1. Go online and connect with other traders, ask the right questions (keyword: right) and talk shop. Joining TradingView is the best decision I made by far since I started trading. Social networks add value and my trading has improved a lot by being exposed to different ways to trade and by being able to see what works and what does not. But never trust a trader...
Worth a read, don't be lazy lol =D Disclaimer: I do not benefit from any of these books or from amazon.com -The Risk of Trading: Mastering the Most Important Element in Financial Speculation (Wiley Trading) -Global Macro Trading: Profiting in a New World Economy (Bloomberg Financial) -The Psychology of the Foreign Exchange Market (Wiley Trading) -Day...
1. Trading is not a get rich quick scheme. It is a normal investment that gets traders return on capital. Have you ever met a trader making double-digit percent return per month on a consistent manner? Trading professionally with proper money management would likely get you a return of few percents a month. From my personal experience a 3-5 percent return on...
POTENTIAL SCR*W FACTOR 1. Must have a centralised price feed to insure reliability of quote. 1a. There should be no delays, re-quotes, rejections or manipulations of price. 2. Check fine print of contract for any unfair rules they may impose upon you as a trader. 3. Are there conditions in the broker agreement under which profits can be made void and if yes,...
BROKER RISK PROFILE 1. Must be regulated by a regulatory authority. 2. Must have a (relatively) clean regulatory record. 3. Must have they been in business for several years. 4. Must have a segregated bank account for holding retail client funds. 5. Must be a member of a compensation fund, which compensates losses (up to a certain amount) in case of...
FINDING TRADE CANDIDATES You can only profit from that which you can anticipate. So here I describe in detail the steps I take to identify potential trading opportunities. I ensure that as many ideas as possible are taken into consideration. I list 13 concrete steps to do this and how to prioritise the trade candidates. One of those steps, indeed, is scanning the...
REASONS TO TRADE I write in detail why I trade, what I find appealing about it, what motivates me and why I believe I can be a good trader, based on my characteristics as a person and my skillset / competency profile. Tip: its important to be honest in the assessment of yourself and its wise to include input from others to objectify your profile. MY APPROACH I...