Do you have a trading plan for forex? If not please do attention that without a plan how do you doing a trade since forex is a highly risky market per second. Moreover you won't trade like a blind man. And finally, you won't lose your capital, is it?
So firstly you have done homework with a proper trading plan. So the answer to this a question to you that what type of trader you want to be... Scalper (like to trade quickly and profit or loss at a certain period) or inter day trader (trading with patient and long time means day or more)............................ This depends on your personality, time, patient, and tolerant. Because as a newbie you must be in loss and tolerance matter then working in your mind like a rocket force...Hah! Is this right? Yeah we're suffering in this market more than we believe first. So you have to be survive firstly unless you are not a profitable trader!!!
What is your target with forex trading? Do you want 1% growth your capital within a week? Want to make double your capital within six months? Do you want to avoid mistakes for the day? Answer these own, then you will be able to target or fix your goal in forex business. This is important!!!!
Learn first there is no way to avoid money management rules. Again money management. Again money .... Professional risk their capital 1% to 3%.
The financial market is highly risky market and there is no guarantee for earning also it is not trustible!!!!
So clear that you need a trading plan. Now turn on about what type of trader you might to be:
*Scalper: Recognize the market moves quickly and entering trades very few seconds and exit trades with a few minutes. Obviously with small profit is their target. This is very thrilling. Scalper believes that market is quick their direction and won't time to follow market more. They just impatient and won't analyze chart more hours! You need a broker that offer tight spreed for scalping because you might not like that your small profit just eaten by broker that's offered high range spreed!!!!
If you want to be a scalper do trade highly liquidity pair such as E/U, GBP/U, U/J, U/CHF and of course exact time at the session overlap time means Asia and Europe (EST 2.00 at 4.00) and Europe to USA (EST 8.00 to 12.00 noon). Make sure that no news event then if so news can burn your capital means during the news event market move like rocket force...... Try to do trade one pair. It is safe.
*Interday trader: You have enough time for trading and like to one day spend for it.So you are a day trader. If so you may pass some violate turning points of trading that are the part of scalping. You hate scalping. You have much patience! During one day you like to loss or profit and close your trade. Day trader does some type of trading ideas like:
*Trend : They find out major trending and follow trading day long.
*Counter trade : They want to identify a new reversal of current trading so that they can enter a trade-in early for making some pips. So they go to small time frame about guess or find out reversal. This is called in forex market Multi time frame analysis.
*Breakout trading: When is market ranging a possible breakout is coming to be in believed. So they trade breakout level when just identify strong support and resistance level and the market must be in a small range. This type of trader prepares themselves do both sides of breakout level trading since it is uncertain where will be market breakout.
*Swing trading: It is suitable for those whose has not enough hours of watching the market and they are not scalper but some hours at the end of the day (not everyday) for watching the market. They identify medium trend and enter trades with a large stop loss and must be wanting to trade more than one day. They are calm and patient. Usually they do fewer trade.
*Position trading: It is suited for those traders whose has a lot of money and want to trade several months even a year round!
So firstly you have done homework with a proper trading plan. So the answer to this a question to you that what type of trader you want to be... Scalper (like to trade quickly and profit or loss at a certain period) or inter day trader (trading with patient and long time means day or more)............................ This depends on your personality, time, patient, and tolerant. Because as a newbie you must be in loss and tolerance matter then working in your mind like a rocket force...Hah! Is this right? Yeah we're suffering in this market more than we believe first. So you have to be survive firstly unless you are not a profitable trader!!!
What is your target with forex trading? Do you want 1% growth your capital within a week? Want to make double your capital within six months? Do you want to avoid mistakes for the day? Answer these own, then you will be able to target or fix your goal in forex business. This is important!!!!
Learn first there is no way to avoid money management rules. Again money management. Again money .... Professional risk their capital 1% to 3%.
The financial market is highly risky market and there is no guarantee for earning also it is not trustible!!!!
So clear that you need a trading plan. Now turn on about what type of trader you might to be:
*Scalper: Recognize the market moves quickly and entering trades very few seconds and exit trades with a few minutes. Obviously with small profit is their target. This is very thrilling. Scalper believes that market is quick their direction and won't time to follow market more. They just impatient and won't analyze chart more hours! You need a broker that offer tight spreed for scalping because you might not like that your small profit just eaten by broker that's offered high range spreed!!!!
If you want to be a scalper do trade highly liquidity pair such as E/U, GBP/U, U/J, U/CHF and of course exact time at the session overlap time means Asia and Europe (EST 2.00 at 4.00) and Europe to USA (EST 8.00 to 12.00 noon). Make sure that no news event then if so news can burn your capital means during the news event market move like rocket force...... Try to do trade one pair. It is safe.
*Interday trader: You have enough time for trading and like to one day spend for it.So you are a day trader. If so you may pass some violate turning points of trading that are the part of scalping. You hate scalping. You have much patience! During one day you like to loss or profit and close your trade. Day trader does some type of trading ideas like:
*Trend : They find out major trending and follow trading day long.
*Counter trade : They want to identify a new reversal of current trading so that they can enter a trade-in early for making some pips. So they go to small time frame about guess or find out reversal. This is called in forex market Multi time frame analysis.
*Breakout trading: When is market ranging a possible breakout is coming to be in believed. So they trade breakout level when just identify strong support and resistance level and the market must be in a small range. This type of trader prepares themselves do both sides of breakout level trading since it is uncertain where will be market breakout.
*Swing trading: It is suitable for those whose has not enough hours of watching the market and they are not scalper but some hours at the end of the day (not everyday) for watching the market. They identify medium trend and enter trades with a large stop loss and must be wanting to trade more than one day. They are calm and patient. Usually they do fewer trade.
*Position trading: It is suited for those traders whose has a lot of money and want to trade several months even a year round!
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