Welcome to Fx Training Guide
How To Start Day Trading Article
For a permanent link to this article, or to bookmark it for further reading, click here.
3 Mistakes That Will Guarantee You Won't Succeed in Forex
from: TradingMartin Miller
There are three major mistakes too many newbies make as they dip
their toes in the wild waters of foreign currency trading. Make
these blunders and you'll blow your chances of forex success.
1. DON'T miss the step of trading on a demo account
before using real money. Reputable forex brokers have the
technology that allows you to open a demo account and operate it
exactly as you would a real trading account. You'll find out how
to place your orders, how to follow what's going on with your
trades, when to get in and out of positions, etc.
Every forex trader wins some and loses some. But in your demo
account you won't mind losing "demo" cash as it won't hurt your
bank account.
It can be difficult for newbies to believe it's OK to lose some
of their trades, but it is. Don't believe anybody that tells you
they never lose, because they are lying. The key is just to
accept that, and your long term goal is to win more than you
lose.
So DO practice with a demo account before trading for
real.
2. DON'T rely exclusively on a robot to do your forex
thinking for you. Forex trading robots can let you trade even
when you can't be at your computer, and that makes them a great
tool.
But there are good robots and not-so-good robots. Some will work
well for you and others won't. A robot is just software, and
sometimes it will come up with bad answers. If you can't
recognize that, your trading will suffer. You need to know when
the robot you are using is coming up with the right trading
signals, and you'll only do that when you have educated yourself
about forex.
So DON'T let the robots do all your thinking before you
know the basics of trading. DO use a robot as part of
your trading business after you have gained some education and
experience. Here's some information about a robot that really
does work.
3. DON'T trade on emotion. Lots of unexpected things can
affect currency prices, and sometimes quite dramatically. You'll
often see big spikes or drops right after a major world event,
for example, such as an earthquake or other natural disaster,
major political upheaval or even the sudden illness of a world
leader.
It's easy to panic when these things happen and sell
prematurely. At the same time, it's easy to be euphoric over
great economic news and start buying inappropriately.
Emotion-based forex trading is the way of disaster. Don't do it.
Making good use of technical analysis and trading charts is one
way to guard against this. The charts don't lie.
So DON'T trade on emotions or hunches. DO set your
trading strategy and stick with it, regardless of world events
or runs of "luck".
These principles may seem self-evident, but you'd be surprised
at how many novice (and even not-so-new) traders fall into these
trips, to their cost. Don't you be one of them.
About the author:
Click here to get Martin
Miller's free 7-part forex mini-course now.
How To Start Day Trading Specific links
How To Start Day Trading News
How To Stay on the Winning Side of the Trade
Stocks have fallen 17% from their April highs. A 20% decline is commonly viewed as a bear market. Is it time to bear market proof your portfolio? How can you detect the onset of major declines before it is too late?
Read more...Stocks rise modestly as economic growth slows
News that economic growth slowed during the spring gave the stock market a fitting end to a choppy July yet another back-and-forth day.
Read more...This could be end of training camps as we know it
Two-a-days and wind sprints. Lugging heavy playbooks and checking into dorms. As NFL teams get going this weekend, take a long, hard look. This might be the end of training camp as we know it. Next year a work stoppage might affect camps. Then by 2012 the league's owners hope for an 18-game regular season, which would throw off the traditional football math of late summer: two weeks of camp ...
Read more...Dismal '09 season might spur Jay Cutler's growth
Mike Mulligan: Given Jay Cutler's difficult 2009 season, you might think the Bears quarterback would be eager to switch designations from his current job title of franchise savior. Not a chance. Just as Cutler embraced the pressure last year, he welcomes heightened expectations for 2010. ''I knew I was in for a different deal -- I don't know if I knew I was in for that rough of a deal,'' Cutler ...
Read more...Joe Sheehan: Five trades that teams should make before the deadline
With a bit more than a day left until the nonwaiver trade deadline, there are still plenty of deals to be made as contenders solidify their rosters and their counterparts try and get some value for veterans. Even after a flurry of moves Thursday, a bevy of talent remains available. Let's play matchmaker!
Read more...How technology enhances the back-to-school experience
It used to be enough to show up to the first day of classes with a spiral notebook and a blue or black ink pen. Not anymore. Students of all ages are sporting touch screen this and HD that. On the surface, the kids might seem to be the only ones who are benefiting from this technology but look a little deeper. Parents can get something out of it as well.
Read more...Stocks end July with big gain; Dow gains 7.1 pct
Stocks had a fitting end to a choppy July as prices seesawed their way to a narrowly mixed finish. The market still had its best month in a year.
Read more...Charging the Mound: Bad trades
What to make of the Dan Haren deal, and what role does a commissioner play in keeping owners active all season?
Read more...Stocks narrowly mixed as economic growth slows
Stocks have closed narrowly mixed after the government's gross domestic product report showed that the economy's growth is slowing. The market still had its best month in a year.
Read more...PFT: Dez Bryant injures ankle in practice
There are a ton of training camp injuries every day, so I usually only post about them when a cart is involved, like it was for Jared Gaither this afternoon.
Read more...