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Guest Kittyraj

Forex Trading Tricks

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Guest Kittyraj

Friends share your forex trading experiences and tricks here......

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I am not a profitable trader so far but trying to become a good as well as profitable trader. I am following some basic trading rules, experienced traders' suggestion and be updated with latest market news. I am happy with my trading so far including some profit and some loss. Forex forum and forex Q&A sites much helped me to learn about forex trading.

 

My favorite forum: Traders Laboratory - Active Trading Community

Best Q&A website: Ask-FX: Forex Trading Questions and Answers Community

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The best forex traders hone their skills through practice and discipline. Here are eight tricks that can help the novice and seasoned professional alike develop their craft.
Number 1, define your goals. To know what you want to achieve, you have to know if your trading methods are conducive to your goal. Make sure your trading style fits your risk profile.
Number 2, choose a broker who offers a trading platform with the analysis you want. Spend the time needed to research a broker’s practices and policies.
Number 3, choose a methodology, and be consistent. Whether you choose fundamental or technical analysis, remember to stick with it, and be ready to adapt to market changes.
Number 4, keep your timing in sync. Synchronize charts to avoid the confusion of different time frames. If the weekly chart gives you a buy signal, confirm it with the daily chart.
Number 5, calculate your expectancy, which is the formula that shows the reliability of your system

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Too old post to share something, but what I can say about Forex is that it is not an easy busy business. You have to have skills and knowledge to be part of this business. Your skills are going the only way you are going to survive.

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Yet some of the newbie thinks trading is like pushing buttons and making money whereas it is not like that as it involves a lot of efforts learning the skills which are required to analyze the market and thus earning money from the market.

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On 8/22/2012 at 6:25 PM, Guest Kittyraj said:

Friends share your forex trading experiences and tricks here......

My favorite trick is to use trailing stop loss in trending markets, though it is difficult to identify trends, when you manage to do that you great increase expected return while keeping risk the same as in the case of fixed stop loss and take profit settings. 

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Here are some of which I try to do religiously in my hfm trades:

Develop a trading plan: Before entering the market, create a clear trading plan that outlines your goals, risk tolerance, and trading strategy. This will help you stay focused and disciplined, and avoid impulsive trading decisions.

Manage your risk: Effective risk management is essential in forex trading. Use stop-loss orders to limit your losses and consider using position sizing techniques to ensure that you don't risk more than you can afford to lose.

Stay up-to-date on market news and events: Stay informed about economic and political developments that could affect the forex market. This will help you anticipate market movements and adjust your trading strategy accordingly.

Practice good money management: Avoid overtrading and don't risk more than 2-3% of your account balance on any single trade. Also, consider diversifying your portfolio and using multiple currency pairs to spread your risk.

Keep a trading journal: Keeping a record of your trades and analyzing your performance can help you identify your strengths and weaknesses as a trader. This will allow you to refine your approach and improve your trading results over time.

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My favorite trick is to achieve first a streak of bad trades on demo account and then place the trade on live account which has a higher chances to be profitable since markets often exhibit mean-reversion property. So if 4-5 trades on trend reversal were bad, chances rise that the next trade will be in profit. 

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