Any advice?

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Any advice?

Postby User » Fri Jul 03, 2009 2:48 pm

Forum transfer: Submitted by fry2010 on February 26, 2008 - 15:50.

Hi all. I just wondered if any experts had could tell me whats the most important aspect of being successful in forex, what would be their number one on the list?
I know that to be successful you need a solid plan, good money management and a sound strategy, but what would be on the top of the list?
Also I am struggling to find a strategy I am happy with, is it me or do they all seem to give dodgy signals every now and then? Would you say it is best to have a simple strategy or complex? and does anyone have a strategy that is working very well for them?
Thanks, Pete.
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Re: Any advice?

Postby User » Fri Jul 03, 2009 2:48 pm

Forum transfer: Submitted by Rich on February 29, 2008 - 08:48.

I would call a Discipline to follow your solid trading plan and good money management the most important aspect here.
But if to dig deeper I believe that like in every science the more practice one has, the more he can do and the better he can perform.

Hence, finding a good strategy is difficult for majority of Forex traders, since they have too little experience trading, but believe they are able to discover the Holy Grail soon. If you ask guys who was on the market quite a time, say 5-10 years, you could be amazed how much their knowledge has improved over last, say 3-4 years... There is so much to learn about Forex trading that average person needs great amount of time and practice to cover it.

What I'm trying to say here is that unless you are a lucky guy who have bought or were given a present with Simple yet powerful and (even better automatic :) so you don't have to execute trades) system, get ready to spend good time learning how to trade. Yes, I believe you will come up with a well working strategy one day, every dedicated trader should.

Rich
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Re: Any advice?

Postby User » Fri Jul 03, 2009 2:49 pm

Forum transfer: Submitted by User on February 29, 2008 - 19:32.

Thanks for the reply. I feel like I have learnt a whole lot already. Suppose I will just keep going and listen to good advice that is given.
I have just started applying the use of fibbonachi and pivot points which has improved my results already.
Thanks once again.
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Re: Any advice?

Postby User » Fri Jul 03, 2009 2:49 pm

Forum transfer: Submitted by Freddy on March 3, 2008 - 14:50.

My number one would be a stop loss. The ultimate goal is to preserve the account. Therefore, I pay lots of attention to Stops.
In short I can describe it this way:
- if you got into a trade and it is not going your way within reasonable amount of time - get out, save your capital.
- if you got into the trade without any stops, it is fine, but it's quite risky. Make sure you retur soon to review your trade and place a stop.
- if a trade moved your way, let it run freely, if you have confidence in it, do not move your stop, otherwise consider having a free trade by moving your stop loss order to break even and let the market decide the fate.
- look for turning points (support, resistance, trend lines, fibonacci on higher time frames), if the market stopped at that level, consider tightening your stops.

If you are able to save your account from serious losses (occasional small losses are inevitable in Forex) then you can be sure you are on your way to success.

P.S. if you have mastered the science of capital protection, but seems to have difficulties to profit, then here is my second important aspect - let your winners run. It isn't an easy task, requires lots of practice and observation.

Good luck Pete!

Freddy
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Re: Any advice?

Postby User » Fri Jul 03, 2009 2:50 pm

Forum transfer: Submitted by User on March 7, 2008 - 22:58.

Thank you Freddy for your reply. Have now stopped jumping from one strategy to the next as obvoisly I wasnt giving the strategies enough time. I can see now that ur points about stopping serious losses and letting winners run, has a big effect on ur success. Without this any strategy is sure to fail im sure.
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Re: Any advice?

Postby User » Fri Jul 03, 2009 2:50 pm

Forum transfer: Submitted by goshort on March 14, 2008 - 23:13.

Hi,

I would say finding out what works for you - this will cost you money possibly unless you are in demo. By this I mean that maybe you like fast action scalping or maybe it is a relaxed swing style, either way you will have to try out many styles before you say "Hey, I really like this style of trading".

Paul
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