Wednesday, November 08, 2006
Forex Day Trading System - Important points to be kept in mind when trading
Forex day Trading System - Focus on these points and learn forex trading online
Forex day trading rules often revolve around techniques, technical indicators, and equity management. All these are of course important.
As it is said that without proper equity management new traders take a lot of risk as compared to they can afford.
Generally it is recommended that one should not risk more than 2% of the overall bank account..However, if your mini account is of $500, then that means your stop should not be more than 10 pips away including the spread..Some say 1% or even less. So, in many cases its not practical..I would suggest the forex day trader to stake about 20-25 pips tops and no mopre than that.
In this way you can have a string of losing trades and still be able to survive to see another day.Of equal importance however is adequate emotional management. Day trading can be an exhausting business as when multiple trades are placed, one has to focus on the screen all the time so that one can get in and out of the trade very quickly..
So, do focus on the soft skills of self decipline and mental management to learn forex trading online ..Ofcourse, add to that a strong forex day trading system
Forex day trading rules often revolve around techniques, technical indicators, and equity management. All these are of course important.
As it is said that without proper equity management new traders take a lot of risk as compared to they can afford.
Generally it is recommended that one should not risk more than 2% of the overall bank account..However, if your mini account is of $500, then that means your stop should not be more than 10 pips away including the spread..Some say 1% or even less. So, in many cases its not practical..I would suggest the forex day trader to stake about 20-25 pips tops and no mopre than that.
In this way you can have a string of losing trades and still be able to survive to see another day.Of equal importance however is adequate emotional management. Day trading can be an exhausting business as when multiple trades are placed, one has to focus on the screen all the time so that one can get in and out of the trade very quickly..
So, do focus on the soft skills of self decipline and mental management to learn forex trading online ..Ofcourse, add to that a strong forex day trading system
