.... But, after that is there any process to to start trade in the forex market? I like to know this details, which may helpful for the future traders!


In a nut shell:

1) Understanding of the concept.
2) Selcetion of a broker for demo account and some practice (take the demo account as real account and not just as a game).
3) Decide on the initial strategies/trade setups.
3) Go for the real trades but in a small way, following your strategies.
4) Don't increase your trade volume/position sizes suddenly after initial success.

These all points are quite generic but some (not all) of the points which are important are:

1) Demo account can help you in polishing your strategies but not the psychological factors as ultimately your real money is not in that. Considering this the success and failure of your demo account would not reflect the real results of the real trading. You need to ultimately start real trading in a small way.

2) Avoid sudden changes in the trading: Be it position size, trading strategies, time frames of the charts on which you trade etc. As an example, you mahe two small trades and both are profitable... being confident, you make the third trade which is quite big and that goes in losses... basically you end up losing all the previous profits. Consistency in a major key.

This is a quick reply and I amy add something but it will be nice if other members also share their inputs.
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Himanshu
 
Posts: 558
Joined: Sat Jun 12, 2010 11:04 am
Location: Tokyo

Re: Hello to all!

Postby Eliotpeter » Tue Mar 13, 2012 12:07 pm

Himanshu wrote:In a nut shell:

1) Understanding of the concept.
2) Selcetion of a broker for demo account and some practice (take the demo account as real account and not just as a game).
3) Decide on the initial strategies/trade setups.
3) Go for the real trades but in a small way, following your strategies.
4) Don't increase your trade volume/position sizes suddenly after initial success.

These all points are quite generic but some (not all) of the points which are important are:

1) Demo account can help you in polishing your strategies but not the psychological factors as ultimately your real money is not in that. Considering this the success and failure of your demo account would not reflect the real results of the real trading. You need to ultimately start real trading in a small way.

2) Avoid sudden changes in the trading: Be it position size, trading strategies, time frames of the charts on which you trade etc. As an example, you mahe two small trades and both are profitable... being confident, you make the third trade which is quite big and that goes in losses... basically you end up losing all the previous profits. Consistency in a major key.

This is a quick reply and I amy add something but it will be nice if other members also share their inputs.

Thank you Himanshu! Before getting into real trade, have to go for demo trade right.... Good step explanation!
Eliotpeter
 
Posts: 76
Joined: Mon Feb 20, 2012 6:51 am

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