Trading is a profession that needs to be studied long and hard. In technical specialties, the term of study is 3-4 years, in engineering – about 5 years. For medical professions, the training period is 5-6 years, and even at least 3 years of residency. In the process of training, future specialists gain knowledge, learn the secrets of mastery and gain experience. It is exactly the same in trading – for the formation of effective trading skills, it is necessary to read the books of many recognized authorities of the financial industry and spend a lot of time studying fundamental analysis, technical analysis and the relationship of these processes. Moreover, there are many strategies that you can use in the “manual” mode and gain trading experience on demo accounts, or use trading robots to profit. But why then is there such a variety of strategies when you need only one – profitable? The explanation for this is very simple – “how many people, so many opinions”, as well as “what’s good for one, then completely does not fit the other”. So, let’s move on to summarizing the #TIPS
Tip # 1. Learn all the strategies that you encounter on the Web and on the forums. Choose the one that most closely matches your vision of the market and is closest in character to you.
Tip number 2. Concentrate on one system and study it thoroughly. Adjust “to the rhythm” of this strategy and, possibly, adjust something in it “for yourself”. Each trading system has its own individual characteristics, a detailed study of which will help you reduce its “minuses” and increase the “pluses”.
Tip number 3. Write your rules for applying the strategy exactly as you understand it, and in the form that will generate revenue. Do not keep everything in mind. Make a clear plan for using the system and always follow it in all situations.
Tip number 4. Learn from your mistakes. Carefully analyze what happened on the market went against your forecasts, and correct them in a timely manner.
Tip number 5. Be sure to put the “feet”. And when the next one worked, be sure to take a break in trading for a couple of days. Some errors arise from banal overvoltage. Just take a break.
Tip number 6. Trade trends. Pay special attention to (5min) (1hour) ( 4-hour) & Daily charts – they are usually the most profitable.
Tip number 7. Be sure to track the correlation of the major pairs.
Tip number 8. Treat trading as a job and make it a habit to take part of your profit every month. Consider that this money is your salary. I also invite all newcomers to familiarize themselves with the content of my Lreaning startegies “Tips for Beginners.”