Oct 13, 2022 08:07 AM 0 Answers
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As a beginner you want to start reading up on fibonacci and using it on your charts in the bigger picture to find the key levels of support and resistance to find breakouts and to recognise the start of and ongoing trends.

These levels are crucial to have because the market respects them and it is important, you should learn about market psychology and not trade real money until you learn what moves the markets and why.

Learn all of the chart patterns and look at examples on the internet so that you get a good idea on what to find within the interval, you can trade the breakouts and recognise new trends.

Develop a good trading system which should be your whole method.

The logics behind the most profitable trading systems come down to the risk management and money management provided. Let me break it down for you.

A Trading Plan is your personal plan to making money, this is how you conduct YOUR business whilst trading. A Trading Plan is determined through these factors:

Money Management: (The most important factor), Finding your leverage and your risk in every trade aligned to your account and trade size per trade to make sure you are always making money and losing small amounts. (Remember the amount you lose is the ONLY thing you have control of).

Your Trading Strategy; Analysis, Trade Setup, Trade Execution, Trade Target

Trading Journal: This is where you log each trade and the reason for doing so, which time you trade and which currency. Which technique you will use for the Trade Setup and Trade Execution. This must all be logged so that you can further improve on your trading game down the line.

Discipline: Keeping a set of rules for yourself to go by so that you are consistent in all of your work. If you combine all 4 of these elements with the out most total discipline you are guaranteed to succeed. Never quit and always make sure you are managing your funds correctly and that you have a solid trading strategy.

Discipline is also known as trader mentality/psychology. If you are strict enough to stick to your plans you will make it out alive. If you trade to high or trade impulsively you will end up losing money.

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