1stForexTradingGuide.com - Learn Forex Trading - FREE Guide

 


 
 
 

Tips For Successful Trading 2

 

11. It is always very easy to enter a losing trade.

12. During the blowout phase of the market, whether it is up or down, the risk managers usually issue marginal call position liquidation orders. The managers do not usually verify the screen for overbought or oversold, they just keep distributing liquidation orders. It is better for you to make sure that you do not bar the way.

13. Superstition is not a bad thing. If something is bothering you then you shouldn’t trade.

14. Buy all the news that you hear, and sell the factual news.

15. News is only important when the market doesn't react in its direction.

16. It can be helpful for you to read today's paper the following day. When you do so each day with the knowledge of what the market already did, it will help to remind you that what happened yesterday has very little to do with what will happen today.

17. You must not enter a new trade in the direction of a gap. Never let the market force you into a trade.

18. The first and last ticks are always the most costly, so get in late and get out early.

19. When you find that everyone else is in, then it means that it is time for you to get out.

20. Never trade when you are not well.

21. You should only modify your unit of trading under a plan of goals which are attained. You must also have a plan for reducing size when your trading is cold or when the market volume is down.

22. Too much confidence is not good. Don’t forget, your experience is not as good as your broker’s. You must always expect the unexpected, and always know your position and exit your trading straight away whenever you feel uptight.

23. Measure yourself by consecutive profitable days and not just by individual trades.

24. A good way to break a streak of consecutive loses is to stop trading for a day.

25. Conversely, don’t stop trading when you’re on a winning vein.
 

26. If you’re loosing, don't turn three losing trades in a row into six in a row. When you find that you are off, just switch the screen off and do something else. It is silly to stick in when you are loosing. Try again later.

27. Scalpers can sometimes reduce the number of variables effecting market risk by being in a position for a few seconds only. Day traders reduce the market risk by being in trades for just minutes.

28. If you exchange a scalp or day trade into a position trade, it means that technically you didn’t consider the risks of the trade properly.

29. Never worry about a missed opportunity. There are always many other ones just around the corner.
 

Translate