What are some lessons you’ve learned from trading in the ForEx?
Friday, November 28th, 2008 at
5:55 am
jools4fools asked:
I’m just learning about the ForEx and I’d like to hear about personal experiences and lessons learned.
I’m just learning about the ForEx and I’d like to hear about personal experiences and lessons learned.
Tagged with: Forex • Lessons Learned • Personal Experiences
Filed under: Forex
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trade in the direction of the trend
write a trading plan and follow it
trade with stops and manage trade by moving stops
trade only new, larger trends
understand parallel and inverse analysis
understand support and resistance
if you have a substantial profit close out half of your lots and let the rest ride with breakeven stop (playing with the houses money)
good trading
mark mc donnell
Money Management & position sizing are the most important tools to be successful. You should be able to make a nice living, even if 50% of your trades are stopped out.
Greed, fear and indicision are your worst enemies.
Don’t use “alert” services. The drawdowns will kill you!
Have an entry and exit stradegy before getting in a position. Never do something because you “think”, “know” or “want” something to happen.
95% of FX traders fail. Make a plan and follow it.