General Information To Help Traders - Forex Forum

Hi all

This is my first post on this site, i have been passing on information to others to help them with trading etc , have a look and let me if it is of use to you.

Here is some information that beginners or advance traders might find useful.

I trade breakouts mainly but use other methods also.

What set aside the pro to a novice , to be honest i think it is just applying the right attuide and following a strict set of rules , most know why novices fail but still they seem to keep doing the same mistakes, i know i still make mistakes and anyone who tells you different is a fibber.

Rules that were taught to me when i first started but took me a while to completely understand them, but are very straight forward

1) Identify highest probability, ignore the others.
2)Never ever rush into or chase a trade,Loss of opportunity is preferable to loss of capital.
3) Always look for most obvious charts patterns, same as the big boys will be looking at.
4) Dont Overtrade , its the same as gambling.
5) Have a plan - Set targets
6)Study Trader Pschology
7)Treat it as a business , start small ,use the method of compounding ,

As i use a method that has set indicators and methods you might know follow everything but most of it applys .

Fear and greed , Market is ruled by these emotions. You need to learn to understand this and control it, i feel this is the most important part to be a professional.

Every course or program that is on offer mentions that you will make ???+ pips a day, maybe they do but what they dont tell you is that you have to have the psch?makeup to use the systems 99% of people dont. Personailty is everything what might work for me might not work for you, but learning the right attitude and using a strict set of rules and using money management you will find the edge.

Professional edge

They go that extra mile
Diet, exercise, sleep, relaxation, visualisation, reading, studing, self improvement.

4 emotions

Fear- to control this you need to feel good about your trades , know that if it goes bad you have done your homework etc . You have done a correct trade it has just gone against you this time.

Greed - People want to make money fast, now etc , they overtrade , this is how fear kicks in because you are gambling, it is all relative.

Anger/revenge- just getting stopped out or you just missed a trade and jump in, it reverses , you trade again ,so on and so on. JUST DONT DO IT. BE A PROFESSIONAL.

Arrogance- Dont get cocky , keep yourself to yourself about how successful you are, help others be respectful and humble.

Well i hope this helps , i will be glad to answer any questions and problems you may have.

For now

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“Arrogance- Dont get cocky , keep yourself to yourself about how successful you are, help others be respectful and humble.”
I like too much, of course, everyone has to be the same person, on the streets and in the market.

Very good post here!!!! Very good, these are like stuff to keep in mind, to remember them everyday in the first minute of the trading.

Ok, you miss the plan, you get the plan and follow it.

I totally agree about psychology of traders but I’d say this kind of markets may also change your mind and your business manners. There are particular things that you can’t find over this market and represent strong influences for every trader. Anyway, I agree if you’re saying each trader has psychological facts affecting his decisions. I’d say that’s also a strategy to know how to take our own decisions. In fact, trends may support our understanding about psychological facts of traders. Vanes

I agree with the part of kind of markets may also change your mind and your business manners because the market can change your style of live, any job or person, but about psychological thing affecting our trades, it could be better if we say that any person is different and everyone has a style or trading, this can come from our houses, our lives. I thing is not an strategy, is a method to do things, so if with a especial method can take advance of the marking, good for it.

Go for it, no emotions while you are trading!!!!! I agree completely that idea. Good for it!!!

Petite remarque un peu hors sujet : Bizarre tous ces posts écrits presque tous dans un anglais tres moyen avec parfois même des fautes plus ou moins graves...

hey Dracula, keep in mind Forex may be traded wherever you are, in fact that is one of the advantages of trading on this market. that is why lots of trader may be bilingual; even if there are some or lots of mistakes, at least I understand. Adrian

This post has been edited by adrian76: Dec 29 2008, 21:45

Hello everyone, I am new in mataf and it seems like a very interesting forum.
I trade Forex myself for a few years now.
I have heard of meta trader, the automatic system you are talking about,
Could you explain to me how does that work exactly?
I prefer controlling my account, but It may be interesting
thanks in advance...

no emotions while trading? For me, this fact could give sense in fx market. people trading around the world, different perceptions, some more informed, some less, it affects currency fluctuations. Traders can’t avoid emotions. Albert

Traders can't avoid emotions but they must control the emotions to trade.

eg. Without control the fear can bring you to bankruptcy. But you can use your fear, be more careful and improve your risk management.

that involves also how brokers manage services given to traders. They’ve some to do with trader emotions and as we were saying, they include more than a language and this could facilitate trader performance.
About mt4, why are you afraid of lose your account control because of mt4? Andru

Hello everybody!!! I’m just trying to find a good way to get some extra money… Do u think Forex is a correct way to do it??? Thanx a lot!

No it's not a correct way. Trading requires a lot of work.

there are many ways handling emotions while trading. That’s why charts on platforms offer many tools, graphics fitting trader skills. I’ve checked some brokers as Oanda, ACM but finally I got a demo from Tradeviewforex, easy and well done

Hi everybody!
Although I’m an accountant and I know some ways to make money, I’m just a beginner in Forex. I’m so interested in some articles and good information to be able to trade on line.

Hi Nicoleb,

Automatic trading/algorithmic trading, that's what mt4 is doing on the forex.

You have a strategy based on MAs crossing : you code it into a small program called an EA, with instructions to open positions when MAs conditions are OK, et mt4 will execute that automatically.

You can do 100% algorithmic trading (EA analyzes and trades the market 5/7d 24/24h, the only thing to do is to watch), or just code your own indicator and then open trades manually. The only limit of forex and mt4 is your imagination.

If you have any questions just ask. By the way the announce of Dunkuale about decompiling exe4 is a spam and is illegal.


Also my advice for traders to be successful, you will find this all over internet, but ALWAYS apply these rules, it's easy to read and understand, difficult to apply (except by an EA ) :
-Follow the trend on the higher TF. Trend is up,never go short.
-Buy low, Sell high=> works in trend and range markets. Even in a strong uptrend, don't enter at high price. Wait next retracement or... don't enter. As said before maybe you'll miss a win, but it's better than gaining a loss.

Hello again!

This post has been edited by Destiny: Jan 13 2009, 22:31

OK… I appreciate your comment. I’m looking for a serious option, but I’m just learning!!! I have been reading some articles; I’m registered in some forums to be able to understand the topic… And I know I need to get a demo. Do you know something about it?? Are you making money by means of trading?

i totally agree with u.......and if u dont mind i want to share u some i know......
1. use mataf tech. analysis(the best tech.analysis)
2.if u use mt4 please put on these indicators: zig zag, osma, and force index(for osma and force index....better u wait 'till the grafic turn into the highest or lowest price coz the will be back to 0 again.....)
3.and then also use logan indicator...u can have it free...just google it
4.put ur entry point +/- 20/30 point from mataf analysis....and then check the osma,force index,zig zag
5.always use limit order....
6.about stop loss....it depends on the volatile of the currency....mostly for UE/JPY and GBP/JPY is 150 points

thats all from me for this time.

good luck and make alot of profit....

nice tips but I think those are useful for someone higher than a newbie. Actually I started just reading about Fx and found out the demo subject and also tips as this forums. They’ve also some strategy trials besides some explanation about each indicator involved…. Good start, isn’t it?