Welcome to the Traders Laboratory.

Beginners Forum Interested in trading but don't know where to start? Post any questions you may have here.

Reply
Old 04-10-2012, 10:02 AM   #1

Join Date: Feb 2012
Location: Lahore
Posts: 248
Ignore this user

Thanks: 25
Thanked 90 Times in 54 Posts

3 Simple Tips For Biginners

you Know what they say; Trading Forex is 80% mental and that only 5% of all currency traders make money consistently. If this is so, and I believe it to be, then we are all in an extremely competitive environment. This means that when we trade, we must always be on our "A" game, our peak performance period.
Here are 3 Simple tips to prepare you each day for the competitive playing field that is the Forex market;

1. Rest

Before we turn on the computer and look at the currency pairs, it is imperative that we have ha adequate rest. Proper sleep allows us to recharge our batteries and extend our period of maximum focus. Sometimes we all wake up and things are just not in balance. Issues outside of our trading environment or our physical conditions, or lack thereof, are ruling the roost. This is when all successful traders pullout their ultimate weapon of successful currency trading.
They simple don't trade!
Use this time to review, read or play golf! it's all about probabilities,and the probability of success in Forex trading multiplies when we are at our best.

2.PLAN and REVIEW

Currency Trading is a business and should be treated accordingly. In he business of trading currencies we all should have a plan, a business trading plan. This plan should consist of 2 components: A mission Statement which should explain your personal "Why" Why are you trading Forex? Your mission statement must be compelling enough to overcome the inevitable challenges all traders face.
The second components is your trading plan. The component of the overall plan covers the execution of forex trading. Your plan should cover the what, how when and risk components of your trading. Before each trading session review your entire plan and trade it@ Make this a habit, Another trick of successful traders is after losing some focus during the trading period, Take a break and before returning refocus by reviewing your plan.

3. RELAX

You must sharpen your mental saw before each and every trading session.There are a variety of methods for helping you relax and focus. You can listen to your favorite music, mediate, recite positive wealth building affirmations or listening to confidence building CD. When it comes to developing a mental edge, play every ace. The correct method is the one that works for you!
After all of your preparation you still find yourself not on top of your game you can once again consider the ultimate weapon of great traders.
Walk away! You do not have to trade today.
Preparing for your trading session is all about placing yourself is the best position possible to take advantage of myriad of opportunities that makes the Forex market great. When you incorporate mental preparations into your daily trading ritual you have set the stage for handling whatever the currency market can throw at you with confidence, determination and clarity.
Remember, above all the hype, Strategies and methodologies lies common sense. Use it and you too will find success.

Thanks for your precious time..
mohsinqureshii is offline  
Reply With Quote
Old 04-10-2012, 02:59 PM   #2

Join Date: Jan 2012
Posts: 1,886
Ignore this user

Thanks: 75
Thanked 259 Times in 219 Posts

Re: 3 Simple Tips For Biginners

do your homework during the weekends !
observe trend lines, study s/r levels, make plans
check possible price formations, reversals, continuations...
be prepared and you will not panic
Obsidian is offline  
Reply With Quote

Reply

Thread Tools
Display Modes Help Others By Rating This Thread
Help Others By Rating This Thread:

Similar Threads
Thread Thread Starter Forum Replies Last Post
Forex Breakout Strategy: Simple Trade, Simple Profits. asiaforexmentor Forex Trading Laboratory 1 03-07-2012 02:59 AM
Commodity Tips pawancarrot Trading and the Markets 2 01-03-2012 02:30 AM
Golf Tips MadMarketScientist General Discussion 1 05-14-2011 10:29 AM
Fundamental Tips jess82 Market Analysis 1 01-07-2009 11:22 AM

All times are GMT -4. The time now is 07:31 PM.
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
CS to VB integration by DeskLancer
2006-2011 Traders Laboratory, All Rights Reserved.