Top 7 Things A Trader Must Know ~ forex trading guided profit system
Forex traders have to know these 7 things before they can start trading:
1) Dont use indicators - They are just blocking your view of whats important. Learn price action and youll be miles ahead of the competition.
2) Learn the concept of money management - It doesnt matter what kind of trading system you are using. If you dont know how to manage your money, you will never make it in this business. Too many people are just overleveraging their account, until it eventually crashes and you are left with no money.
3) Dont rely on demo trading for too long - The normal tendency is to trade on demos on until you feel comfortable trading. The problem is that people just abuse the demos. They trade for so long without any kind of risk that they just cant handle when they trade with real money.
4) Maintain your poise - One of the hardest things traders have to deal with is what happens when trades go against them. Certain traders just cant handle this. Expect to lose once in a while, and you wont be so disappointed.
5) Start off small. Do some mini trading - Once you got the demo trading out of your system, start off trading on a mini account. Chances are you arent quite ready to play full lots (both financially and emotionally).
6) A Margin Ratio of 200:1 - I thinks that gives you enough room to trade comfortably without having to worry about getting a margin call.
7) Understand how news moves the market - Its a forex trading certainty. The economy will always have news coming out, and you best be prepared for it, if you want to succeed. Too many people disregard this aspect of trading.
By George Kramer
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