A FEW BUT IMPORTANT TRADING TIPS FOR STARTERS
1. Avoid become emotional with your trades. Emotions are important for understanding and making connections with other humans, but when trading in the global financial markets, emotional trading is simply catastrophic.
2. Learn to lose. Before you can earn from trading, you must learn to lose. Recognize your mistakes and don't repeat them.
3. Avoid high capital leverage. Professional traders don't allocate more than 2% on any trade, they know something.
4. Learn what you can from experienced traders (forums, books, seminars, etc).
5. Be patient, learning how to trade wisely doesn't happen in one-day. Focus on optimizing your trading process, it's all about the process at the end.
6. Technical analysis is the king in the short-term and fundamental analysis is the king in the long-term. When technical and fundamental analysis point n the same direction, a good swing trade is born. When these two powers 'agree', don't hesitate to run your profits.
7. Analyze charts and try to identify similarities and price patterns over the past. Human behavior repeats itself, so does a chart pattern.
8. Timing is the key to successful trading. It is much better to lose a trade than risking to trade the wrong timing.
9. Keep an eye on volume and volatility. Sudden changes in volume and volatility can signify a price reversal.
10. The Options Put-Call ratio can be a reliable market indicator in identifying major changes in the market's trend. Forex Traders can use the COT analysis to spot potential upcoming turnarounds.
11. Find the broker with the lowest spreads and commissions, trading cost matters.
12. Learn about trade setups, and start using them.
13. Continuously diversify your trading portfolio. The risk is always there, no matter if you can identify it, or not.
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