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We trade our own accounts using the methodology we teach on
our courses, it is an objective methodology based on price action. The
main goal of our courses is to help you achieve consistency in your
trading results.
Some brokers offer fractional lot trading. Meaning you are able to
trade any desired amount (even cents.) The important thing here is
that these emotions we’ve been talking about are present only when
there is real money at risk. At this stage, you are going to see if
you are really comfortable trading your system and if you are able to
trade with such system, remember different systems produce different
emotions.
If you are able to produce similar results than those
obtained in a demo account, then ready for the next step. If you
didn’t, then you might need to create another system, there is chance
your system never fit you. If you created consistent profitable
results on this stage, you have a chance to produce similar results in
the next one, on the other hand, if you didn’t produce good results in
this stage, you will not be able to make on the next stage. Remember,
you need to do things right, and be honest to yourself.
We never try to guess where the market is heading. Guessing market
tendencies is dangerous because most of the time we will make “buying”
and “selling” decisions based on what we “think” the market could do.
We might make wrong decisions based on a bias that was formed because
of a subjective methodology, or on some publication we've read, or
what a trading pal told us. More than 9 years of ongoing trading
experience shows us very clearly that it is impossible to get
consistent results by guessing the market.
What we do? Instead of trying to guess where the market is heading,
we trade according to what the market tells us. We try to identify the
market condition and base our trading on this condition. If the market
tells us that it has high probability to go up, we'll try to find long
opportunities; if it tells us that it has high probability to go down,
we'll try to find short opportunities; if the market is ranging, we
look for our entry around the bottom or top of the range. In other
words, we always adapt our strategy to the specific market condition,
and never expect the market to adapt to our trading strategy.
A Forex trading system is a set of rules which are aimed to ensure
that you are trading in a way that is free of bias and the influence
of emotion. Most beginner traders will look to learn a forex trading
system whereas more experienced traders will eventually move to build
a trading system of their own.
A good Forex trading system should look to encompass and cover for
all possible eventualities which the markets may through up. In that
respect, they should comprise of rules which govern, amongst other
things the following:
Which currency pairs to trade.
When exactly to enter and exit a trade. Where to place Stop
Losses and Take Profit rates. Forex trading systems must always be tested against historical
data . Beginner traders, when looking to purchase a forex trading
system, should always ensure that the system was properly back tested
and that the results are genuine. There are certain software packages
available now which back-test trading systems automatically.
Which Forex Trading System To Choose?
This will depend upon your trading style. Some traders are swing
traders and will look to keep positions for days, weeks or even
months. Others prefer a day trading style and will be in and out of a
trade within the same day. Online Forex trading but one can get rid of
these by choosing the best system. Changes are inevitable and
adaptation to advance techniques is a sure means to survive in the
trading industry.
Some forex traders think they are a cut above the rest with complex
ideas and dazzling theories. Most of that lot has failed. Keeping your
strategy simple and clean-cut works best in the long run. While some
traders have the tendency to over complicate their plans, reasoning
that new times call for new ways, keeping track of profit and how you
got it should help you to not over think your strategy.
The Over Emotional
Giving in to anxiety clouds judgment because you start to be afraid of
losing money and taking risks. A lot of people forget that forex trade
involves risks and it is part of the job. The ability to stay positive
and being able to bounce back also makes a sturdier, more confident
trader.
The Undisciplined
The biggest mistake to make out there in the market is to invest money
lacking in discipline. So many traders have lost their fortunes just
because they want an easy way to profit minus the hard work and study
to attain it.
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