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

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

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
www.forexearlywarning.com

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.

Tags

　　Fund Portfolio 　　Fund Performance 　　Fund Manager 　　Fund Management 　　Forex 　　Foreign Investment 　　Financial Investment 　　Fidelity Investment 　　Fidelity Fund

Related information

Where can I find a beginners guide to trading in the Forex market?

The particular website linked at the bottom specializes in giving novice/beginner forex-traders helpful fundamental information regarding large and detailed introductions on foreign exchange, forex...

How do you buy and trade stocks on the TSX or Forex without a broker?

You need to learn a lot on how forex operates before you invest First you need to know how the industry operates, know which strategies r the best to use, practice on demo accounts find...

Whether is it possible to acquire private investors to allocate fund for trading in spot forex online trading.

Refco, as in the company that went bust? So you traded forex for a year or two, ten years ago? What guarantees have we got that you won't run off with our money??

...

Is there a good affordable way to learn to trade the FOREX?

You can start by reading everything on free websites like: ...

Has any one done business with Brian C. Ault, at Forex trading systems?

I don't recommend trading currencies at all, but if you do, read up on the scams below:

...

I don't think any professional or amateur hold currency for a month in Forex?

There are certainly those of us that hold our Forex currency positions for well over a month. For example, one of my accounts I opened on 9/15/2006 with $10K. I bought the EUR/USD at 1.2709 and the...

Which is the better job, being an insurance agent or being an introducing broker for a Forex company?

If I were you, I'd go with the Forex company. Forex is a growing business whereas insurance is a business that matured a while ago. Any company that is fully commission-based and makes you s...

I need help to find the most reliable source to get started with FOREX?

Using the Mtpredictor's technical analysis Elliot Wave Principle software, Bsmtprediction provides Forex Traders with FREE access to AUD/USD, EUR/GBP, GBP/USD, EUR/USD, NZD/USD, USD/CAD, USD/C...