Although traders who enter the forex market already have various skills, both technical and fundamental analysis. but to get success in trading we need to increase experience and learn the secrets of forex trading. So it is expected that traders can apply certain techniques to increase the profit percentage and minimize the risk of loss. In fact, more forex trading experience will increase understanding of trading secrets. But there's nothing wrong with discussing it in Trendri forums.
Do Forex Trading Secrets Exist?
Around 1983 Richard Dennis and William Eckhardt were able to prove that the secret of forex trading existed. They both trained 12 forex traders known as turtles, one of them is Curtis Faith who is a successful and famous forex trader. Only with a capital of $ 2 million in a short time has become $ 31 million. The history of these turtles has been printed in a book entitled, New Market Wizard, Silent of the Turtles, which was published in 1992. Here are 3 secrets of forex trading:
1. Emotion Control
It should be noted that only about 3% of forex traders succeed, so the remaining 97% fail, because they cannot control their emotions, are cowardly and greedy, many forex traders also lose because they underestimate forex trading, only guessing up or down like gambling ( luck).To be able to control emotions traders should have a mindset, that greed will have a bad impact on trading, so prepare a solid trading plan, and never involve emotions when checking trends, fundamental analysis, reading charts, support and resistance levels, and when taking a trading position and don't forget to set a stop loss. This method is most effectively used by traders to avoid making decisions while positions are still floating.
2. Be Independent
Before trading, of course, traders already have
own chart setup. so don't be swayed by other people's opinions, and traders should trust in previously tested techniques. Because basically, the price chart that the trader has created must already contain all the information you need. In addition to being independent, traders also need to be realistic, as Barbara Rockefeller said in the book High Profits in High Heels: No need to look for opportunities for all available opportunities, stay realistic in using technical analysis, If market conditions are uncertain, don't force trade.
3. News Trading
News Trading is a technique of waiting for important news announcements related to forex. The chances of getting hundreds of pips in a short time will be very high when there are important news releases. But keep in mind that important news releases often don't have an immediate impact on the forex market.
Do Forex Trading Secrets Exist?
Around 1983 Richard Dennis and William Eckhardt were able to prove that the secret of forex trading existed. They both trained 12 forex traders known as turtles, one of them is Curtis Faith who is a successful and famous forex trader. Only with a capital of $ 2 million in a short time has become $ 31 million. The history of these turtles has been printed in a book entitled, New Market Wizard, Silent of the Turtles, which was published in 1992. Here are 3 secrets of forex trading:
1. Emotion Control
It should be noted that only about 3% of forex traders succeed, so the remaining 97% fail, because they cannot control their emotions, are cowardly and greedy, many forex traders also lose because they underestimate forex trading, only guessing up or down like gambling ( luck).To be able to control emotions traders should have a mindset, that greed will have a bad impact on trading, so prepare a solid trading plan, and never involve emotions when checking trends, fundamental analysis, reading charts, support and resistance levels, and when taking a trading position and don't forget to set a stop loss. This method is most effectively used by traders to avoid making decisions while positions are still floating.
2. Be Independent
Before trading, of course, traders already have
own chart setup. so don't be swayed by other people's opinions, and traders should trust in previously tested techniques. Because basically, the price chart that the trader has created must already contain all the information you need. In addition to being independent, traders also need to be realistic, as Barbara Rockefeller said in the book High Profits in High Heels: No need to look for opportunities for all available opportunities, stay realistic in using technical analysis, If market conditions are uncertain, don't force trade.
3. News Trading
News Trading is a technique of waiting for important news announcements related to forex. The chances of getting hundreds of pips in a short time will be very high when there are important news releases. But keep in mind that important news releases often don't have an immediate impact on the forex market.
