Advice and recommendations for novice traders. How You Can't Trade Forex - Tips for Beginner Traders Tips for Experienced Traders
According to experts, in 2018 the value of many cryptocurrencies may double, and the demand for them will increase several times. So, according to a recent study by the venture capital firm Blockchain Capital, about 30% of millennials aged 18 to 34 are more likely to invest in bitcoin than in traditional securities... If you are one of the potential crypto investors, then we advise you to read 50 tips shared by Chris Dunn, a trader who has been investing in cryptocurrencies for the past five years.
Everyone considers themselves a genius in the bull market. However, real traders not only survive, but also thrive in a bear market and high cryptocurrency volatility.
Don't be a blind bull. ALL markets are cyclical. Do not be afraid of pullbacks and market crashes - these are the moments when you can get the most profits.
There is a huge difference between trading and investing in cryptocurrencies.
Think thoroughly about your trading plan before you step into the game.
Entry points are certainly important, but risk and cash management is where you lose or earn your biggest gains.
Beware of gurus and experts offering instant money schemes.
Make a plan and follow it, ignoring the rest of the noise.
Do not assume that if you managed to make a lot of money in crypto, then you can just as well go to others financial markets... More than 95% of traders stock exchanges LOSE money. Trust me, this is a negotiated game and manipulated. Stick to what works for you.
The best way to lead intraday trading cryptocurrencies - IT IS NOT!
The best way to make money in any market is to invest in the early stages in projects that you think have great potential, and before the bulk of the population realizes it. Invest, understanding that you can lose 100% of your capital. Such an investor is called a business angel.
The market is beyond your control. The only things you can control are entry points, exit points and the volume of transactions.
One player in the market can completely break "excellent technical analysis".
You should not blindly follow the signals, especially if they come from people unknown to you in in social networks or messengers.
All financial network marketing projects are pyramids, period.
If you have made a huge amount of money that will drastically change your life, do NOTHING for the next 30 days.
Trading is not about entering the low, but exiting the high, but about catching the right direction of the trend.
Don't turn a small trade loss into a huge investment loss.
Don't set daily profitability targets, but rather focus on long-term performance in achieving your goals.
First, understand how to survive, and only then how to succeed.
The best indicators in charts are price movement and volume. Others can be used, but there is no guarantee that they will make you a more successful trader.
Trends can go far beyond what seems rational.
Don't try to find a market high. Until the market shows you that the trend is over.
Do not trade on the eve of big and important news - it is impossible to predict the market reaction.
In most cases, the key problem for a trader is his or her ego, or the need to always be right.
You can lose half of your investment and still be profitable if you manage your risks correctly.
The best entrepreneurs and leaders are usually lousy traders and investors.
The people with the highest propensity to invest successfully tend to work in high-risk occupations such as piloting, firefighting, or the police.
Beware of groups like the plague they are.
You ALWAYS step on every rake. Don't judge yourself harshly when this happens, but try not to repeat your mistakes again.
Do not treat cryptocurrency exchanges like banks where you have an account. You will not be a coin holder until you have a private key.
The crypto market is open 24 hours a day, seven days a week, 365 days a year. It's impossible to catch every trend, so if you miss one, don't worry, there will ALWAYS be another.
Don't invest in a coin that you haven't studied thoroughly.
You can seize the moment and make money on trading Shitcoin ( A coin that has a low capitalization and unclear prospects. - DeCenter), but not worth investing in in the long run.
Beware of low trading volume coins and market capitalization... They are easy to manipulate.
Don't trade with the money you need to live. This is called "speculative capital" for a reason.
Imagine that you are a hunter - save your ammo for the big game.
With very high volatility of cryptocurrencies, many exchanges fall, especially if the price reaches a certain milestone, so it makes sense to place buy orders IN ADVANCE.
Trading and investing will make you feel fear, greed, insecurity and doubt.
The hardest part of trading is doing nothing. However, in some cases, this is the surest step.
Just because the market is in a bubble does not mean it will die. Bitcoin, for example, went through half a dozen large bubbles and rallied in value each time.
Manage your trades so that you don't have any regrets regardless of market behavior.
Get in the habit of thinking like a nihilist and opposite investor. If you are one of those who constantly need to prove their point of view and get the approval of others, then investing and trading are not for you.
