Welcome to this great article. in this article i will be focusing more on the new trader; what we call 'the newbies'.
You are here because you want to learn about trading and how effective you can be while trading the forex market,
without you necessarily having to through all the heck of stress most professional traders went through to become what they are today. in today's classes i am going to shorten your learning curve a bit more so you don't trade just like anybody.
So you decided to become a forex trader?
Becoming a forex trader as you have decided if i must say, is a great choice when you especially recognise the fact that the market is highly liquid and constantly traded by the world at large. in fact as you may have known, the forex market cannot be compared to any market in the world; it has a daily traded volume of about $4.9 trillion USD with the USD as king of the FX jungle. this is because the whole world's reserve currency is in the USD. So when we look at currency pairs in the market, we see the EURUSD as the most liquid currency pair in the market.
your decision to become a forex retail trader is the best decision you have ever made, because this means financial freedom for you. welcome, you have come to the right place.
How not to trade the Forex Market
Now i will like to walk you through some of the rare guidelines you may need to develop as a newbie, so you can learn how to trade and how not to trade the market; and i really want you to pay rapt attention if you must join the top 10% list of professional traders.
Now lets go on, shall we?
I am Wealth Peters
CEO Pips Akademy
Saying: Be a great Trader!
You are here because you want to learn about trading and how effective you can be while trading the forex market,
without you necessarily having to through all the heck of stress most professional traders went through to become what they are today. in today's classes i am going to shorten your learning curve a bit more so you don't trade just like anybody.
So you decided to become a forex trader?
Becoming a forex trader as you have decided if i must say, is a great choice when you especially recognise the fact that the market is highly liquid and constantly traded by the world at large. in fact as you may have known, the forex market cannot be compared to any market in the world; it has a daily traded volume of about $4.9 trillion USD with the USD as king of the FX jungle. this is because the whole world's reserve currency is in the USD. So when we look at currency pairs in the market, we see the EURUSD as the most liquid currency pair in the market.
your decision to become a forex retail trader is the best decision you have ever made, because this means financial freedom for you. welcome, you have come to the right place.
How not to trade the Forex Market
Now i will like to walk you through some of the rare guidelines you may need to develop as a newbie, so you can learn how to trade and how not to trade the market; and i really want you to pay rapt attention if you must join the top 10% list of professional traders.
Now lets go on, shall we?
- make sure you choose the right time frame to trade.: this is the biggest mistake some new traders make all the time. they think choosing a lower time frame like the 1min chart, 5-30min chart time frame will enable them make quick cash. but seriously, that was how they blew up their account. as a new trader, do not trade, i repeat: DO NOT TRADE on a lower time frame because you are not yet acquainted with the noises there. In most of the cases we have choppy markets that we really don't have time to perform real technical analysis on them; so we warn that all newbies don't look at any time frame below the 1hr chart time frame. But we recommend that you learn to work on the daily chart time frame and improve your skill on tecki analysis first. in fact as a Price Action trader i advice you learn how to analyze effectively on the daily chart time frame so you can by pass the noises present there. (more on this later in other articles).
- Do not over trade.: What causes over trading in most of the case is because new traders often love to trade on shorter time frame. they end up blowing their first, second..... tenth accounts...lol..And are frustrated. In an effort to recovering all their money back, they indulge in over trading simply because they want a revenge on the market. This is not a good trading culture because it may take you time to unlearn it. As a newbie; trading the lower time frame will destroy your account faster than it will build it.
- Master just one strategy.: Trading requires specialization. you must pick up a specialty: ask yourself what kind of trader do i want to be? you must know it and master your strategy..(i will teach this more in my other blogs). For example, i am a Price Action trader and they are a couple of strategies i use to master my trade. As a price action trader, i don't use any EAs or indicator; except maybe some couples of EMAs (Exponential Moving Averages) to help me spot trends and find relevant key resistance and support areas. Apart from that, i just read the raw price chart... i just look at candle sticks and some couple of things. that's all. Or are you a pattern trader? Whatever trader you have chosen to be is cool. But learn the strategy and master it very well. I hope i have helped in educating you on this very article. In my next article i will be teaching you how you can think like a professional trader. THINKING LIKE A PROFESSIONAL TRADER. See you in the next Article.
I am Wealth Peters
CEO Pips Akademy
Saying: Be a great Trader!
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