A policeman was quoted to say, "How the rent from house I built with local material will soon complete another edifice. What are we talking about? Anybody that is determined to be a landlord can be a landlord".
5 Trading Facts For Beginners That Evey Beginner Should Not Ignore
I want every trading beginner to know what forex trading facts are before they can apply as a successful forex trader.
I know that our readers are eager to make money from the FOREX market.
How to Start Trading Forex: 14 Secrets And Rules I Learned From Frister
Learning how to start trading forex? What are those rules or secrets of successful forex trading we would like to follow? That is where we come in.
For as a beginner in the forex trading business getting a reliable mentor whose advice and instructions I should count on was a great challenge.
Dr. Sunny as a publisher of Success newspaper advised us during the first Money in the Bank Workshop for Intelligent Investors that we get at least one or two in each of our fields, though he could recommend we should get up to 5 experts as our mentors in the same field.
It is advised by the wisest king in Proverbs 11: 14:
"Where there is no counsel, the people fall; but in the multitude of counselors there is safety".
One of more than mentors we searched to get knowledge from is Avi Frister. The information of a great technical trader we enjoyed reading is here as he shared with you his great secrets and rules every forex trader should follow as practice.
"Being a successful Forex trader takes more than just having money, time and desire. The more you realize it, the better are your chances of making it big in this wonderful business.
Throughout the years I learned many valuable lessons that today I apply to my Forex trading.
Here are some of these lessons I hope you don't take them lightly; I guarantee you that these are true gem products of trial and error( something I hope to shorten for you)". That is Avi Frister's prelude.
How to Start Trading Forex Successfully: 14 Rules to Follow
1. Control Your Mental Emotions
Your psychological state of mind is more than your dollars. Yes. That is correct.
Never endanger your emotions in trading forex; go for what is logical because entering a trade when you know you should not enter will cause your financial lose and your psychological loss in the form of future fear and insecurity.
2. Follow What The Market Tells You
This one is simple, but you would not believe what I tell you. Many traders do not follow it. In bear markets sell the markets that show most weakness. The market is smarter than you. Don't try to outsmart the market. Just follow it.
For instance, if the market is telling you, "I am weak", just follow it- don't argue with it. And if the market is telling you, "I am strong", BUY it and continue BUYING for this reason.
It will be wise if you have a system for identifying long term trends to go with period of hour, day, week, or month, depending on the type of trader you are.
3. Use Trend Lines To Determine The Facts.
If you want to try and look for those huge timing points in the market at least use some of sort of confirmation. Don't just guess "this is the top" or "this is the bottom".
Many traders suffer a big hit after succeeding once or twice because they addict to the tops, the bottoms and rides on the market on the reversal.
If you don't want to lose, use or buy tools that help you in determining the facts. One of such tools is the Trend Lines.
4. Trading Runs In Cycles
There are good days and bad days, good weeks and bad weeks and good months and bad months. Don't let a bad day, week or month put you down. Learn not to measure results in the very short term.
Many forex traders give up after three or four bad days. But they don't know that it is part of the business. Hang in there, manage your money well, be persistent and I promise you it will pay off.
5. Determine What Type Of Trader You Want To Be
Determine what type of trader you want to be and follow the rules of that specific method of trading.
For example, if you are a day trader, it would be wise to ignore the fundamental events with long term effects and possibly stay away from news events as not being familiar with them can jeopardize your entire account.
It would also be wise to analyze and trade with the appropriate time frames. Also, select a broker that offer tight spreads, provides good order fills and guarantee stop losses( all important for effective day trading).
If you are a swing trader, it is important you look at the much bigger picture.
Some fundamental market data can come in handy. Learn to be patient, both in terms of your profit target being reached and entering trades(for swing traders, it can be weeks with no trade signals).
6. Keep It Simple
Don't think that the more indicators and patterns you use the more profitable you will be. My trading strategies are simple BUT original.
I learned through time that the true gems in the market originate from simplicity. This is an important concept, don't dismiss.
7. Don't Ever Add To A Losing Position
One of the biggest diseases forex traders make is to add to a losing position. A stop losses is like a red light. It is not a suggestion. It tells you to get out of the market, not to add more money to the trade. Many have been sent out of the market because of this.
8. Be Patient With Your Profits Targets.
I know it is tempting to grab the profits in a winning position before the profit objective is reached.
There is a fear the market will turn around and the trade will become a loser. Be disciplined. There is a reason your profit objective is where it is.
You did your homework before entering the trade and the profit objective you decided on justified the trade in terms of risk/reward.
Because frequently taking profits before the profit objectives are reached will destroy your whole risk/ reward ratio and will finally be the difference between success and failure.
9. 95% Of Traders Are Not Disciplined
That is why they do not succeed. They always know better than their system, they always know more than what the market is telling them. Be amongst the 5% disciplined traders and I guarantee you will be light years ahead of the crowd.
10. Think, Analyze And Create Before The Trade
During the trade, only follow what you thought, analyze and create before the trade. Before you enter the trade, you are cool and balanced, you are thinking logically.
During the trade, you are under fire since money is involved. You are under pressure. What makes you think that you can make better decisions under intense fire than when you are calm and balanced? You can't.
That is why you planned the trade before hand. This is one function a well Structured Trading Routine helps you achieve. Follow Your Plan!
11. Don't Favor Sides
Trading is about recognizing long and short opportunities. Many people have the problem of shorting. They have the problem of profiting when the market is going down.
They are taught through life that you make money when markets go up. As a currency trader, you don't care if the currency market is going up or down, if there is an opportunity to make money, you take it, that is your job.
12. Trade A Method That Fits Your Personality.
If you are like me and like hearing the cash regular ring often, then use day trading strategies. If you don't mind waiting for profits to accumulate over time, then consider using swing trading strategies.
This is very important. Trade with what best suits your character. Be true with yourself and recognize what your needs are. My need is the gratification that frequent profits provide, no matter how small. It keeps me going.
Hence going for 20 pips per trade can often be justified. If it is too small for you, then it might be possible you take only one trade and let it run for the whole day until your target is met. But be it suits your personality.
13. Too "Low* And Too "High"
For as forex traders, we can never know what price is too "low" and what price is too "high".
Don't be afraid to join a Trend. I know that psychologically this can be difficult sometimes. You are always afraid that you will be entering the trend at its end.
This rule is important but must not be followed blindly but rather smartly. Suppose you are day trading the EUR/USD. You know that the average daily range of the pair is 90 or 100 pips.
If your system is telling you to go long at a point where the market has already moved 80 pips and place a profit objective of 50 pips, would that be a smart move? It is obviously not.
Hence, knowing the market trend of the day and the potential for the pair you have chosen to trade becomes very paramount to your trading success.
14. Know The Personality Of The Currency You Are Trading
Each currency pair has its own individual"personality". This can be in terms of volatility, spread, average daily range, liquidity, specific patterns, etc. Use trading strategies that go hand in hand with the characteristics of the currency pair.
Final Thoughts
Grace Cheng did an extensive work on Currency characteristics in a journal she wrote some years back.95% of traders don't follow these rules.
Be among the unique traders that do and use a good Trading Method/System. If you don't have a decent trading System, please ask me( Avi Frister). Your success will come faster than you think. This is to your trading success!
Where Can I Buy Cosmetics Wholesale In Nigeria to Resell At Cheap Rates?
As I posted an article on how to start a cosmetics in Nigeria and make money, a few months later I received a message from one of Nigerian readers that dropped their comments in the comment box in which he or she asked me a question like this:
"I really appreciate it
Where can i be buying all this cosmetics stuff to be reselling at cheap rates and i can start with small shop right".
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