Welcome to Day Trading Guide
Day Trading Rule Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
ÿþG e t A w a y w i t h L u c k : M u s t D o s f o r B e g i n n e r s W h e n D o i n g F o r e x D a y T r a d i n g
from:L u c k i s d e f i n e d a s t h e t e n d e n c y o f a n i n d i v i d u a l t o b e p e r s i s t e n t l y f o r t u n a t e o r u n f o r t u n a t e o n m a t t e r s i n s o m e s p e c i f i e d s e t o f c i r c u m s t a n c e s . P e o p l e o f t e n t i m e s r e l y o n l u c k i f t h e y h a v e b e c o m e u n p r e p a r e d o n t h i n g s w h e r e i n t h e y s h o u l d h a v e b e e n p r e p a r e d .
T h e y s a y t h a t f o r e x d a y t r a d i n g i s a g a m e o f c h a n c e w h e r e m o s t o f t h e t i m e t r a d e r s d e p e n d o n l u c k . H o w e v e r , o t h e r s s a y b e i n g f u l l y e q u i p p e d w i l l t e a c h y o u h o w n o t t o b e o v e r l y d e p e n d e n t o n l u c k . B e i n g p r e p a r e d w i l l l e a d y o u t o y o u r o b j e c t i v e t o t r a d e w e l l a n d g a i n p r o f i t .
B e E d u c a t e d
E d u c a t i o n i s o n e t h i n g t h a t c a n n o t b e t a k e n a w a y f r o m y o u . I t i s o n e o f y o u r p e r s o n a l a n d s i g n i f i c a n t a s s e t s i n y o u r l i f e . H e n c e , i f y o u w a n t t o s u c c e e d i n f o r e x d a y t r a d i n g i n d u s t r y i t i s i m p o r t a n t t o d e v o t e t i m e s t u d y i n g t h e f o r e x m a r k e t a n d i t s c o m p o n e n t s .
T h e r e a r e s e v e r a l w a y s t o b e e d u c a t e d w i t h r e g a r d s t o f o r e x d a y t r a d i n g . Y o u c a n e n r o l l o n a s e m i n a r - w o r k s h o p . O t h e r f o r m s o f l e a r n i n g a r e t h r o u g h v i d e o - s t r e a m i n g t u t o r i a l s , o n l i n e r e s o u r c e s s u c h a s e - b o o k s a n d t a l k i n g o v e r w i t h b r o k e r s .
B e S o f t w a r e - O r i e n t e d
Y o u n e e d t o b e a w a r e o f t h e i m p o r t a n t t o o l s w h i c h m a k e f o r e x t r a d i n g p o s s i b l e . O n e i m p o r t a n t t o o l i s t h e s o f t w a r e . T h e r e a r e t w o t y p e s o f s o f t w a r e c o m m o n l y u s e d i n f o r e x t r a d i n g , ( 1 ) w e b - b a s e d s o f t w a r e ; a n d ( 2 ) c l i e n t - b a s e d s o f t w a r e .
O n c e y o u h a v e s e l e c t e d t h e r i g h t a n d w e l l - s u i t e d t o o l t h e n i t w i l l m a k e y o u r j o b e a s i e r . Y o u c a n c o n c e n t r a t e d e v i s i n g p l a n s a n d s t r a t e g i e s t o c a r r y o u t y o u r o b j e c t i v e s .
B e R e a d y w i t h a P l a n
P l a n n i n g m a k e t h i n g s r i g h t , i f n o t p e r f e c t . W i t h a p l a n , y o u k n o w w h e r e y o u a r e h e a d i n g . Y o u d o n o t s i m p l y g o w h e r e t h e w i n d b r i n g s y o u .
T r a d i n g i s a g a m b l e ; h o w e v e r w i t h e v e r y g a m b l e t h e r e i s a h i d d e n s t r a t e g y y o u t o h e l p y o u w i n . H e n c e , y o u m u s t p l a n . Y o u n e e d t o s e t g u i d e l i n e s a n d p l a n f o r t h e f o l l o w i n g f a c t o r s :
§ð H a v e y o u r o w n o b j e c t i v e s p a t t e r n e d a f t e r f o r e x t r a d i n g m a i n g o a l s .
