Like a previous comment, I teach persons as well. My recommendations for newbies and persons experiencing difficulties..
1. Determine how much money you want to make for FX to be worth your time..
- many times people jump into FX without knowing what they want from it. This then leads to experimentation for a longer time than is necessary and with the 1000s of strategies out there, you can easily get lost and frustrated.
2. Find out what Methodology/style of Trading will get you that $$ goal.
- if there is a strategy out there that can get you what you are looking for, there is no need to reinvent the wheel. If there isnt one, then develop a strategy for yourself. Either way, practice the strategy on a Demo and ENSURE that it hits your targets for 3- 6 Months before going Live.
3. Do not rely on FREE or low cost trading information or strategies. The reason that most of them are Free and cost very little is that they are not providing anything new /worthwhile to improve your trading. Most of it is recycled information or information which just focus on one aspect of trading. Although most of them are useful by themselves, they cannot be expected to provide you with a complete/PROFITABLE trading plan.
4. Contrary to popular opinion, there is no point in trading Live without a plan. The only REAL difference with Live Trading is that your nerves can affect you more. But like many things in life, once you have prepared, practiced and worked out all the kinks, your performance in a simulated environment will be mirrored come game time.
5. Create a detailed trading plan with guidelines in place to ensure you do not become indisciplined. This will guide you especially when trading Live when it really matters
- for example, I use and tell people to have a holding period rule when trading. This ensures that you dont become greedy. If the market is only going to give you 150 Pips on a trade you must not try to hold on for 200 Pips just because you want to make up for a previous loss. If you do, the market will pullback to take away your gains, causing even more frustration. Take this recent trade on the GBP CAD made last week. As you will see in the Video, by holding on to the trade for even a few minutes or hours than you should can lead to losses in the blink of an eye.
6. Be patient, stick with your Trading Plan and never lose your cool.
Regards
Duane
DRFXSWINGTRADING
