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The Basics for successfully Online Forex Trading Are :
- Scalpers reduce the number of variables effecting market risk by being in a position only for seconds. Day traders reduce market risk by being in trades for a matter of minutes.
- If you convert a scalp or day trade into a position trade, by definition you did not consider the risks of the trade.
- Don't ever fret about a missed opportunity. There is always another one just around the corner. Besides, several just happened that you didn't even know about.
- If you look for market secrets you will only find things that no one cares about. Use the conventional tools.
- Never ask for someone else's opinion, they probably did not do as much homework as you.
- Here is a quote to remember: "When you wake up, your instincts are wrong."
- Up market and down market patterns are ALWAYS present, merely one is more dominant. In an up market, for example, it is very easy to take sell signal after sell signal, only to be stopped out time and again. Select trades with the trend.
- A buy signal that fails is a sell signal. A sell signal that fails is a buy signal.
- It's always easier to enter a losing trade.
- In the "blowout" stage of the market, up or down, risk managers are issuing margin call position liquidation orders. They don't check the screen for overbought or oversold, they just keep issuing liquidation orders. Don't stand in front of a runaway freight train.
- You are superstitious; don't trade if something bothers you.
- Buy the rumor, sell the news.
- News is only important when the market doesn't react in the direction of the news.
- Read today's paper tomorrow. When you read yesterday's paper each day with the knowledge of what the market already did, you will affirm that this mornings paper with yesterday's news has nothing to do
with today's market.
- On the open, never enter a new trade in the direction of a gap. Never let the market make you make a trade. (Closing an existing position is obviously ok.)
- In a Bull market, never sell a dull market, in Bear market, never buy a dull market.
- There are times, because of lack of liquidity, or excessive volatility, when you should not trade.
- Trading systems that work in an up market may not work in a down market.
- There are at least three types of markets: up trending, range bound, and down. Have different trading strategies for each.
- The first and last tick are the most expensive. Get in late and out early.
- When everyone is in, it's time to get out.
| MSN Local News | Hong Kong shares close higher led by China stocks; mainland properties ... - Forbes
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HONG KONG (XFN-ASIA) - Share prices closed higher led by China stocks on hopes that Beijing will soon unveil more economic stimulus measures, including interest rate cuts. Mainland property firms and construction materials suppliers outperformed ...
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