I get contacted by newbies time and again. And while I have written quite a number of articles just for them (see my site for more), one more is unlikely to do any more damage, although damage is really not my goal here.

The definition of philosophy, is the love of, or the search for, wisdom or knowledge. It also means the general principles or laws of a field of knowledge. That being said, I will share with you some of my philosophical thoughts on trading, and general principles that need to be followed for success in the world of trading.

Goals are important. You should set them, and you should stick with them. Before you start trading in the currency markets, figure out what you want to achieve, and give yourself a time-frame for achieving it. Of course the goal you set must have a plus or minus flexibility within a limited range. You will be slower at first, then gain speed as you become experienced. Counting research, you should determine how much time can be used for trading.

Goal and a plan are essential in your Trading for whatsoever trading style you want to apply. These things will maintain your focus and emotion. With clear and strict goal you will know what should be taken to achieve your trading success. And detailed quantum ai trading plan will assist you maintaining your focus on any markets and trading.

DON’T risk high – Risking large parts of your account again expose you to needless risk. Forex trading is not a ‘get rich quick’ game. Using good money management and risking a fixed % of your account greatly increases your chances of slow and consistent growth.

When beginning to trade Forex, decide exactly how you want to trade in terms of speed. For example, a quick trade would be based on the fifteen and sixty minute charts and exited within just a few hours. Using the short duration charts of less than 10 minutes is the technique scalpers use to exit positions within a few minutes.

15) When contracts expire on the 3rd Friday of the contract month, futures contracts do not expire worthless. You roll your money over to the new contract, unlike Options that expire worthless.

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