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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 .
Paper Day Trading News
Facebook stock slide deepens on 3rd trading day
Facebook stock slide deepens on 3rd trading day THE ASSOCIATED PRESS Published May 22, 2012 09:50AM MDT New York • Facebook’s newly public stock is sliding further on its third trading day as investors reconsider how much the social network is worth. The Menlo Park, Calif., company’s long-anticipated initial public stock offering raised $16 billion, valuing the company at $104 billion — more ...
Read more...Facebook Shares Slip On Day 2 Of Trading
Michael Harper for RedOrbit.com Following what may have been the most anticipated IPO in recent memory, Facebook shares have sunk nearly 13% as of this writing on Monday, May 21. Sinking so low on just the second day of trading is not only embarrassing for the social networking company, it could also keep would-be investors away from bolstering the stock. As stocks traded around $36 during pre ...
Read more...Facebook Shares Fall Below IPO Price On Second Day Of Trading
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Read more...'Overhyped' Facebook shares lose 10 billion on first day of trading as public company
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Read more...Facebook's shares slump 11 per cent in frenzy
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Read more...Wednesday Sector Laggards: Water Utilities, Paper & Forest Products
In trading on Wednesday, water utilities shares were relative laggards, down on the day by about 0.7%. Helping drag down the group were shares of Tri Tech Holding Ord (TRIT), off about 6.7% and shares of California Water Service Group (CWT) up about 0.2% on the day. Also lagging the market Wednesday are paper & ...
Read more...Comment on Facebook, Zuckerberg ring in first day of trading from Menlo Park headquarters
I think that Felix Salmon of Reuters said it best: And by far the biggest difference is that while the old shareholders were all sitting on monster paper profits, on their Facebook stock, the new shareholders won’t be. They’re going to want to see the share price — and Facebook’s valuation — go up, substantially. Which means that they’re going to want Zuckerberg to come up with a plan to make ...
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