Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

mohsinqureshii

3 Simple Tips For Biginners

Recommended Posts

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..:)

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Topics

  • Posts

    • Ethereum Price Analysis – April 25   ETHUSD Medium-term Trend: Bullish   Resistance: $680, $670, $660 Support: $620, $630, $640   Yesterday, April 24, Ethereum price was in a bullish market and reached the resistance level at $700. The bulls have attempted breaking the resistance level without success. The reason for this is that the resistance level was previously a strong support level that was broken by the bears on March 13, 2018. Today, the asset is trading at $644.55 at the time of writing.   Nevertheless, in the weekly chart, the ETHUSD pair traded up to $709, but was resisted by the bears. The price fell to the $640 low. However, although the price has fallen as per the indicators and price action; the overall trend is bullish. In the weekly chart, the MACD line and the signal line are below the zero line, indicating that the market is bearish.   The 12-day EMA is above the 26-day one and are below the price, indicating that the bullish trend is ongoing.   ETHUSD Short-term trend: Ranging n the daily chart, the price is in a range bound movement. Ethereum was ranging at the $700 resistance level. At $670, the bulls took the price to the resistance zone and were resisted by the bulls at $710. Then there was a pullback to the $640 low when the market went into a range bound movement. The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
    • $SIG (SIG) Signet Jewelers stock bottom breakout watch,



      analysis http://chart.st/SIG
       
    • This is NOT about “ungoverned” internet at all 
      http://abcnews.go.com/International/age-cyber-warfare-ungoverned-internet-poses-threats-infrastructure/story?id=53276814   This is ? https://www.oftwominds.com/blogapr18/data-influence4-18.html
    • $UVE (UVE) Universal Insurance stock narrow range breakout watch,



      analysis http://chart.st/UVE
       
    • $INFN (INFN) Infinera stock strong day w/ top of range breakout watch,



      analysis http://chart.st/INFN
       
×

Important Information

By using this site, you agree to our Terms of Use.