The smaller the timeframe of the chart, the less reliable its charts are. The larger the timeframe, the more variables affect the price movement and the more difficult it is to predict its value. Personally, I prefer daily charts for trading setups and hourly charts for entries.
Under some conditions, markets provide an excellent opportunity to form a variety of setups, but under other conditions, it is sometimes worth letting go of the brake and completely moving away from a particular market.
More than 90% of the quotes of all cryptocurrencies will eventually slide to zero. Consider this when investing.
The psychological aspect of trading is the most difficult to master, this skill is not appreciated by anyone, but it is he who will play a key role in large wins and losses.
The three key problems traders face are overtrading, hesitation before entering, and premature exits before reaching their goals.
You can make a decent amount of money in one trade, or in a year of diligent trading. Don't expect every day to end on a positive note. Play the long game, be patient and wait for better days.
You should not trust someone other than yourself in trading. Manage your investments yourself, even if high risks or don't participate at all.
Take all news as such - just news. Publishing needs views and high click-through rates. They do not care about your interests and they have no goal to help you earn money.
5 % successful traders- so I believe in it, and maybe less. So, it is like that everywhere! 5% or less successful in any business !!!
Here's an example for you: How many people want to have their own business? It doesn't matter trade or production or services, etc. , but really successful and prosperous few and there are no more than 5%. An acquaintance of mine, looking at me, wanted to start trading. "What is there to know" - he says - "Buy cheaper and sell more expensive and there is nothing more inappropriate!" As a result, a year later I met him, so he could not recapture the lease, so he still had to stay.
Here's another example: You come to the doctor with a problem! So what?! Look how many mediocrities and many will not help, but at least they would not harm. I experienced it myself. How many times have I observed how people are treated not for what they are ill with. And the doctor, who is from God, everyone knows him among themselves and he has everything planned in advance for months and try to get to him, there are only a few of them. Looks like 5% here too !!
Yes, take, even a car mechanic! How many car mechanics have their hands growing from one place! I was once bred with my Renault in a circle! So many things were repaired - and flushing and blowing and replacing, etc. Through a bunch of computers they passed. He poured a bunch of dough. About 8 locksmiths repaired and made diagnoses, including at branded service stations. When it came to overhauling the entire engine, I said stop. I caught my breath and, lo and behold, how the last hope went on a barely breathing engine on the next ad. A person in 10 minutes. determined the reason and said that you need to buy and change. I sat down and disbelieved! With suspicion, I bought the necessary spare part, but just in case I warned the car mechanic that if it didn't help, then he wouldn't take money from me even for the spare part. part of the money will return. Okay. As a result, everything was changed and the engine worked better than before, it just rustled. I'm happy to pay a double tariff to a car mechanic. I went to some of whom I had previously repaired and told them what they were, two of them took the money back for incorrect diagnosis.
A good Car Locksmith is as rare as a Doctor from God. And everyone knows them, too, and hell will sign up to him. Again, I think the same 5%
And with the teachers at school? So, finding a good teacher is like a good doctor. The whole problem!
You can't even get to the tutor.
And the coach in the section? Sometimes you will not get to a good coach. he has all the groups crammed.
Yes, examples are endless.
I just think that 5% of successful traders do this in any way - even if you are a builder, even an entrepreneur, doctor, teacher, trainer, etc. .....
Everywhere Magic 5% !!!
Simply, the trader can see everything at once on the account!
And, MOST IMPORTANT, IT IS TIME TO UNDERSTAND - YOU ARE INCLUDED IN THIS 5% IN THIS BUSINESS WHICH YOU DO OR NOT.
And, POSSIBLY, THIS WILL HELP TO SAVE MONEY, TIME, HEALTH, AND MAYBE FAMILY OR SOMEONE'S LIFE!
is slowly moving away from the festive bustle. And it’s time for me, its author, to get to work again. The other day I decided to put things in order in my Talmuds, in which I wrote down (and printed out) clever thoughts. I must tell you that a lot of these Talmuds with smart thoughts have accumulated over the past 10 years. And looking at all these records, he asked a banal question - Seryozha, if you are so smart, why so poor? A joke of course! Firstly, I'm not that smart, and secondly, I'm not so poor. As they say, you cannot anger the Lord God! Especially on Christmas Eve!
