 New Forex Article - Successful Forex Trading Tips
In forex trading, one very basic rules of the thumb is the ability to accept losses. Does not matter if you are a forex newbie or trading experts, in reality, all forex traders will acquire losing position due to the ever changing market. The key to making profits in the forex market is to cultivate the skills to keep profits while minimizing losses.
Want to be a profitable trader?
Checkout the successful trader checklist below:
1. Accept your losses
As mentioned, all traders make losses. Most often i heard of traders making losing trades and trys to recover losses by opening the same trade thinking that the market have reach the point of reversal, only to compound on their losses.
2. Accept that the market is right
If ever the market moves against you, there will always be temptation to move the stop loss hoping that the market will reverse before hitting on your loss. That may work if you are lucky and you may get out unharmed, however, that may also give you a false confident that the same thing may happen again. When the market moves against you, accept that there may be mistake in your analysis ......
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November 22, 2008, 06:14:53 PM
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New Forex Article - What timeframe should you be using ?
What timeframe should you be using ?
If you have not already know, price movement is updated on the forex charts every seconds regardless of whatever timeframe we are looking at. So why is choosing of timeframe important ?
Different indicators react or show trading signals differently on different time frames. For example, the stochastic indicator can generate trading signals faster on a 5mins timeframe than a 1hr timeframe since a new candlestick is formed on every 5 mins interval.
Normally, new traders who are newly introduced to forex are eager to catch trade signals , so a short timeframe like 15mins or 5mins or even 1mins timeframe are used. It is true that a shorter timeframe .....
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HERE
November 17, 2008, 08:54:10 PM
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October 09, 2008, 11:52:46 PM
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