I get contacted by newbies time and again. And while I have written quite a number of articles just for them (see my site for more), one more is unlikely to do any more damage, although damage is really not my goal here.
The definition of philosophy, is the love of, or the search for, wisdom or knowledge. It also means the general principles or laws of a field of knowledge. That being said, I will share with you some of my philosophical thoughts on trading, and general principles that need to be followed for success in the world of trading.
There are primarily three styles of trading. These styles are position trading, swing trading and day trading. In position trading, you can open a trade and keep it open for weeks or even months. You only need to monitor your trade only for a few minutes each day unlike in swing trading where you try to profit from short term price swings in the market that last from a few days upto a week.
There is a plethora of advertising promising fast Forex results, claiming that all you have to do is purchase this robot or that eBook. You are better off saving your money for quantum ai trading. Nearly all of these products provide you with untested, unproven Forex trading methods. Usually the only people who make money from these sorts products are the people who are selling them. You may want to take lessons from an experienced Forex trader to improve your techniques.
DON’T risk high – Risking large parts of your account again expose you to needless risk. Forex trading is not a ‘get rich quick’ game. Using good money management and risking a fixed % of your account greatly increases your chances of slow and consistent growth.
Timeframe – How long will you hold your positions for? Will you be a day trader focusing on trades lasting a few minutes, or a swing trader holding trades for a few days?
Always use CFD Provider money that you do not necessarily need in trading. Never use the college fund of your children in stock trading in the hopes of earning more profit. There is always the risk of losing at stock trading so it is best not to invest your life’s savings. The money that you use for stock trading should be an amount that would not be too painful for you in case you lose all of it in a transaction.
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