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//-->1Table of ContentsRisk Warning ................................................................................................................................................. 3Learn The Rules of The Market ..................................................................................................................... 4Create a Trading Plan .................................................................................................................................... 4Put Your Plan to the Test .............................................................................................................................. 5Determine Market Conditions before Taking any Action ............................................................................. 5Control Your Trading Capital ......................................................................................................................... 6Know Where to Enter and Exit The Market .................................................................................................. 6Remove Emotions From The equation ......................................................................................................... 7Know What Type of Trader You Are ............................................................................................................. 7Discipline and Consistency Will Lead to Success .......................................................................................... 8Change with the Markets.............................................................................................................................. 82Risk WarningTrading Foreign Exchange and other Derivatives involves a significant and substantial risk of lossand may not be suitable for everyone. You should carefully consider whether trading is suitablefor you in light of your age, income, personal circumstances, trading knowledge, and financialresources. The information in this material and the links provided are for general informationonly and should not be taken as constituting personal investment advice. Only truediscretionary income should be used for trading Foreign Exchange and Derivatives. Any opinion,market analysis, or other information of any kind contained in this material is subject to changeat any time. All trade ideas and trading scenarios found in this material are hypothetical. Pastperformance is not necessarily indicative of futures results. Nothing in this material should beconstrued as a solicitation to trade Foreign Exchange or Derivatives. If you are consideringtrading Foreign Exchange or Derivatives, before you trade make sure you understand how themarkets operate, understand how ThinkForex is compensated, understand the ThinkForextrading contract rules, and are thoroughly familiar with the operation of and the limitations ofthe platform on which you are going to trade. A Financial Services Guide (FSG) and ProductDisclosure Statement (PDS) for these products is available from TF GLOBAL MARKETS (AUST)PTY LTD by emailing compliance@thinkforex.com. The FSG and PDS should be consideredbefore deciding to enter into any Derivative transactions with TF GLOBAL MARKETS (AUST) PTYLTD. The information contained in this material and on the ThinkForex website is not directedat residents of any country or jurisdiction where such distribution or use would be contrary tolocal law or regulation. 2013 TF GLOBAL MARKETS (AUST) PTY LTD. All rights reserved. AFSL424700. ABN 69 158 361 561. Please note: ThinkForex does not service US entities or residents.3Learn the Rules of the MarketA good understanding of your selected markets and the methods of how to tradethem are essential skills to achieve before moving to live trading. Take everyopportunity to learn more about the methods of market analysis and trading for eachmarket whether you are trading Forex, Metals, or CFDs. A great deal of informationis readily available in books, websites, blogs, and training videos. Many of these resources can befound on the internet. You can explore these resources on your own or contact one of our tradingspecialists for guidance and support.The important information to focus on is market terminology, any widely agreed upon factors thatimpact the market, and any unique traits of the market. For example, the Forex market is based onthe exchange of currency contracts (Unique Trait) with a standard value of 100K that moves inincrements known as “Pips” (Market Terminology) with a general value of $10 per pip. Pip valueswill vary (Unique Trait) based on the currency pairs of the contract traded and the account currencyof the trader. The Forex market is heavily influenced by economic reports (Impact Factor) relatedto the home countries of the currency pairs traded. As a result the Forex market will move in largeswings when economic reports are released; especially when the reports are from the US,Eurozone, or Japan.Terminology, impact factors, and unique traits are key items to understand when trading Forex,CFDs, Metals, or any other market; but each market traded should by fully explored. Getting toknow your markets well is crucial to trading success. .Create a Trading PlanThe creation and use of a trading plan will provide a blueprint for your tradingactivities and clarify the necessary actions to take when trading. Your trading planshould document your goals, methodology, analysis process and risk / reward levels.A well-constructed trading plan will provide the controls needed to keep your tradingon the correct path.Key trading plan elements include:1. A daily process to review the previous trading session or trading time-frame2. A process to Identify trading opportunitiesa. Macro-Analysis of the Current Market – News, Economic Reports, other Impact Factors.b. Micro Analysis of the Current Market – Review of charts and indicators3. A desired entry point4. A defined risk per trade5. A defined stop loss and take-profit level4Each individual trading plan is unique but at minimum should contain the 5 elements listed above.Document your trading process by setting a plan down on paper and follow the plan as written tostreamline your trading efforts.Put Your Plan to the TestGoing through the motions of your trading plan is as important as documenting yourplan. Use a demo trading account to test your plan in real-world market conditions.Demo trading accounts are readily available from most brokers and can provide thebest opportunity to practice trading and test your trading plan in a lifelike simulatedtrading environment with no risk. Making the effort to practice trading on a demo account can helpidentify any weakness in your trading plan and allow you to adjust where necessary.When trading in a simulated environment it is critical to follow your trading plan and execute yourtrading as if you were trading in a live environment. Only take the trades your plan signals andrespect all stop loss and take profit levels. Many new traders make the mistake of not trading theirdemo account with the discipline of a trading plan and the mindset of a live trader. As a result it iscommon for their live trading results to differ greatly from their demo trading. By trading your demoaccount with the live trading mindset you will mentally prepare yourself for the transition from demoto live trading.Determine Market Conditions before Taking any ActionRegardless if you choose to use fundamental analysis, technical analysis or a mix ofthe two core analysis styles, a complete and regular assessment of active marketconditions is essential before placing any trades. Sometimes the market conditionswill be primed for trading while other times it may be best to stand aside. If you takethe time now to learn more about the methods of market analysis it will serve you well later. Choosean analysis process that is not overly complicated, you understand well, and you are comfortableusing.The most critical factor of your analysis is that you truly understand any indicators you are using orany outside information (Economic reports, news, etc.) that you work into your market view.Complete your analysis then let the market show you the way. If you are unsure of the currentmarket conditions or the available information is providing conflicting signals it is best to stand asideand wait for a trade with a stronger signal.5
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