§ð S e t t l e o n a s p e c i f i c a m o u n t o f m o n e y t h a t w i l l b e u s e d a s c a p i t a l .
§ð E s t a b l i s h y o u r e x p e c t e d p r o f i t f r o m t h e p r o f i t t r e n d i n t h e m a r k e t .
§ð D e c i d e o n s t e p s t o d o w h e n y o u a r e o n t h e l o s i n g e n d .
Y o u s h o u l d n o t s e t t l e w i t h o n e p l a n o n l y s i n c e t h e m a r k e t v a r i e s . Y o u r p l a n s m u s t c o m e i n t o a g r e e m e n t w i t h w h a t t h e m a r k e t d i c t a t e s .
B e C o n t r o l l e d
A l o n g w i t h y o u r p l a n , i t i s a d v i s e d t h a t y o u i n c o r p o r a t e s e l f - d i s c i p l i n e w i t h i n y o u r s e l f . T h e r e a r e i n d i v i d u a l s w h o c o n t i n u e t o d i v e r t f r o m t h e i r p l a n s o n c e t h e y s t a r t w i n n i n g . O t h e r s s c r a p o f f t h e i r p l a n i f t h e y s t a r t l o s i n g . R e g a r d l e s s o f t h e o u t c o m e , s t i c k w i t h y o u r p l a n . D o n o t l e t y o u r e m o t i o n s r u l e o v e r y o u r m i n d a n d t h e p l a n s y o u h a v e a r r a n g e d .
I f f o r i n s t a n c e , y o u r p l a n f a i l s y o u t h e n i t i s b e s t t o l e a r n f r o m y o u r m i s t a k e s a n d m o d i f y y o u r p l a n s . R e m e m b e r n o t t o f a l l i n t o a n e m o t i o n a l t r a p , o r y o u w i l l b e d o o m e d t o g r e a t e r l o s s .
T h e r e a r e t i m e s w h e n t h e m i n d m u s t b e s u p e r i o r a b o v e e v e r y t h i n g e l s e , w h e r e e m o t i o n s d o n o t h a v e a r o o m f o r d i s t i n c t i o n . I t w o r k s t h i s w a y w i t h f o r e x d a y t r a d i n g . L u c k m a y c o m e k n o c k i n g a t t h e d o o r b u t y o u n e e d n o t i n v i t e i t i n . C l o s e i t i f y o u c a n . Y e s , t r a d i n g m a y b e a g a m e o f c h a n c e f o r o t h e r s b u t y o u c a n m a k e t h i n g s h a p p e n j u s t t h e w a y y o u p i c t u r e i t .
B e i n g g e a r e d u p w i l l l e a d y o u t o t h e r i g h t p a t h .
Day Trading Rule News
Cairn-Vedanta deal: Time for counter offer over
Going by the rule book, Tuesday was the last day for anyone wishing to make a competitive offer for Cairn India. Vedanta Resources' Plc had announced on August 16, 2010 that it proposed to acquire a controlling stake of up to 60% in Cairn India, for up to $9.6 billion.
Read more...Australian Dollar Under Pressure But Fails to Break Below Trend Line
The AUDUSD has pared yesterday’s advance as U.S. traders came back online today. With risk aversion regaining its footing, if we continue to see the U.S. dollar strengthen against the Aussie, and break below the rising trend line on the 15 minute chart, I would not rule out further downside risks.
Read more...Dollar Mixed in Light Holiday Trading
The dollar is mixed against major currency rivals in quiet holiday trading and has given up much of its Friday gains against the yen.
Read more...China lauds 'friendly' Myanmar as junta leader arrives
China on Tuesday hailed Myanmar as a "friendly neighbour" and warned the world not to meddle in its upcoming election, as the head of the country's military junta arrived for a state visit.
Read more...Ten issues of '10: Money matters still unresolved
Though there's more to the upcoming season than contract disputes, negotiations are still a big part of the discussion.
Read more...