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Trading Tips: Part Five |
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1. Always do your homework and keep abreast of global events.
2. Become comfortable with being disagreed with. Remember: 90% of traders find themselves on the losing side, so going along with the crowds isn't always a good thing.
3. Technical analysis is an important skill, so keep studying and learning.
4. Be wary of all tips and inside information. Wait for the market's action to see if the information is accurate, and then take a position with the developing trend.
5. Buy the rumor, sell the news.
6. Keep it simple, stupid.
7. Timing is everything in forex trading.
8. "Buy and hold" strategies don't apply in forex trading.
9. When opening an account with a broker, decide on the length of time you should trade as well as the amount of money. This helps conserve your equity.
10. Carry a notebook with you at all times. Use it to jot down market information, the market openings, price ranges, fills, stop orders, and own personal observations. Keeping notes helps you analyze and better understand your performance over time.
11. Don't expect profits during your first 20 trades. Instead, keep track of the percentage of wins. Once you become confident that you know how to pick direction, profits can be increased with multi-plot trading and variations in using your stops. Only then should you start getting serious about money management.
12. No real movement of any importance takes place in one day.
13. Do not overtrade.
14. Keep two accounts. One should be a real account and the other a demo account. Keep the demo account in order to test alternative trades, alternative stops, etc. before utilizing them with your real account.
15. Remember: A sell signal is given when prices move below the moving average. When the closing price moves above the moving average, a buy signal is generated.
16. Remember: A selling signal occurs when the reverse happens, and the longer of two consecutive averages intersects the shorter one downward. A buying signal on a two-moving average combination occurs when the shorter term of two consecutive averages intersects the longer one upward.
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| Symbol |
Rate |
| GBP:CHF |
2.007608 |
| GBP:JPY |
182.222212 |
| GBP:USD |
1.757198 |
| NZD:USD |
0.658397 |
| EUR:CAD |
1.503413 |
| EUR:CHF |
1.557680 |
| EUR:GBP |
0.775889 |
| EUR:JPY |
141.384148 |
| EUR:USD |
1.363390 |
| AUD:JPY |
80.415028 |
| AUD:USD |
0.775455 |
| USD:CAD |
1.102702 |
| USD:CHF |
1.142505 |
| USD:JPY |
103.700427 |
| USD:SEK |
7.185028 |
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Disclimer: This website is for informational purposes only and is not intended to provide
specific commercial, financial, investment, accounting, tax, or legal advice.
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© ForexCenter.com, 2005, All Rights Reserved
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