Talks about how we should and should not do that at the time of operation, it is common that people who start in this market with their accounts and are entering with a very high motivation, because after this training and be struggling to achieve the funds, have their own. However, what these people do not know or have not experienced the loss or risk management, which is the most difficult in this market.
Trader Psychology
An average operator with good motivation and little knowledge of how to operate, risk management and control of emotions, in this tough market is not more than 6 weeks, the purpose of this is to teach how to take control of these 3 points to the person can begin to earn profits and not simply by placing positions.
One of the points on the Psychology of the Trader is Fear, which is the core of the major problems of Traders, is this why? Good operating capital so that the first person I want to meet his self-worshiping and hence greed. At present the missing person can not accept that it is losing and start to operate in a more harmful or against him, bone begins to operate on a visceral or the stomach, eliminating any strategy or control of him.
A very simple example is the double digits, that is, when you go with a negative person puts another position but the double or triple this estimated value at the time you return you can recover the lost an additional more without having to wait to get to the first position becomes 0 or a positive balance. For example, John placed a EUR / USD 1.3000 for purchase, but the pair fell 80 pips, the other position placed 3 times higher than the first one to buy "also" with the aim to return 25 pips, that would have at the end of the operation, 55 pips from the first operation ($ 55) dollars. Moreover, get the first 25 pips profit on $ 3 $ $ 75 pips, $ 20 bone gain.
Blunders price reached 1.2850 in the first position lost $ 150 and the second $ 210 = $ 360.
The operation carries a risk and must accept losses, as they are not successful operations, and continue. The person who does not accept losing, and losing this because it can not control their feelings as operator and will never be able to learn from these, on the other hand, the market positions us winning and losing positions, we must learn to deal with them, as is normal and natural part of any operator.
Operator Rules
There are many rules and all depends on who writes them, then I enumerate those that are important to me.
1. Do not operate tired, tired, angry or after a party.
2. Further to the letter your strategy.
3. Do not operate in news, if you do not understand the risk and if you do not understand.
4. Do not see more than 30 min., Graphics or the market, makes breaks of at least 3 min.
5. Develop a list of activities or proceedings and Follow to detail is your operator's manual.
6. It develops discipline, operating under the same market, the same pairs, trains and peers in other markets.
7. Do not believe everything you say, you are the owner of your money, they can lose mass which you is. Listen, assess, analyze and compare.
8. Do not operate if you get your goal, it is not worth risking the gains.
9. If you miss more than 3 times the salt market, not your day.
What indicators?
Well with respect to this section can not tell which it is not already selected your strategy, which I can recommend is that it is within the list of classics (such as the MACD, ADX, RSI, Stochastic, Momentum, EMA'S, BB, FIBOS) to start and then you specialize more and more.
Not worth entering in the first instance with the most sophisticated, since the only thing that is going to generate questions and operational failure, (I've seen many times)
How to know if these indicators are suitable for me?
When you start to operate the best indicator is the one that tells you something, which at first glance you can give a story that has happened, and you can assume that will happen, this is one of your indicators, and that interpretation is effective.
The problem is when you start putting many indicators, and lose that sense of simplicity, only seeks to place the graphic on your serve and you really do not think that they serve you. Put indicators can generate many more questions than results.
Trader Discipline
This issue is long and hard but this is only if you are truly committed to the Forex market, because, well first to create a discipline is always creating a process that must follow, it helps to have good results in the operation. We never find the same two days, that's a fact, but if you complicate things by changing schedules, press releases and other details, it becomes more difficult the case, for example the European market is very different from the North American market, the impact of this their press releases.
I recommend to all those who wish to have an effective operation to follow the following points.
1. Determine the Target
2. Creating Strategy
3. Create a Check-List
4. Determine the timetable
5. Create personal political operation.
If you create and determine the points I am almost certain to be much more efficient operation, since they know that work and not just to look for alternatives.
