The Essential Forex Tips

Personally, i totally agree with this post by NickB in Fx4Noobs, he is true trade. Even though  my trading method is 'different' from him. I need to 'master' all that tips especially because:-

1. Learn the basic training before enter into warzone. Practice the 'core' skills before enter into warzone. Skills is about practice to do the same thing everyday. The first skills you need to master before enter warzone is 'how to survive' for next battle. 

2. Trading won't get you rich quick, but the 'process' of trading may makes you rich. The 'good tennis racket' won't guaranteed you will be a good tennis player like pete sampras. The skills that you master on 'basic training' and process may help you to become a good tennis player like pete sampras. The process of trading to improve skills and learn to survive will makes you make a consistent results in trading.

3. Don't listen to proclaimed expert 'traders' - they 'no' proven they are expert if they don't show you their trading records. Even if the show you their trading records, 'to master' the skills. you need to do your own praktis.

4. The best 'Do You Own Analysis'. Blindly follow other people tips, will make you BLIND. If you want to become successful trader, you need to 'master' you own skills in your trading method and analyze the 'trade' that you want to enter.You won't be able to make money 'consistently' if you follow other people tips once they stop give tips. Learn to trade, improve core skills and trading method.

5.Kill Losing Streak Early. Lets follow scrat idea... On each trade, assess the 'level' you willing to lose.

6. Stick with single method. If you choose to trade 'single' method, then you can trade 'any time frame' and 'any pairs'. But if you 'prefer' to trade more than 'one' method, then you should focus on 'single' currency and 'single' time frames.

7. Keep It Smart & Simple. Its easier to follow simple instruction compared to 'complex' or 'confused' instruction. Its easier to discipline to follow simple method compared to complex methodology. Choose simple instruction to know the SETUP. Choose simple rule to pull the trigger. Choose simple rule to exit the trade for stop and profits.   

8. Clear Chart. When i start to trade, i believe indicators is the 'holy grail' for trading. If MACD can tell me the trend & RSI can tell me the Oversold or Overbought. If the trend is UP & the price is OVER; its the best time to sell because the trend is going to reversed. At the end, i still losing my money. However, because i believe with concept that OVER in Uptrend means TIME TO SELL. So i change the 'parameter' of RSI, then i change to CCI and etc. Later i found out that maybe 'MACD' is not good indicator to determine the trend, so why not i change to Moving Average Crossover or Moving Average Slope & combined with OVER indicators. The process of learning start again by testing with RSI, CCI, Stochastic & then change the parameters etc.  During that time what i believe is like many people believe, indicators help with your trading (apparently) so the more the better, right? Obviously its Wrong! As traders gain more experience they start figuring out that less is more. The more indicators you have on your chart the more confusion you will have. Every extra indicator:. i) Adds to the clutter making your charts harder to read. ii) Gives you more to think about therefore clouding your judgment. iii) Increases the possibility of giving you conflicting signals. iv) Looks pretty damn ugly…Indicators are not essential. Now i just trade with no indicators. I call this blog as nakedtrading so that i can practice to trade without indicators. I am not saying you need to remove all indicators but limit it to a max of 2 at a time on your chart. Now i just trade by using 'naked eyes' to determine support and resistance lines or zone. This can be done by using any type of chart. Later, once the price do pullback, i will see candlestick patterns for fine tuned the entry.