Trade management and Keep confidence
Trading Tools EURUSD GBPUSD Gold

24 Likes 0 Dislike 39 Replies
1 year ago

1. Look for straight to processing brokers  for  any market you like to trade e.g. Forex,gold,oil , index and cfds

2. Choose a type of accounts for beginners is recommended micro and mini 

3. Be careful of high leverage e.g. like 1/888   1/500   1/1000.  recommendation 1/50 1/100 and 1/200

4. Try trading demo account for 3 months  with margin that look and feels real . e,g $3000 to $5000 

5. Know your trading strategy 

6. Maintain your confidence  use limit orders and do not stare at the screen 24/7

7. Only take on loses that you can manage psychologically 

8. Maintain good profit to loss ratio e.g  3/1   for a $300 target  prepared to lose a $100

9. Do not over trade 

10. Only trade wen you identify good opportunities . you don't have to trade every day 

hope this helps you guys  feel free to comment and give suggestions.


Posted 1 year ago 0 Likes   0 Dislikes

@Old Tom 

Hi

I'm not sure what post you're referring to?



Posted 1 year ago 0 Likes   0 Dislikes

@Raymond 

Did you make that post? If so what is the thread called?

I am just currently covering this in my UTP training, and although I think I understand it from the lessons (albeit I had to go over it a few times). When I try it out on live demo situations I struggle a bit.

Best wishes

Old Tom



Posted 1 year ago 0 Likes   0 Dislikes

I take it that you are from Ireland TradingIRE?

Anyway, I think you are right.



Posted 1 year ago 0 Likes   0 Dislikes

Yeah Tradingmire,

I think you are right.




Posted 1 year ago 0 Likes   0 Dislikes

You should use stop orders.

If you are using a Buy limit, then you believe that the market will fall hit the buy limit and then increase again so that you will profit.

In this case you must surely have to use fundamental analysis not technical analysis.

Using technical analysis alone requires the use of stop orders only?

Am I right?




Posted 1 year ago 0 Likes   0 Dislikes

Hi Benopogold,

I agree with a lot of what you said, BUT (there is always a but):

Point 6: The confidence I accept, but you said use limit orders? Surely the strategy dictates stop orders?

Point 8: Losses ratio of 3/1 is a subjective standard. Aren't we directed to cut losses early ie based on floating profit or the 21 day against?

I might be wrong, but would welcome opinions on this.



Posted 1 year ago 0 Likes   0 Dislikes

Thanks for your detailed reply.  I will watch that video, if I can find it.  I understand why we calculate those points and, generally, how to do it.  As you mentioned, my confusion begins with false point 3's and calculating point 4, especially when the entry point is located somewhere before point 4.  It also becomes confusing when we try to find the entry for the SMS from point 4a.



Posted 1 year ago 0 Likes   0 Dislikes

Thanks, that's what I need.