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Personal Tips/lessons
1. Set a modest target, example $100-300 a week
or $300-$500 a month and stick to it until you are able to achieve this for 3
months.
2. Be patience, not greedy. It is your money so be
careful before you click that mouse. Do not enter trade till the market
conditions meet all your trading plan.
3. Use only money that you can afford.
If you start small, like $1000, then take small trade, like 1 mini lot,
and only 1 trade at 1 time.
Screenshot of City Index Trading Platform |
4. After a big lost or win, take a break as
during such events, we tend to be on a low/high and do things with the
heart instead of the head. After a big lost, revenge trading often
prevails and after a big win, we tend to trade less carefully with the
thinking that these winnings are bonus money. They are not, you sweat
for it.
5. The FOREX market does not have friends, so do
not be emotional or sentimental. Go with the trend. |
6. Sweat the winners, ie. take half your profit,
stop lost for the other half and let it sweat it out till profit limit.
On the other hand, cut your losses. Your stop lost is not what you need
to lose. YOU CAN REDUCE THAT IF THE INDICATORS ARE AGAINST YOU.
7. It is best to avoid trading when there are
important news release as these often result in whipsaws that will hit
your stop lost.
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