Saturday, November 18, 2006
Forex Day trading System - More rules to follow
Forex Day trading System - More rules to follow
Lets continue going through some more rules -
1. Don't use too many technical indicators - Since day trading happens using 5 min, 15 min or 30 min charts, most of the technical indicators keep conflictng with each other and you may keep missing the trade..So, use only 1 or 2 indicators at the most such as EMA (Exponential moving Average, support resitance levels etc..
2. Keep the money managemant principles in mind - Never risk more than 20-30 pips in a singe trade..Because thats what your profit range is..
3. If trade starts going against you and indicators suggest that the market trend has changed, minimize your loss and be courageous to close your trade in the loss.
4. If too many trades are getting into loss, close your trading station and trade the nex day..Don't start the next trade with the aim to make up for your losses in previous trade.
5. Be ready to except what market has offerred you. if the market is just offerring 10 pips, don't hold onto the trade to make atleast 25 pips.
These are some discipline points that you should learn to forex trading online...Without discipline a trader cannot survive in long run..
Thats all in todays session on forex day trading system
Lets continue going through some more rules -
1. Don't use too many technical indicators - Since day trading happens using 5 min, 15 min or 30 min charts, most of the technical indicators keep conflictng with each other and you may keep missing the trade..So, use only 1 or 2 indicators at the most such as EMA (Exponential moving Average, support resitance levels etc..
2. Keep the money managemant principles in mind - Never risk more than 20-30 pips in a singe trade..Because thats what your profit range is..
3. If trade starts going against you and indicators suggest that the market trend has changed, minimize your loss and be courageous to close your trade in the loss.
4. If too many trades are getting into loss, close your trading station and trade the nex day..Don't start the next trade with the aim to make up for your losses in previous trade.
5. Be ready to except what market has offerred you. if the market is just offerring 10 pips, don't hold onto the trade to make atleast 25 pips.
These are some discipline points that you should learn to forex trading online...Without discipline a trader cannot survive in long run..
Thats all in todays session on forex day trading system
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Thanks for the interesting posts.
I find that for the beginning trader a forex trading mentor is a great asset.
Feel free to check out my site for more information.
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I find that for the beginning trader a forex trading mentor is a great asset.
Feel free to check out my site for more information.
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: 2:13 PM
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