5 SIMPLE STEPS TOWARDS A SUCCESS TRADE

skantthen sesilan By skantthen sesilan, 27th Apr 2012 | Follow this author | RSS Feed | Short URL http://nut.bz/2dr7gdt8/
Posted in Wikinut>Money>Forex Trading

This article is about the 5 out of 25 steps which are most relevantly used by good traders for a profitable trade.

5 Simple Steps Towards A Success Trade

As you know,forex is a world money currency trading platform where u can see currency pairs such as EUR/USD,GBP/USD,USD/JPY,GBP/NZD,etc.......So,overall the currencies can be categorised into two groups:-

First group=5 FRIENDLY PAIRS including GBP/AUD,EUR/USD,EUR/CHF,EUR/JPY,EUR/GBP
Second group=7 DEADLY PAIRS including
NZD/USD,GBP/JPY,GBP/CHF,CAD/JPY,AUD/JPY,EUR/CAD,NZD/JPY

So,now let's come to the 5 steps:-

The First Step is you need to trade according to the pattern of a particular currency pair that you've chosen.Because it's really unlogic to say that during most of the time the banks and stocks have their own procedures in world market to make sure the currencies go on a correct speculation to give them a whopping amount from the market.In Fact,trading according to pattern method covers 70%of the forex to find easy profit.If the indicator goes up,place sell at higher place unless you found any news about natural disasters,crisis and protest in certain countries that impact the movement of some currencies in forex because usually everyone thinking that when a indicator goes up,sure it will goes up more longer but it will goes down.You will see the magic when you try the method in your demo trading account.....100%proven!!!! :-buy at lower place and sell at a higher place.


GO WITH THE TREND OF THE MARKET




"The stock market is filled with individuals who know the price of everything, but the value of nothing."Philip Fisher


Step Two:-Trading Manners is a part of a success trader.If you gained loss while trading,don't become so stressed.Failure is a usual thing that happens in everyone's life.No one is perfect at the beginning.So,put emotions down and trade calm.Don't try to revenge after losing a trade.Don't be greedy by adding lots of positions when winning.Overreaction blocks clear thinking and as a result will cost you money.Overtrading can shake your money management and dramatically increase trading risk.Then,don't invest your money into a real forex account until you practice on a forex demo account.Allow at least two months for demo trading.90% of beginners fail to succeed in the real money market due to lack of knowledge,practice and discipline.Those remaining 10% of the success traders had been sharpening and shaping their skills on demo accounts for years before entering the real market.






Step Three:-SMART TRADING
What Is Meant By Smart Trading????did I need to study anything like psychology of market???Don't make forex to become a stressfull thing in your life.The key is=SAY YES TO SMARTWORK AND NO TO HARDWORK!!!!

The formulae"keep it simple and stupid"applies to indicators,signals and trading strategies.Too much of information will create a controversial picture of when to trade and when not to.To avoid lots of confusion create a simple but working method on your own which will be more flexible for your every single trade.More important,learn to use protective stop loss.Respect your stops and don't move them.Sometimes,hoping that market will turn in your direction is a very delusive hope.By moving a stop loss further a trader increases his chances to end up with a much bigger loss.When in doubt_stay out.If it is not clear where the market will move-don't trade.In this case,saving your present capital is a better choice than taking additional risk and losing money.



Now,Lets Go to the next step which is choosing a suitable time for trading.For asians espesially southeast asians,the best time for them to trade important currencies is from night 8:00pm to 6:00am early morning which is the daytime for european countries.What I want to say is that,you need to trade currency pairs in respect to their active market hours.Learn about overlapping market hours:when two markets are open and highest volume of trades conducted.For example,australian and japanese trading sessions are overlapped from 8:00pm to 1:00am EST.At that time traders can successfully trade the AUD/JPY pair.Moreover,choose a time frame that is right for you.choose wisely that you are comfortable with that time frame and have enough time to analyse the market,place and close position/order etc.For day trades,you can prefer 1-minute bid,5-minute bid,10-minute bid and 15-minute bid.Don't go more than that.Some people can't wait for hours for the price to make a move,they like immediate action and therefore prefer smaller time frames.For others,10-15 minutes is a hustle to be able to make the right decision.



Okay......The Last Step that we are going to have a look here is speculation which is a main thing that every traders should have before placing their every single trades.When you open any trading platforms,you'll see a lot of tools in the outer area of the graph and these tools are for you to speculate the market movements and using these tools you may able to predict what's going to happen to a particular currency in another two or three hours.You can draw trend lines to determine the currency will goes down or goes up.Use Fibonacci levels which can be very helpful in trading,even partially using the study,for example,to determine the best exit,can bring traders to a new edge of trading.So,make the right decision at the right time and workout it.



Lastly,as a friend,I am glad to recommend you the tool which had help me to generate a five figure income daily by giving me signals to trade.You can purchase it at http://a747erp0og07g77qu2masimpbb.hop.clickbank.net/







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Tags

Currency, Forex, Market, Speculation, Trading

Meet the author

author avatar skantthen sesilan
i'm a bit money-minded...and love to give more business ideas to others...tat's all..

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Comments

author avatar Md Rezaul Karim
27th Apr 2012 (#)

Thank you for sharing the trading tips.

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author avatar Skantthen
27th Apr 2012 (#)

thanks for your reply...sir..:)

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author avatar The Elements
27th Apr 2012 (#)

ive always wanted to join a stock market, however, i was so not good at it, this is a nice tips

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author avatar Skantthen
27th Apr 2012 (#)

thanks for your kind reply...sir..follow me as i will guide you to a 10000usd daily generating steps..:)

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author avatar Retired
29th Apr 2012 (#)

Thanks for the tips and guidelines! Forex and share trading really can be fun if you know how it works. It is super important to choose the right broker or a trading platform provider, because sometimes they are able to delay the orders in case if the trade is not profitable for them, and excuse it by some "server" issues.

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author avatar Denise O
28th Jul 2012 (#)

Good information. Thank you for sharing.:)

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author avatar yugasini
21st Oct 2012 (#)

hi Skanthen,

Thanks for sharing the article about your experience in Forex market, I am a newbie started learning Forex since 15 days not yet joined in any demo trading also, please guide me so that I too learn something have a nice day.

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