today's bible passage

Nigerian Stock Market

Friday, December 12, 2008

TIPS/MIND SET WHILE TRADING THE FOREX MARKET

To be a successful trader you must have the mind set of one, "As a man thinket in his heart so is he" Prov 23:7
So what kind of mind do successful traders have?
  1. A winning mind: when you wake up in the morning or switch on your laptop/pc just believe you are set to make an income fro that day, ket that be the frame upon which you build your trading day.
  2. Do not give room for fear, anxiety or greed: These 3 emotions can ruin your day - fear will slow you down, anxiety will cause to make costly mistake s as in entering a wron trade (clicking sell instead of buy and vice versa), greed will want you to corner everything which will make you keep your positions open longer than necessary.
  3. At the commencement of every trade properly analyse the selected currency pair to determine the trend remember "the trend is your friend". with information of the direction of the market you open your position(s).
  4. Use small lot sizes, i recommend that if you have a leverage of 1:100 with a balance of $1000.00 in your account, your lot size per trade should be between 0.1 and 0.2 and if your account has a lerage of 1:200 your lot size shoul be kept at 0.1 untill your account balance reaches $3000.00. do not have more than two trades open at the same time.
  5. I recommend a target of between 10-20 pips as profit and a total of 30 opips taget per day, until you have developed and perfected or can read/ analyse trading strategy very well.
  6. Once you have analysed the market and opened your position and use appropriate stops, maintain your cool it may look like the market is moving in the oppositte direction but do not waver or become jittery and do something stupid.

While wring this report i netted a toatal of 30 pips on the gpb/usd the market had moved against me by 20 pips but because the trnd was clear i waited and got the profit. Buy and install my strategy and your analysis will be more precise.

send me a mail to emmanuelaudu@gmail.com and i will mail you the screen shot of the above trade.

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