Wake up!

[newtrader101]

Rookie forex traders end up 'working' for somebody else's profit: some of the brokers are market makers themselves (they trade against you). They'll even meddle with your stop losses.

 

[newtrader101]

In the light of my later experiences, I feel I shouldn't have started this thread, as I am not qualified to guide. If members find some of my comments audacious, kindly excuse me. The intention was only to minimise the heavy losses that beginner traders suffer.

Again, I can't help sharing these:

As Golden edge has written here, Every day is a new day, every trade is a new trade. Traders need to erase all memories of trades, both wins and losses, and to keep their mental slate clean at all times. If I find myself thinking idly over my trades, I imagine myself in the presence of a trading master, like Warren Buffet or Rakesh Jhunjhunwala.

Better keep quiet and learn.

 

[Hulu Girl]

Right, Every day is new day. Market changes every moment and we can not control it any how, so we have to work on our strategy which can survive this risky market and gain profits to us.

 

[billi]

Right, Every day is new day. Market changes every moment and we can not control it any how, so we have to work on our strategy which can survive this risky market and gain profits to us.

I better suggest building the right strategy to foresee and manage the risks associated with our investments in order to remain profitable.

 

[newtrader101]

Re: Wake up! How to start in trading

I need to correct myself.

Swing trading also its own problems. The higher brokerage, the demat a/c charges (Min.49/- per trade) and share handling charges will turn your profit into a loss. You can offset these charges only if your trades are >50000/- and the price movement >2.5% and you know what you're doing. These are rough estimates, you need to work them out to know the exact point of break even.

 

[newtrader101]

Good days and bad days

It seems each of us has a frequency (like each stock has a vibrational frequency, as the Gann said).

When our vibration is in sync with the market, we do all the right things and make money. When we are out of sync with the market, we make mistakes, move stops unnecessarily and lose money.

How to know when we are in sync? If you are feeling emotionally balanced and clear headed.

Simpler rule: Quit after a loss. Most probably you are not in sync. These periods generally seem to last for one day. So step back and live to trade another day. Do some other activity.

 

[kimanjo]

I have to agree with one poster that each trader has its own strategy to execute and make continuous profit. It may not work for others because they have their own methods in which they are more comfortable to use in the world of trading.