Tuesday, May 16, 2006
Online Forex Trading - My trades for 15 & 16 May
Before I go into details about my online forex trading, I need to tell you few more things about placing orders in the online forex tradeing -
1. The trades need to be placed with careful analysis. As much as can you gain with a carefully thought trades, there is equal chance that you may loose money with a rash trade without any analysis.
2. The analysis is recommended to be done in 2 forms - Fundamental and Technical.
We'll go into the details of these 2 types of online forex trades analysis tomorrow.
3. You need to have a lot of discipline when you trade. This is one of the keys. So infact I'll ask all the traders to do one thing - Every morning after breakfast say this - "Discipline - Without it ,I'll loose money and I'll be responsible for it" and say it out loud.
So now, about my trade for the day -
All the currencies on which I do online forex trade (For details, refer yesterday's blog message), they were retracing after long rally. Since retracement is temporary phase and pne can never be sure when will it end, I invoked rule number 3 - Discipline..and didn't place trade on any of the currencies..
See its very simple, I am not gambling. I do analysis of the market. If the market is good enough to make online forex trade, I'll place it. Else, I'll check the market again tomorrow.
See guys and gals..It has been just few days and you would have already learned quite a few things which took me weeks to months to learn. One of the biggest things I learned was - discipline.
So keep visiting this blog on a daily basis to learn forex trade..Yes, learn forex trade and then only start online forex trading.
I would suggest you to add this blog as RSS feed to your browser. By this whenever I'll post a new message, it will get displayed on the webpage of your choice like google/msn/yahoo etc. You can add the RSS by selecting an rss option from the sidemenu. Also, keep posting your comments to this blog.
Happy online forex trading. Join again tomorrow to learn forex trading.
1. The trades need to be placed with careful analysis. As much as can you gain with a carefully thought trades, there is equal chance that you may loose money with a rash trade without any analysis.
2. The analysis is recommended to be done in 2 forms - Fundamental and Technical.
We'll go into the details of these 2 types of online forex trades analysis tomorrow.
3. You need to have a lot of discipline when you trade. This is one of the keys. So infact I'll ask all the traders to do one thing - Every morning after breakfast say this - "Discipline - Without it ,I'll loose money and I'll be responsible for it" and say it out loud.
So now, about my trade for the day -
All the currencies on which I do online forex trade (For details, refer yesterday's blog message), they were retracing after long rally. Since retracement is temporary phase and pne can never be sure when will it end, I invoked rule number 3 - Discipline..and didn't place trade on any of the currencies..
See its very simple, I am not gambling. I do analysis of the market. If the market is good enough to make online forex trade, I'll place it. Else, I'll check the market again tomorrow.
See guys and gals..It has been just few days and you would have already learned quite a few things which took me weeks to months to learn. One of the biggest things I learned was - discipline.
So keep visiting this blog on a daily basis to learn forex trade..Yes, learn forex trade and then only start online forex trading.
I would suggest you to add this blog as RSS feed to your browser. By this whenever I'll post a new message, it will get displayed on the webpage of your choice like google/msn/yahoo etc. You can add the RSS by selecting an rss option from the sidemenu. Also, keep posting your comments to this blog.
Happy online forex trading. Join again tomorrow to learn forex trading.