So that's it. I went through my notes and came across interviews with 18 of the most successful traders. Then you will laugh - the interviews were published in 1996! At the end of each, the pros gave advice to novice traders. The paradox is that even after 18 years (oh, coincidentally: 18 tips and 18 years), these tips remain relevant. This once again confirms the axiom that even time has no power over clever thoughts.
Among these successful traders in 1996 were such famous personalities as Tom DeMark and Larry Williams. And Internet trading was just beginning ...
Council number 5. Read more and experiment. But at the same time, do not start trading without making sure that you are well prepared and that your trading technique is objective and works. Your trading should resemble for any market situation.
Council number 6. Trade small positions and little by little until you understand what you are doing and why. Before increasing the lot size, learn to use all available trading methods and tools. Follow the methods of those people who have become successful in this business. Limit your risk per trade. If you can do it a little longer, you will definitely succeed.
Council number 7. Don't have unrealistic hopes of quick success and earnings. Take your time, just do your job well every day - that's the key to your long-term success.
Council number 8. There are three important things about becoming a trader. First: you can't listen to other people's advice all the time. Second: not on the market simple ways... Nobody found the Holy Grail. Perseverance and hard work are two ingredients that make a beginner trader a professional trader. And third, trade with pleasure.
Council number 9. Learn to read price action charts. The charts will tell you where the price will move. Applied to stock markets- never listen to the advice of a broker. Because you have enough brains to make your own decisions. The factor of success in trading (oddly enough) is greed. If you have a great and irresistible desire to achieve your goals, then you will succeed.
Council number 10. The key to success in the market is. This control can be achieved by having a clear understanding of market behavior, a clear plan of action when opening a position, and knowing what risks you can afford.
Council number 11. Forget about expensive computer programs. Be frugal. Read more. Education is the first and irreplaceable business. The second important thing to save money is to keep your trading costs (spread and commission) as low as possible. Focus on long-term deals. How less money in your account, the less money should be allocated for scalping.
Council number 12. Don't try to cover everything at once. For many, the difficult moment is choosing in what time frame to trade, in which markets, to trade with a trend or countertrend. It is impossible to cover everything. Therefore, you have to tell yourself - I will only deal with one type of trade. And only having mastered one type of trading perfectly, you can add other types to your arsenal. A lot of time is spent on boring, painstaking work. You just need to be patient and have faith that all the seeds you sow will give excellent shoots.
Council number 13. Distinctive feature the nature of a successful trader - the exceptional power of concentration for understanding the markets. As well as the willingness to devote a lot of time to learning tools and approaches to the markets in which he trades.
Council number 14. To become successful in exchange trading, you must have strong nerves. Strong nerves are needed to have the courage to admit that you were wrong in case of a mistake. And close the losses in time, without bringing the deal to a fatal disaster.
Council number 15. For success, it is very important that a person has discipline, perseverance and courage. You need to have the willpower to take action when it’s time to open a position and all the signals say it’s time to take action. Every novice trader will make mistakes, anxiety and fear. But these are all the components of the stages of training, and you have to go through them. Every day is a new day. And it will always be new. And every day you have to do something to develop your skills and abilities. But at the same time, if you spend too much time on the market, then you will not be enough for other important things in life. And in the end, you will not be able to succeed in the market or in life.
Council number 16. Prepare for challenges. The novice trader jumps into ... And in order to survive, you need good protection and large, sharp teeth. The ingredients for success are resistance and endurance.
Council number 17. In order to constantly make money, it is necessary to keep statistics of macroeconomic indicators (saying simple language, track news - approx. S.E.). Understanding what is happening economic processes will give you the confidence that you are on the right side of the market and always ahead of everyone else.
Council number 18. The most successful in the market are those who learn more than others. Spend time and money studying. Education costs less than your mistakes and losses in this business. Learn to manage money. And once you've set yourself a goal, don't miss the crucial step that needs to be taken.
And finally, I want to quote the words of Larry Williams, with which he ended his interview: “Looking back, I can say that this is a difficult way of life. It is very burdensome, but I would never change it! "
As you can see, dear readers, some of the tips for novice traders from different people are repeated. With some you can agree or not accept them. But there is a grain of reason behind each of these tips. And the mere fact that people who gave interviews back in 1996 have achieved success deserves respect for their opinion.
On the eve of the bright holiday of Christmas, I would like to wish you every success in our difficult business. Take care of yourself and your loved ones! You will succeed! Until next time on my pages.
