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Tips on Winning the GAME of FOREX

myfxlife · 94 · 31254

spa_acumassage

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Reply #15 on: Nov 17, 2012, 11:54 AM
In Live Acct., if you do not know whether the Chart is going Up or Down, u can always sandwich it.

Which means you can place a Limit order on top & at the same time put a Limit order below it. And DON'T FORGET to PUT STOPS. So either way your going to catch those breakouts.

But in doing this always use ENTRY ORDER and NOT ...i say again ...NOT MARKET ORDER.

There is not much room for error in Live Acct not unlike Demo Acct. You have to be very very careful specially when your Balance is limited due to financial constraint. Because the result can either be earning hundreds of dollars or loosing thousands of dollars in just a few minutes of trading.

The Demo Acct will help you a lot to gain experience and confidence in using the trading software. If you did well in Demo, then thats good..... but do not be over confident when your already trading the Live Acct.

I hope this helps.


JonathanLouReyes

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Reply #16 on: Nov 21, 2012, 03:34 PM
Risk Management:

1. Never risk more than 2% of your account
2. Always go with the trend
3. Stay away from technical analysis during fundamental events
4. ALWAYS PUT A STOP-LOSS

I hope these will help you guys in your trades!
« Last Edit: Nov 21, 2012, 04:18 PM by FutureGizmo »


myfxlife

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Reply #17 on: Dec 01, 2012, 08:32 PM
How can you win if you treat it or call it a game?,...
You must treat and think of it as a business in order for you to belong to the 5%,.... 

Every trade/entry you make must have a plan and stick with the plan.
Follow and believe in your system if you are using one.

cheers,...  :D

Whatever you may call it, a game or a business, another good tip to win or to profit is to follow the rules!
 :cool2:
Game has rules
Business has system plans and procedures
If you follow them, you're on your way to your success!!! :rakenrol:


ForexBoy

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Reply #18 on: Dec 02, 2012, 11:10 AM
^^
As for me, it is not just following a set of rules. It is all about logic and analytic thinking. Of course I do have plans and rules that needs to be followed but I had to break some of these rules due to logic thinking and analysis.

If simply and strictly following a set of rules makes you a successful trader then the use of EA or trading robot would be profitable but according to live test results that undergone years of testing, they are proven to fail at some point.


David

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Reply #19 on: Dec 17, 2012, 04:12 PM
For me it's discipline and of course diligence!


vantol

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Reply #20 on: Jan 03, 2013, 09:13 PM
i started trading forex a month ago...iforex...i started with the demo account..then after a week, i traded with real account simultaneously, at first i lost around 30 USD but after a day i gain again for 150..then lost all of it the next day...i lost my 100 usd in just 3 days...but its my fault, i did not put a stop loss on my account....but its a great experience....


DPT96Strategy

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Reply #21 on: Jan 06, 2013, 11:06 AM
Ang patience at discipline ay napaka importante sa forex trading and you also need a good trading system. My forex trading system are a combination of EA / forex robot, money management, risk reduction management strategy and a good trading plan.


Prospera

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Reply #22 on: Jan 06, 2013, 10:11 PM
^Hi, DPT.

It seems your EA is doing real well and that's good news, of course.

 I'm just wondering: isn't it time you level up and fund your Instaforex account with a serious amount of money instead of trading micro-lots? Would that not make more sense, given the apparent profitability of your automated system?










bloomerman

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Reply #23 on: Jan 06, 2013, 10:18 PM
You should also allot enough time for your forex transaction. Just what happened to me, buti na lang hindi pa masyadong lost nung nabigyan ko ng time... Buti na lang nakabawi bago ako mag-withdraw ng lahat ng investment ko dahil medyo hectic na ang schedule at may ibang bagay akong dapat bigyan ng oras kaya I have to give up Forex, anytime naman kasi pwede ka bumalik... I am using OANDA by the way...


Ping

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Reply #24 on: Jan 06, 2013, 10:23 PM
HI Madam Prospera,

Kumusta na?  Let's meet up again, para update nyo kami ng forex strategies nyo.


Happy new year!


DPT96Strategy

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Reply #25 on: Jan 08, 2013, 12:52 PM
^Hi, DPT.

It seems your EA is doing real well and that's good news, of course.

 I'm just wondering: isn't it time you level up and fund your Instaforex account with a serious amount of money instead of trading micro-lots? Would that not make more sense, given the apparent profitability of your automated system?










Actually, I'm planning to start with $500 muna trading 4 accounts, these includes the 2 bonus accounts. Apply ko yong compounding by withdrawing the profit regularly then reinvest and request for 30% bonus para mabilis ang paglaki ng capital.


happyearth

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Reply #26 on: Jan 12, 2013, 05:38 PM
I guess choosing the right forex broker should also be added to these tips. No matter how good you are in forex trading, you can lose all your money if your broker is not honest or good. i heard yun iba scam while yung iba naman madaya.

Papost na rin ng forex brokers na gamit nyo or nagamit nyo na, which you think eh honest and di scam. Thanks!


Ping

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Reply #27 on: Feb 24, 2013, 02:17 PM
So far, I have been using INSTAFOREX, FXCM, OANDA.

No problem naman sa deposit/withdrawal.  You just have to follow their instructions.


 :hello:


batangpromdi_v2

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Reply #28 on: Mar 02, 2013, 09:40 AM
- use low leverage as possible
- master one entry strategy/exit strategy at a time, if you don't see an entry, don't trade
- always put a stop before submitting an order, long/short
- if not adept with fundamentals, just check the release date and time, and don't trade 30 minutes before and after such. a good place to check is the forexfactory.com calendar.
- trade equal lot size in all time frame, especially for noobs. don't increase lot size just because your winning too much. my criteria is to triple the account first, before increasing lot size. just a guide.
- know how to read price action. big players control the market, they are banks, some institutions, you'll spot them easily when there is heavy order flow, going long/short. ride with them, but this takes practice.

time to trade.

i usually use the asian session as basis for my trade on the london and new york, but i mostly just trade when both london and new york is open. that's 9pm - 1am. well, i do that if want to scalp.

i dont use indicators. just price chart and support/resistance (just me)

and if you can open an ecn account, do so.





tankbeta

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Reply #29 on: Apr 04, 2013, 12:36 PM
GBPCHF h1
losing trade :)



"Take Risks: If you win, you will be happy; if you lose, you will be wise"

This quote (unknown author) is really about the true value of failure.

Most people are paralyzed by a fear of failure and as a result rarely take any action.

That’s fine if you’re happy with life and it’s just the way you want it. But if you want to make changes, you need to take risks and push yourself to achieve more and to be better.

If you’re brave enough to try, you need to know that sometimes it won’t work out as you planned. Sometimes you’ll fall flat on your face – maybe repeatedly!

How far you get in life depends how you deal with the failures. If you treat them as a learning experience and adapt your approach, the failures are often more valuable than the successes.

Be brave. Take risks. Whatever the outcome, you can’t lose!


Happy Trading!


 


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