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    Thread: [Overview] Principles in Forex.

    1. #21
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      Default Re: What are basic forex principles?

      Before know about any principle, you must know that Forex market all about that needs huge number of basic principle to learn during beginning days of trading as follow:-
      Currency pair EUR/USD, GBPUSD, USDJPY, AUDUSD and so on each one represent their respective country currency trades.
      SL, TP and Trailing SL Set at right prices and their uses. SL i.e. Stop Loss and TP i.e. Target Price.
      Lot size One of the most important thing to stay away from losses to choose right lot size according to your capital otherwise blown away your account.
      Platform proper knowledge of using platform like MT4, mt5 or mobile, web terminals.
      Leverage Use right like 1:100, 1:200 as per your need.
      Global Market opening and closing timings for different countries to generate profitable results.
      Liquidity
      Keep learning to reach the success

      Million Dollar Journal


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    3. #22
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      Default Re: What are basic forex principles?

      When we talk about "Basic Principles", we are referring to the major pillars that determines if something will end up being a success or if it will fail. For you to succeed in the world of forex, there are 4 major principles you need. Without the proper knowledge of these 4 things, it would be impossible to make progress while trading forex. The 4 major basic principles are listed below:
      1. Pay Special attention to Economic indicators that can affect currency market
      2. There should be proper analysis or scrutiny of the technical signals that you got from your technical indicators.
      3. You should also be aware of the risks involved due to the volatility and uncertainty of the market.
      4. As a trader, you must learn to master your emotions while using your head.


    4. #23
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      Default Re: What are basic forex principles?

      It is depend on each and every trader that how he like to trade and what is his own rules for trading. I think there is no rules for trading by default but every trader need some rules to avoid any bad situation in this business. Everyone has his own style of trading and we can call it first rule. According to my point of view that first and basic rule of a trader should be "Trade what you see, Not what you feel".
      The most important thing for a trader should be follow the rules and if he break it then he will pay the price. In this business we see many time traders face big losses and some time lose whole capital when they start trading against their rules. Without any principle trading is not a good idea because it is just like to cross the highway with close eyes.


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    6. #24
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      Default Re: What are basic forex principles?

      There are More Basic Forex Principles The trader Should Know it well If he want To success In Forex Trading And these Basic Forex Principles are :

      1- The Control On The emotions : and it is one of the Important Basic Forex Principle Because No control on emotions means that we will trade with high Risk and No control on greed or even taking the Right Decisions while the trading So the control on it will make our trading On the right Way .
      2- The Learning From The Mistakes : when we make any loses we have to Know the mistakes which caused These loses To us To learn From it because this will help us when we try again To compensate our loses To avoid these Mistakes and this will Increase our experience Step by step Until we Become Successfully Traders .
      3- Trade with Your Own Strategy : Because every One has Its way in the trading So you have to work hard until you set up Your Own Strategy which can be suitable with your trading way because the trading by others Strategies which may not be suitable with your trading way may Lead you to the loses .
      4- Open a trade only when you have a chance or Reason : Because the opening More trades Randomly Without having Reasons for Opening its will make Your Opened trades Based On Very Weak Places On the chart and this will make Your loses More than your Profits So open trade only after making Your analysis and Determining Your entry point and wait the Price Until it reach your entry Point To open a trade From it Because this always make Your trading From Good and strong Places and this make The Possibility Of Hitting Your Take profit More Than Hitting Your Stop loss .
      5- Trade always with stop loss : Because The trading without stop loss will make us have Big Floating loss and there's no thing will stop it but it may increase and Increase Until we have Very big loss or even Until we lose all our balance so always Trade with stop loss and Proper lot size To Compensate Our loses Easily without any Problem with any other trades because By limiting and making stop loss To it we will Close Our losing trade at very small loss then we can compensate its by any other trades .
      6- Follow the trend always In your trading : This is very Important also because the trend is the Friend Of the trader because the trading against it Need to a very Big experience and always lead us For making loses if we don't has Good experience So the best is the trading with the trend and avoid the trading against the trend at the beginning .

      The Mentioned above six Point are the Basic Forex Principles which any trader have ti know its well Before starting The trading In Forex Business .


    7. #25
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      Lightbulb Re: What are basic forex principles?

      To me, the basic forex principles include: Technique, Psychology, Money management and Risk management.
      (1) Technique is the strategy which a trader uses to know when to enter and when to exit a market. Technique can be a combination of indicators, it can be by reading the raw chart, it can also be by using news and other economic events to enter and exit the market.


      (2) Psychology is having a right frame of mind before, inside and after a trade. It involves not getting emotional and being willing to be receptive of whatever outcome from a trade.


      (3) Money management is all about knowing the amount of money in your account you are willing to put in a trade. It may be 1% of a $1,000 which is $10. By this you will not loose unnecessarily.


      (4) Risk management is all about knowing what risk is worth in a trade. It also involves a trader knowing whether a risk is worth it or not. In such a case where a trader is risking $10 he should be aiming for a reward not less than $20.


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    9. #26
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      Default Re: [Overview] Principles in Forex.

      In forex trading, of course we must have basic principles and this needs to be assured. Some basic principles in my opinion are as follows :

      1. Determining Price Movement Trends, never fight the trend if you are just small trader. As the market trend rises, follow it by placing a buy price. And when the market trend goes down, follow it by placing a sell price. As long as you don't fight the trend, surely you have nothing to lose. After we are able to predict trends well, then immediately open positions in the direction of the trend.

      2. Know When to Limit Loss, if it is wrong analysis, sell and let it happen. Don't hold hope empty if prices will rise again. The condition of this empty hope for the most part actually made losses become extraordinary. Again, before entering the market, make sure your stop loss position and when you have to give up your money is lost.

      3. Focus Attention on Capital, don't Overtrade, this is the most important thing, never too greedy without remembering capital in open positions. Use only 10-30% of your total capital. Never use more than 50% because you will not be able to withstand market movements if you use more than that and run out on margin only.

      4. Simple Guidelines, for unclear reasons an amateur trader believes that forex trading requires something difficult and needs genius. As evidence, they said, many of them used indicators and trading robots to analyze the market. In fact, indicators and trading robots are not always the main guideline. Because by simply studying price action, it turns out we can succeed.

      5. It's not a Matter of Winning or Losing, assuming profit is winning then it is not trading but gambling. In forex trading, we are not competing to be winners because no one can ever win against the forex market.
      don't use Luck in the trade but it would be better to use Greed
      hoping for something without hard work will not give anything

      dedy hari kurniawan's trading journal


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    11. #27
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      Default Re: [Overview] Principles in Forex.

      [Overview] Principles in Forex. ;There are few guiding principles which can help traders achieve his much desired target in Forex market. . [a] Fear ;Any trader aspiring to succeed in this field should eliminate the word fear in his mind .[b]A good trader should be able to balance his emotion and anxiety in order to come up with better trading decision. [c]The use of 2% trading rule as part of risk management .[d]The use of Stop loss and Take profit in every trade entry [e ]Avoidance of Greed ,proper mindset about Forex [not a get rich quick venture] .[f]Avoid over-trading [g]Avoid Revenge ,it does not usually work ,better take a break and come back later.[i] Discipline ;Only a discipline trader will last and excel in Forex market .All the above facts can only be put to practice by your discipline .It is easier said than done .Practice ,they say ,makes perfection .


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