What are some lessons you’ve learned from trading in the ForEx?

Last Updated on Saturday, 20 December 2008 10:13 Written by Gary.L Friday, 19 December 2008 01:52

jools4fools asked:

I’m just learning about the ForEx and I’d like to hear about personal experiences and lessons learned.

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Tags: Forex, Lessons Learned, Personal Experiences

This entry was posted on Friday, December 19th, 2008 at 1:52 pm and is filed under General Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Comments

mark mc donnell | Sunday, 21 December 2008 at 10:14 am
trade in the direction of the trend
write a trading plan and follow it
trade with stops and manage trade by moving stops
trade only new, larger trends
understand parallel and inverse analysis
understand support and resistance
if you have a substantial profit close out half of your lots and let the rest ride with breakeven stop (playing with the houses money)

good trading
mark mc donnell
Common Sense | Monday, 22 December 2008 at 3:33 am
Money Management & position sizing are the most important tools to be successful. You should be able to make a nice living, even if 50% of your trades are stopped out.

Greed, fear and indicision are your worst enemies.

Don’t use “alert” services. The drawdowns will kill you!

Have an entry and exit stradegy before getting in a position. Never do something because you “think”, “know” or “want” something to happen.

95% of FX traders fail. Make a plan and follow it.

What are some lessons you’ve learned from trading in the ForEx?

2 Comments

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