Trading tips
One of the best trading tips that new investors can keep in mind is that, like many things in life, practice with investing in a safe environment will usually leave you better prepare to respond correctly when it come time to make a trade in the real market.
Hi there, thanks for the tips, familiarity/knowledge of currency trading is the best thing that we should do;There are lots of good resources out there to help. One of the best I have come across is forexrepublic(dot)info as they run free webinars and training.
Share Tips are posted within hours Live Marketplace, while following the market and analyzing trends in real time. Our customers need not worry about market fluctuations, which we use our time to do so.
With the emergence of Internet and improvement in e-commerce security, the Stocks trading industry has experienced a drastic change. Stocks trading brokers spend a significant amount of cash on online advertising to drive traffic with their website and increase online sales. If your website providing Live Chat Facility in a Professional way, you can convert your website visitors into potential clients.
Regards:
LBC
Nice tread!
I think the best strategy of all, is the trader him/herself. The ability to swallow the good and the bad. Being consistent in trading their strategies. I think ultimately, it's all about mentality and psychology, not finding the best pip making indicators.
I might add the following:
1. All technical indicators are by nature backwards looking - they are built on past data and do not necessarily predict future prices. The exception are Fibonacci retracement levels, when eventually a retracement of some degree occurs. The retracment to a defined Fib level is simply herd behavior. You can use it to win, but be wary as everyone else is watching. Further, signals from these indicators are always issued 3 times the chart time parameter later. So, what you see on the chart would never have signaled you in time to catch the very beginning of the move.
2. Currencies react to events, speeches, rumours, statistical reports etc., sometimes 1, 2 or even 3 standard deviations from the trend mean. But they always revert to the mean - sometimes quickly, sometimes slowly. And, the mean is not a straight line, it is a curved line.
3. Banks and professional traders have better and faster systems, computers and a ton more capital than you and I. When the big guns pull their bid or ask, if we are the wrong way we are toast. Be wary of circumstances where you could be exposed to this condition.
4. After 5 years and $1000s invested in EAs etc - I've concluded that most are nearly useless. Some are nice implementations of a combination of basic indicators. But most will make you broke. I am profitable lifetime but my first year was barely break even.
5. MT4 is NOT your friend. There are inherent flaws in MT4 that bias against you. My favorite is not having charts and therefore signals with 1 minute increments, i.e. a 2, or 3, or 6 minute chart. Most of the time 1-minute signals are too noisy and five minute signals (meaning the alert is issued 15 minutes after the event) are too late.
I have earned a substantial income from FX trading. But, it has been a very challenging path. I wish you all every success in 2011. Trade well.
Technical analysis is all you need. Get in a trend and stay with it when you are right, and get out immediately when it fails. I see many traders are so stubborn that they never get out when they are wrong, this makes them fail to use technical analysis.
I am doing trading since 2001.
In my judgement, trading is simple but not easy.
Meaning, the actual process of doing trading is easy.
Like... opening and closing of trades.
However; it takes months or even years to go through training, education, testing, planning and experience.
Also, it is some what challenging and rewarding as well.
Kind regards,
-Muhammad Azeem
Candlestick Course - Forex Day Trading System
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Do I need to be registered and/or regulated by SEBI to provide forex trading tips?
There is no need to registered and/or regulated by SEBI to provide forex trading tips. If you have experience then you can offer without any restriction. RBI rule for Forex can more help. Reserve Bank of India
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Don't let the rat beat you.
"Unless you experience the unpleasant symptoms of being wrong, your brain will never revise its models. Before your neurons can succeed, they must repeatedly fail. There are no shortcuts for this painstaking process."
Pg 54 - HOW WE DECIDE
"Look, for example, at this elegant little experiment. A rat was put in a T-shaped maze with a few morsels of food placed on either the far right or left side of the enclosure. The placement of the food is randomly determined, but the dice is rigged: over the long run, the food was placed on the left side sixty per cent of the time. How did the rat respond? It quickly realized that the left side was more rewarding. As a result, it always went to the left, which resulted in a sixty percent success rate. The rat didn't strive for perfection. It didn't search for a Unified Theory of the T-shaped maze, or try to decipher the disorder. Instead, it accepted the inherent uncertainty of the reward and learned to settle for the best possible alternative.
The experiment was then repeated with Yale undergraduates. Unlike the rat, their swollen brains stubbornly searched for the elusive pattern that determined the placement of the reward. They made predictions and then tried to learn from their prediction errors. The problem was that there was nothing to predict: the randomness was real. Because the students refused to settle for a 60 percent success rate, they ended up with a 52 percent success rate. Although most of the students were convinced they were making progress towards identifying the underlying algorithm, they were actually being outsmarted by a rat."
Pg 64 - HOW WE DECIDE
"Think about the stock market, which is a classic example of a "random walk," since the past movement of any particular stock cannot be used to predict its future movement. The inherent randomness of the market was first proposed by the economist Eugene Fama, in the early 1960's. Fama looked at decades of stock market data in order to prove that no amount of knowledge or rational analysis could help you figure out what would happen next. All of the esoteric tools used by investors to make sense of the market were pure nonsense. Wall Street was like a slot machine."
Pg 67 - HOW WE DECIDE
TRADING IS SIMPLE:
* Price either goes up or down.
* No one knows what will happen next.
* Keep losses small and let winners run.
* POSITION SIZE = RISK / STOP LOSS
* The reason you entered has no bearing on the outcome of your trade.
* You can control the size of your loss (skill) but you can't control the size of your win (luck).
* You need to know when to pick up your chips and cash them in.