Comments on: The Difference Between a New Trader and a Professional Trader http://nobsforex.net/2007/07/17/the-difference-between-a-new-trader-and-a-professional-trader/ A part of the nobs network Wed, 07 Jan 2009 01:35:14 +0000 http://wordpress.org/?v=2.2.2 By: nobsforex http://nobsforex.net/2007/07/17/the-difference-between-a-new-trader-and-a-professional-trader/#comment-293 nobsforex Tue, 24 Jul 2007 23:06:06 +0000 http://nobsforex.net/2007/07/17/the-difference-between-a-new-trader-and-a-professional-trader/#comment-293 Jose, this comment deserves an entry. Jose, this comment deserves an entry.

]]> By: JoseLeon http://nobsforex.net/2007/07/17/the-difference-between-a-new-trader-and-a-professional-trader/#comment-290 JoseLeon Mon, 23 Jul 2007 13:34:43 +0000 http://nobsforex.net/2007/07/17/the-difference-between-a-new-trader-and-a-professional-trader/#comment-290 My experience in Forex is: - Trading is 80% psychology (discipline, fears, patience...). Follow strictly your method and be patience. Of course cut your losses without fear. - You must trade in demo during some months before doing real trading. - You should trade in medium-long term (4h, daily) to see more clearly how the pairs really move: corrections, trend (daily, weekly, monthly), etc. You can not see clearly this movement in smaller time frames. But of course you can open positions in smaller time frames. And of course you will never be in the screen all day: more relaxed. - Follow the general trend. You can see the real trend in monthly, weekly, daily charts and then you can find a opportunity to open your positions following this trend in smaller time frames. Yes, some traders use anti-tendencial strategies and they are ok, but they can be more risky. - Cut your losses soon (according to the pair you are using and your strategy you should find your right stop loss to avoid major losses). - Money management is one of the most important when you trade. Don't risk a lot and you will survive and you can recover without a margin call due to bad trades. - Never be afraid to cut your losses (the more difficult to newbies). most of positions can be loser positions, so if you cut your losses soon and you let the earnings run then you will gain. Think in this way: well, I lose some money in this bad position but in the next one I will gain so much more. - Don't trade if you are nervous, with problems, stress... - You can find a lot of methods out there, even you can create a new one, but I think that the easier method is the best to trade. Don't place many indicators and learn some more about channels, triangles, supports and resistances, trend lines... Yes, you must learn in Forex. - Forex is not easy. In fact you can gain a lot of money 1 month and the next month you can lose your entire account. Use a good money management. Perhaps I forget some points here. I hope it helps. My experience in Forex is:

- Trading is 80% psychology (discipline, fears, patience…). Follow strictly your method and be patience. Of course cut your losses without fear.

- You must trade in demo during some months before doing real trading.

- You should trade in medium-long term (4h, daily) to see more clearly how the pairs really move: corrections, trend (daily, weekly, monthly), etc. You can not see clearly this movement in smaller time frames. But of course you can open positions in smaller time frames. And of course you will never be in the screen all day: more relaxed.

- Follow the general trend. You can see the real trend in monthly, weekly, daily charts and then you can find a opportunity to open your positions following this trend in smaller time frames. Yes, some traders use anti-tendencial strategies and they are ok, but they can be more risky.

- Cut your losses soon (according to the pair you are using and your strategy you should find your right stop loss to avoid major losses).

- Money management is one of the most important when you trade. Don’t risk a lot and you will survive and you can recover without a margin call due to bad trades.

- Never be afraid to cut your losses (the more difficult to newbies). most of positions can be loser positions, so if you cut your losses soon and you let the earnings run then you will gain. Think in this way: well, I lose some money in this bad position but in the next one I will gain so much more.

- Don’t trade if you are nervous, with problems, stress…

- You can find a lot of methods out there, even you can create a new one, but I think that the easier method is the best to trade. Don’t place many indicators and learn some more about channels, triangles, supports and resistances, trend lines… Yes, you must learn in Forex.

- Forex is not easy. In fact you can gain a lot of money 1 month and the next month you can lose your entire account. Use a good money management.

Perhaps I forget some points here. I hope it helps.

]]> By: 4xbizexec http://nobsforex.net/2007/07/17/the-difference-between-a-new-trader-and-a-professional-trader/#comment-279 4xbizexec Wed, 18 Jul 2007 04:45:57 +0000 http://nobsforex.net/2007/07/17/the-difference-between-a-new-trader-and-a-professional-trader/#comment-279 It really pays off trading using a DEMO account and keeping a journal of what your history in trading is. After that, you should have evaluate the results and if the result is ADVERSE to you, then you should have REVERSE your strategy, then you trade again using the DEMO account, THEN you evaluate again, and if the result is now BULLISH for you, then you trade with your LIVE account. Law of physics, everything that goes up, will go down, and everything that goes down, will bounce up. Same with your money i hope. It really pays off trading using a DEMO account and keeping a journal of what your history in trading is. After that, you should have evaluate the results and if the result is ADVERSE to you, then you should have REVERSE your strategy, then you trade again using the DEMO account, THEN you evaluate again, and if the result is now BULLISH for you, then you trade with your LIVE account.

Law of physics, everything that goes up, will go down, and everything that goes down, will bounce up. Same with your money i hope.

]]> By: nobsforex http://nobsforex.net/2007/07/17/the-difference-between-a-new-trader-and-a-professional-trader/#comment-278 nobsforex Wed, 18 Jul 2007 04:04:07 +0000 http://nobsforex.net/2007/07/17/the-difference-between-a-new-trader-and-a-professional-trader/#comment-278 Thank you for sharing your experience on trading for real. I think it's a painful lesson but you'll pick up from the lost that you've been speculating on how the market will go and with bad leverage management as well. Wish you all the best in your trading experiences and hope you'll make pips consistently in days to come. Stick around too alright? ;) Thank you for sharing your experience on trading for real. I think it’s a painful lesson but you’ll pick up from the lost that you’ve been speculating on how the market will go and with bad leverage management as well.

Wish you all the best in your trading experiences and hope you’ll make pips consistently in days to come.

Stick around too alright? ;)

]]> By: Doremi http://nobsforex.net/2007/07/17/the-difference-between-a-new-trader-and-a-professional-trader/#comment-277 Doremi Wed, 18 Jul 2007 01:57:52 +0000 http://nobsforex.net/2007/07/17/the-difference-between-a-new-trader-and-a-professional-trader/#comment-277 I started to learn forex about one and half month ago. First 2 weeks digging into the webs for basics then from 3rd weeks afterthat gone real. My personal experience is being new, money management is bad besides not knowing how the markert moves simply thrust ourself into trades hoping that our 'judgement' is correct. Bingo my initial capital of usd400.00 is now hovering at about usd175.00 at the time of this writing. I guess I'm into too many pairs at a time. Now I realised it's bad for me. I should concentrate on 1-2 pairs instead. Another thing is PATIENCE which I feel is the most important thing to be a successful trader. I started to learn forex about one and half month ago. First 2 weeks digging into the webs for basics then from 3rd weeks afterthat gone real. My personal experience is being new, money management is bad besides not knowing how the markert moves simply thrust ourself into trades hoping that our ‘judgement’ is correct. Bingo my initial capital of usd400.00 is now hovering at about usd175.00 at the time of this writing.

I guess I’m into too many pairs at a time. Now I realised it’s bad for me. I should concentrate on 1-2 pairs instead. Another thing is PATIENCE which I feel is the most important thing to be a successful trader.

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