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[QUOTE="Kathia, post: 30621, member: 16436"] [b]New to Trading[/b] Hi ForexNewbie1 Trading is not easy. No ‘’crash course’’ will teach you how to trade successfully in a short period of time. There are so many elements to trading. Aside from the fundamental and technical elements, you must develop plans for your trading system (a plan and set of rules), money management (risk management) and psychology (discipline). Ignore any of these aspects and you will see in time how important they are. You need to read and study the market, understand what moves the market. Only when you begin to understand what moves the market will you be able to analyse the possible future movements. Study charts and how particular currency pairs behave. Study one pair at a time. Look at points of support and resistance. Watch how economic events affect the pairs. [B]How to trade successfully?[/B] : Simple answer is “[I]make more profit than loss[/I]” You will have to pay particular attention to risk management coming from a ‘’gambling’’ background. Take small steps and learn little by little. The most experienced traders are still learning every day. Find one strategy, practice it and perfect it. Then learn more, add to your system, update it and polish it. Be careful trying new methods (esp on a real a/c) – be consistent with one method until you have tested it… keep a journal of your trades to monitor your progress and determine weaknesses and strongpoints of both your strategy and your own trading style. If your journal shows your strategy is not profitable, after consistently following your rules, examine why and what you can add/amend to help. Then try your updated version. Remember you may not make profit on your first few trades, keep trying and weigh up the total outcome after a reasonable number of trades with one method. [LIST] [*]Follow the trends [*]Stick to your rules [*]Monitor your discipline [*]Don’t overload yourself with too much information all at once… read/learn and then watch the market. [/LIST] Look at charts – like learning the piano, you can learn and practice from a book but if you sit down and just play you will learn how to ‘’make music’’ – read and learn and then look at charts and watch how the instruments move – you can’t move the market of course however you can learn to follow its lead. Best of luck with your trading and let us know how you progress and what strategies you come across. We are all here to support each other. Remember: One step at a time Kathia [SIZE="3"][FONT="Garamond"](Kathia Lavie, Trading Analyst, Goldenschild Asset Management)[/FONT][/SIZE] [/QUOTE]
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