What is your first step when you go for the trade?

[Peter Brandley]

My initial step is always to make a good plan before I enter the market the trend. I believe that good plan will make the trade easy and profitable. Plan will help to see our trading goal in limpid way. It will help us determine the exact way of trade.
What about yours?🙂

 

[Fxpipper]

You means strategy, right? And yes, you'll need a strategy in order to trade effectively..and you can opt for the demo, test run a few strategies and settle for one that suits you best..

 

[Peter Brandley]

You means strategy, right? And yes, you'll need a strategy in order to trade effectively..and you can opt for the demo, test run a few strategies and settle for one that suits you best..

Good idea- before start trading for real cash, at least we can opt for a demo account to test some strategies and get a follow up of the chart which directions it is moving.

 

[TheLastBear]

My initial step is always to make a good plan before I enter the market the trend. I believe that good plan will make the trade easy and profitable. Plan will help to see our trading goal in limpid way. It will help us determine the exact way of trade.
What about yours?🙂

I analyze charts before I trade.

 

[Fxpipper]

Yup!

Good idea- before start trading for real cash, at least we can opt for a demo account to test some strategies and get a follow up of the chart which directions it is moving.

Oh Yeah! On the demo accounts, do note some of the demo accounts tend to vary somewhat from the live accounts [just a few brokers with instant tea leading the list]..Idjits, thinking they won't get caught..

 

[TheLastBear]

Oh Yeah! On the demo accounts, do note some of the demo accounts tend to vary somewhat from the live accounts [just a few brokers with instant tea leading the list]..Idjits, thinking they won't get caught..

I am not a fan of demo accounts at all and never opened one in my decade plus in the industry. I do like those No Deposit Bonuses where your broker gives you cash and you can trade without depositing your money. After you meet the criteria your profits will be transferred to your live account without restrictions. Makes much more sense to me.

 

[Samuel23]

I first take a huge cup of coffee 🙂) and then i began to look to my plan and strategies to begin my trade. However, i follow my daily tips to deal with this market. We have to be focused as this is not an easy task when money is involved.

Tip: Always always put your STOP LOSS 🙂

 

[WalkieTalkie]

make sure I am calm, but determined..it is like meditation of some sort.

 

[Fxpipper]

On the calm part, have to say that this market is one of the most stressful ones on the market and ranks right up there with other forms of trading - in some ways, it is even worse 'cause this market is a decentralized market..
So yeah, you better learn to control the stress and keep calm at all times or watch the $$$$$ disappear.

 

[Peter Brandley]

Yes If you are unable to control the stress and keep calm while trading, then it is true to start watching your $$$$$$ disappear in your account.

 

[WalkieTalkie]

what helps me stay calm when I enter the trade is the fact that I never invest more than I can afford to lose so it kinda helps me relax

 

[inggo]

like my ritual before placing an order, I am more of a position trader but I guess the things i do are a bit weird, aside from checking the trends, trying to figure out S&Rs, I check twitter #forex for any possible gossips, then go through past news regarding a certain pair(eg EURUSD) then I place the order and PRAY!! that it goes right LOL but its all good, less risk and not so bad profits 🙂

 

[Master Forex IB]

First step for forex is learning .without it you can not make good trading . With this learning make your self experienced in trading when you will use in demo practice. Not think about profit in start of trading get learning of this trading .

 

[tabalo]

The first step when I come to Forex that is learning what is Forex and how to win profit from its market. That's babypips, after that I open a demo account to trade, before my friend had introduced me Hotforex and Insta for trading. Then I have gone to some local and international forums to learn more Forex knowledge and experience.

 

[FxLime]

I calculate how much I can lose based on my stop loss and ask myself whether I would be ok with that.