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    Page 182 of 210 FirstFirst ... 177 180 181 182 183 184 187 ... LastLast
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    Thread: Bidyut's Trading Journal

    1. #1811
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      Quote Originally Posted by Mian Naseer View Post
      It is true that Money Management is very important for successful trading but without trading strategy it is useless. first of all we need to make proper strategy after deeply analyze the market. if somebody think that money management is enough to trade well and make well then it is wrong. good money management for every positions is a skill and we need to practice in demo account for some months to develop this skill.
      Of course, the first thing to have is a trading strategy, and then a trading plan. It is your trading strategy that Will determine the way you enter and exit the market, whether you chose to use a mechanical system or whatever as your signal. Now money management comes in after you have your strategy. Money management is simply how best to use your system to get the best out of the market. Your trading straty/system along Smith your money management is what makes up your trading plan. Every trader should have one.

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    4. #1812
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      Quote Originally Posted by theomilli View Post
      Yes you are right, in this business learning the hard way is the ultimate means to become very disciplined and principled. After a series of huge losses due to greed and uncontrolled emotions one must have learnt his lessons and be very careful when next they enter into the market and make right use of the stop loss and take profit command whenever they trade. Believe it experience is indeed the best teacher in forex.
      Learning is the only way to go as far as Forex trading is concern,we learn on a daily basis because this market is dynamic and things changes all the time,if we win or lose it is good to look at the charts again and study them because it will definitely happen again,those who do not learn will keep on losing ,being emotional over a losing trade is not the way forward,learning is the only solution.

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    6. #1813
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      t is your trading strategy that Will determine the way you enter and exit the market, whether you chose to use a mechanical system or whatever as your signal. Now money management comes in after you have your strategy. Money management is simply how best to use your system to get the best out of the market. Your trading straty/system along Smith your money management is what makes up your trading plan. Every trader should have one.
      You are very right dear its trading strategy that will determine the entry and exit if a trade consider his trading strategy. In most of cases its emotions and greed which compel trade to navigate from the trading strategy so if trader navigate from it then trader cannot get success. From time to time trader need to evaluate that either he is following the exact things or not.

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    8. #1814
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      Quote Originally Posted by Omoba9ce View Post
      Of course, the first thing to have is a trading strategy, and then a trading plan. It is your trading strategy that Will determine the way you enter and exit the market, whether you chose to use a mechanical system or whatever as your signal. Now money management comes in after you have your strategy. Money management is simply how best to use your system to get the best out of the market. Your trading straty/system along Smith your money management is what makes up your trading plan. Every trader should have one.
      You are right partially brother, but before a trading strategy we still have to know that we need a solid trading knowledge, it's our knowledge that will determine how good our trading strategy, so the first thing to do is to learn and understand the market very well, then we can use that knowledge to build a very good trading techniques

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    10. #1815
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      Quote Originally Posted by Mian Naseer View Post
      It is true that Money Management is very important for successful trading but without trading strategy it is useless. first of all we need to make proper strategy after deeply analyze the market. if somebody think that money management is enough to trade well and make well then it is wrong. good money management for every positions is a skill and we need to practice in demo account for some months to develop this skill.
      WE will choose many currency pairs for doing trades and for better analyses the market chart we will use indicators or have trading strategy for opening future trades, every pair have different plan and not every strategy will suitable for any pair so it will need practice and deeply analyse the all time frame then we will get success.

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    12. #1816
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      Quote Originally Posted by Omoba9ce View Post
      Of course, the first thing to have is a trading strategy, and then a trading plan. It is your trading strategy that Will determine the way you enter and exit the market, whether you chose to use a mechanical system or whatever as your signal. Now money management comes in after you have your strategy. Money management is simply how best to use your system to get the best out of the market. Your trading straty/system along Smith your money management is what makes up your trading plan. Every trader should have one.
      It is the knowledge we acquire through learning and practicing that we can use to create a trading strategy, if we have well rooted knowledge then we would be able to make solid strategy which can enable us determine the trend most of the time, then we need a good money management to form a rigid foundation in order to optimize your trading strategy and make the best out of the market.

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    14. #1817
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      Quote Originally Posted by Honey Bee View Post
      WE will choose many currency pairs for doing trades and for better analyses the market chart we will use indicators or have trading strategy for opening future trades, every pair have different plan and not every strategy will suitable for any pair so it will need practice and deeply analyse the all time frame then we will get success.
      But I am not agree with to choose many currency because if you choose many currency then it will be not much better for everyone. Because it will take more time to get all about it. But I think if you follow few currency like GBPUSD, EURUSD NZDUSD AUDUSD etc. If you do analysis for GBPUSD then you will get 80% idea about EURUSD and if you do AUD then you will get idea about NZDUSD because these goes almost similarly.
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    16. #1818
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      A trading strategy falls into one of the most difficult category that traders face in the market, you will need to do a lot of research before yoi can come to the point where you would be able to develop your own system, and this is after many losses have been made when you are trying out different methods with the hope of getting what suits your style.

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    18. #1819
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      Quote Originally Posted by penuelophir View Post
      Please forgive me guys, I wanted to say that I am enjoying the forex trading these days because I am making use of good money management and not the other way round. In fact, when you start trading with adequate trading lot it makes you to relax even in the face of losses. Currently, I am making use of 0.1 for every $200 in my trading account.
      Oh i see you was mistake on your previous post right? However this is not a problem. I see you use 0.10 lot size on your $200 capital. I think this is good lot size. I also use the same lot size. But when i open multiple trade that time i reduce my lot size. Do you open single trade or multiple trade?

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    21. #1820
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      Quote Originally Posted by Omoba9ce View Post
      Of course, the first thing to have is a trading strategy, and then a trading plan. It is your trading strategy that Will determine the way you enter and exit the market, whether you chose to use a mechanical system or whatever as your signal. Now money management comes in after you have your strategy. Money management is simply how best to use your system to get the best out of the market. Your trading straty/system along Smith your money management is what makes up your trading plan. Every trader should have one.
      actually , you have just resume the whole perfect trading process in such a magnificent and complete way , thank you.
      and as you said before , if you don't have the right plan n the right start then you won't make any step for ward . even if you have a very good money management control , you won't be able to use it at all . so creating a strategy , in other word having an idea about your future strategy would absolutely give you the rest (how to develop it , how to apply money management control on it ...) .

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