Guest Traders Syndicate
Hi, Gypsy here.... 8^)
Most of us who are successful traders went broke at one time or another; but if you're still trading, chances are, you have learned the valuable lesson of money management. One thing I want to point out that is just as important and goes hand in hand with money management is over trading!!!!!
Even if you have the best money management skills, and over trade chances are, you're still going to end up as broke as the day you were born....as time goes on....I will share more with this blog..for now institute good Money Management and don't Over Trading your account.. Have a wonderful evening, and good luck in your trades......
For the beginner day traders out there. One of my favorite most basic trades is when the market has an extreme move, it will almost always drift back towards the pivot point as we get near the end of the day.
For example, if the market rallies big, around 10:30 -12:30 I'll short the SP selling usually an hour before the close. Rarely the last 45 minutes as we almost never trade the last 45 minutes or the first 30 minutes of any session.
Create a game plan and act accordingly. Preserve wealth, drill and rehearse on your demo account. Find a better way to trade, through continual education. Under no circumstances do you ever truly give up FOREX. If you need help, find it! There are advisers out there who are willing to help you be successful. NEVER GIVE UP!!!!!! NEVER SURRENDER!!!! REST IF YOU MUST!!!!!! PRACTICE DRILL AND REHEARSE ON A DEMO, BUT DON'T QUIT!!!!!!!!!!
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YOU CAN BE SUCCESSFUL AT FOREX!!!!!!
This blog is not in anyway an enticement or solicitation to trade in the Forex Market. These tips are for informational purposes only and are not to be substituted for legal advice or council. I have written this blog in hopes that it will help you to avoid some of the terrifying pitfalls I had in the Forex Market before I learned better.
Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you need for living expenses and cannot afford to lose.
Posted by TRADER'S FRIEND