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1. Accept the possibility of losing your funds as an inevitable fact. Every novice trader should understand that losses on foreign exchange market no one is insured. The basic rule in currency trading is that the profits are much larger than the losses.
2. Only bid with a clearly defined plan. When you start trading, you should determine how many of your own Money you are willing to take risks and how much profit you expect. This will be your risk-reward ratio. Successful traders never enter a trade without a clear understanding of their purpose.
3. Do not be afraid of the foreign exchange market. Many newbies are overly concerned about the uncertainty and risks inherent in Forex market... For those who can overcome themselves and delve into all the advice of traders, Forex offers truly unlimited opportunities in terms of increasing their capital.
4. Responsibility for the decisions made. Successful traders never give up personal responsibility. Any advice can be taken into account experienced traders, but all responsibility for the transactions carried out, regardless of their result, will rest solely with you.
5. Don't be overwhelmed by greed. When trading starts to develop successfully, traders often forget about the previously set goals, hoping for the further successful continuation of their trading. However, the market is highly volatile and trends can end quickly. As soon as the target price is reached, immediately withdraw profit or transfer the deal to breakeven.
6. Influence of news on trades. An increase in trading volume caused by some high-profile event leads to a significant movement in prices. At this point, all the advice of Forex traders is aimed at taking advantage of the short-term and rapid changes in the market. Inexperienced traders often strive for one trade per day, which promises them significant profits.
7. Don't fall into illusion. If the open position loses, then do not stay in the market in the hope that the trend will reverse in the direction you want. Close unprofitable trades and immediately leave the market.
8. Disable emotions. The reason for losses is often excessive emotionality and unwillingness to listen to advice. Forex requires a complete shutdown of emotions when conducting transactions. Follow your plan unswervingly and remember to put stops.
9. Trend is your friend. Trade in the direction of the trend and your profits will grow.
Final tips for a forex trader before starting:
1. Take your time. Novice traders often open several trades, and then notice that they are unable to follow them. In Forex, you can make a profit both when the exchange rate rises and falls. You can successfully earn only on one pair of currencies. So focus on one thing first. currency pair, and master the rest gradually.
2. Remember the stop order. Incorrect money management is a common cause of losses. To avoid huge losses, be sure to use a stop order.
3. Trading system. Each trader has his own trading system, which he adapts especially for himself. Some traders prefer the day trading system, while others are attracted to longer periods. The main thing is not to deviate from the planned trading plan and pay attention to the advice of more experienced traders. Several unsuccessful trades do not always indicate that your trading strategy is unprofitable.
4. Fixing of profit. A common mistake of novice traders is early closing of profitable positions. Don't deviate from your intended trading plan. This will keep you from losing potential profits.
5. Do not convert profitable positions into unprofitable ones. Watch the market movement carefully. Once reached positive values, set your stop at the market entry level. This will protect your investment. Then move your stop following the trend to keep positions in positive territory for you.
6. Frequent entries. There is nothing wrong with frequent entries to the market, but if you use them ineptly, then no advice will help and such trading will lead you to bankruptcy. The essence of the strategy is that when a position is unprofitable, a trader increases its size by additional deals, assuming that the market will return to its previous state and all orders will be closed with a profit. However, if exchange rate will go far from the previous level, the losses will be even more tangible. So it's better to just “buy and hold” one trade than try to win back the investment.
7. Pre-planning. Do not enter the Forex market only because of a sharp rise or fall in price. Plan in advance how you will trade. Have a clear idea of the entry point, profit taking levels and when to limit losses and stop.
8. Don't lose capital. You need to be able to save the money you earn. Close unprofitable positions in time and hold profitable ones up to the pre-planned level.
9. Momentum and trend. Novice traders often don't even know that momentum is growing with the emergence of a new trend. Newly joining traders create strong momentum when, as the trend rises, they increase the total mass of open orders in the market. Trade when momentum is working in your favor. With the right approach, it will push your trades in the right direction and you will reach the profit taking point even faster than you expected.
10. Don't spend a lot of time on losing positions. Noticing that an open position is unprofitable and, according to experienced traders, it is unlikely to change its direction, the most correct decision would be to close it and minimize losses. In the foreign exchange market, there is an opportunity to open a lot of profitable deals, therefore, it is inappropriate to waste time on unprofitable positions.
By following the above tips from experienced Forex traders, you will quickly see an improvement in your performance in the foreign exchange market. Now you can start real trading with confidence.
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Hello dear readers again. In this article, I would like to consider with you some forex tips that will definitely help you in the further study of such a difficult area as trading. I hope you find them useful and that you listen to them!
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First useful advice on forex. You shouldn't trade against the market movement! Everywhere and always the market has priority movement. Any trader, before opening deals, needs to understand where the market is headed at the current time. Here you need to follow one rule that the trend is your friend, and especially novice traders should trade exclusively in the direction of the dominant trend.
In fact, we should buy at the trough and sell at the peak of the market. But, if we talk specifically about beginners, then the ability to find market peaks and troughs is far from a top priority issue.
It is important for beginners first of all to learn to understand in which direction the market is directed.
To put it simply, exactly in order to enter at a peak or a trough is very difficult, and even experienced traders do not always cope with this task.
In general, if a beginner clearly begins to understand the direction of the market, then this is already a huge step towards success. After all, he will only have to learn to identify the moments when there is an opportunity to competently join the market according to the trend. I think it will be interesting for you to know the others that I have published before.
Third tip for forex. It is worth opening deals only when there are all the conditions for this! As part of trading, it is very important to have a clear understanding of when it makes sense to open a deal and when to close it.
I believe that even the tips that were voiced earlier are not as important as this one! If you are observing the market, and you do not have any prerequisites for your system, then you do not need to get into the market!
It often happens that a trader wants to be in the market so much that he simply forgets about his plan, that is, he starts looking for opportunities to enter where there are none.
You need to open any deal only if you have indicated it! Be sure to double-check if all the conditions really agree so that you can open a particular deal.
The fourth tip for forex trading. Profits should grow and losses should decrease. It just so happens that a beginner who sees the minimum profit immediately seeks to close trading position... But as soon as the deal goes at a loss, he can sit for hours and wait for the price to move in his direction.
In the long term, this approach only personifies a drain, because the total profit will be less than the loss, even if the number of profitable trades is large. Judge logically, let's say a trader made 10 profitable trades in a row with a profit for each 10 points. Thus, the total profit was 100 pips.
But then a signal appeared, and the trader lost 120 points in one deal. That is, there are much more profitable trades, but the result is still negative. It turns out that only one unprofitable trade covers the entire profit from 10 positive trades. In the long term, this is a definite drain!
I'll even tell you that, there are traders who even earn with the vast majority unprofitable transactions, but the average profit on their trade is 5 times higher than the potential losses. Thus, even with a minimal number of profitable trades, they still remain in the black!
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Of course, now on the Internet you can find a huge amount of information, but just its quantity does not mean quality at all!
First of all, you need to decide what information is of value to you. If you greedily absorb all the information that is available on the Internet, then there will be very little sense from this!
You do not need to initially fill your head with all sorts of rubbish, because it will really bother you. Judge for yourself from the fact that you will have some kind of incomprehensible porridge in your head - it won't get any easier
Sixth tip for forex trading. You need to be calm. Being able to keep your head under stress is an important factor in the context of your success. Losing control of your emotions will not end well.
Even if you are overwhelmed with joy, it will still prevent you from soberly assessing the situation, which can only lead to losses. What is it fraught with?
The fact is that in such conditions, it will seem to you that you have mastered the market, and it obeys only you! I can say for sure that you will pay very dearly for such arrogance!
But if suddenly you got a loss, then you do not need to immediately tear and throw everything in your path! Falling into aggression, a person immediately tries to win back all the previously received losses in one fell swoop.
In this case, he will enter the market with a huge lot, and at the same time, he will not have the necessary conditions for this. The logical outcome of such actions will be only catastrophic losses! How to relate to read the link.
In conclusion, I would like to note that if you listen to these tips, then you will really endure a lot of useful things for yourself! Sometimes it makes sense to listen to sound advice, but again, always filter all the information!
- The use of customer-supplied raw materials for the production of finished products: accounting, consumption rates, write-off Reflection of services for the processing of materials
- Terms of payment of insurance premiums and submission of reports under the new rules
- Reminder of admission to off-budget (paid) places How to pay for tuition
- Online courses for accountants, distance accounting courses online, online training for accountants Accounting for cash transactions and transactions with accountants