Trading forex live. In this Day Trading Forex Live review, I'm going to show you why I'm trading this system and how it's different from anything else you've ever tried.

Trading forex live

LIVE FOREX TRADING, 28th November 2017 - EURUSD

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Trading forex live

He has a monthly readership of , traders and has taught over 20, students. You just hit another nice winner on your demo account …. You feel ready to try your hand at live trading, yet questions and doubts still linger in your mind…. Humans are wired to be less risk averse after winning and more risk averse after losing; in other words, we are basically wired by evolution to be bad at trading. In reality, how risky you feel the market is should not change very much from one trade to the next.

Conversely, if you lose 5 trades in a row your perception of risk on the next trade is typically going to be a lot higher than it should be , so much so that you might risk a lot less than normal or possibly even be too afraid to enter a perfectly good setup. Is Biology to Blame? It really just comes down to you being consciously aware of what you are doing in the markets all the time, always ask yourself if what you are about to do is an emotion-based decision or a logic-based decision.

Before you start risking your hard-earned money in the markets, you have to sit down and honestly ask yourself how well you think you will operate in a world of constant temptation? Are you someone who can look temptation in the eye and ignore it? If not, you might have trouble with over-trading and risking too much per trade.

Do you have patience enough to wait for your trading strategy to show itself before you trade? These things are not impossible for you to attain, but some people have an easier time with them than others. If you have enough passion and desire to become a successful trader you can work through whatever psychological traits you have working against you. Unfortunately, all brokers are not created equal in the Forex world.

Many brokers do not offer the most pertinent charts for you to make your trading decisions from. The New York close charts also reflect the close of the 2nd heaviest Forex trading session which is the New York session. Closing prices are the most important in any market, as they reflect who won the battle between the bulls and bears that day, and because daily chart trading strategies are so critical for all beginning traders to learn, we need to see the most accurate and relevant daily chart closing price.

For those of you who need help with setting up your MT4 platform correctly, you can read the detailed tutorial I wrote recently: How to set up your MT4 charts. Many beginning traders think that they have to try and win every trade to be profitable. However, this really could not be farther from the truth. This causes them to get too concerned with winning percentages and they try to have as few losing trades as possible. Trading success depends more on capital preservation and risk management skills than anything else: Once you begin to focus on controlling your risk and on maintaining your losses instead of avoiding them, you will truly be on the road to trading success.

Even if your trading plan is to do a weekly or daily market commentary like I do, that is a lot better than many traders who have no plan whatsoever. You need to consolidate your thoughts and overall trading strategy into a daily guide of sorts, that way you are prepared and this helps you to trade off logic rather than emotion. You just need a journal to track your progress over time, if you need a template for one then see this link on trading journals.

A journal will help to show you how discipline and patience pay off over time and this will reinforce positive trading habits. Some people will only need a month of demo trading, some might need 6 months; every trader is different. The point is that you are taking your trading strategy and practicing it on a demo account before you go live. It always amazes me how so many traders just ignore demo trading and begin trading live as soon as they feel like they know a thing or two about the markets.

You will have losing trades no matter what, but the goal of trading is to minimize them; not to avoid them. You minimize them by being prepared. Whatever the case, leave your comments below, I want to hear your thoughts. If you enjoyed this lesson and want to learn more about developing the strategies and skills required to trade live with confidence, checkout my Forex trading course here.

If you have any questions, feel free to contact me here. I am thankful to Bro Nial for all the simple and outstanding lesson, very helpful and as an Asian, i believe you have make so much good carma in this life as your profession and your willingness to help newbie trader…. Thank you and God Bless you….! Hello my loved one! I wish to say that this post is awesome, great written and come with approximately all vital infos. I would like to look extra posts like this. If you have money to burn, trade real money off the cuff.

I tried that since Rather send me the money. You are going to lose it anyway! I remember my first live trade back then. Pressed the button, started sweating and lost. Less sweat but still lost the first trade. Back to square one. Discipline, know your rules and boundaries and wham! Ego and lack of patience are some of your biggest enemies. Go and play golf and learn not to get upset after a very bad shot and you are half way there to trading without emotion. You are such a Mentor. Thanks Nial for this eye opening article..

This is a good preparation for people like me who is just about to start trading.. Though I have been gaining in my demo account, I realized I need to educate myself more on Forex and practice it in my demo account…Your website is loaded with information…. Sincerely speaking u are d best forex teacher i ever come across escept who didint listeen or come accros ur blog, right now as im comending u, im trading one of ur price action which is false brake on gbpusd buy signal since 30th till today 31st which is still fetching me money i hve got 80 pips alredy with trail stop and ive try many of ur price actions all perfect though on demo.

Hi Nail, I used to focus a lot abut winning and winning. When I have a lost trade, I beat myself up. But over time, I have learn that losing is part of the game.

And there is this thing called random distribution. I used to do very well in demo but failed in Live. I realized it is fear and the wrong lot sizing. Now, I m getting better because I never give up and still trading and testing after all these years!!! I really like almost all your article. In this article, I agree with you. They just want to get short cut to get success in forex trading like I was, few years ago and they want to get rich in short period of time without thinking and doing risk management well.

Good setup without proper Money Management will get bad result or the worst thing is loss all your money or margin call will comes.

Minimize the risk and maximize profit is the smart choice. I managed to trade when I get 1: I Love Being a Trader. Reading again and again gives mental strength to me. Once again, a generous free gift to all. I agree with you except on the issue of Demo Account. What I do is to open Cent account and trade on 1 cent lot size. I wish all your readers would take your write-ups seriously as if we paid for it.

Thanks Nial, great article. I started with real money straight away blow my account within a month and I did exactly the same mistakes as you mention in your article. I wish I knew about your website when I started. Tnx Nial,coming accross you and your teachings was one of the best decisions l took in I lost my first three trades, broke even on the fourth, and and brought my account back to break even on the fifth.

I rode an emotional roller coaster, but stuck to my guns, made my trades and walked away, except for the fourth trade.

In the end of a very early beginning I am where I started. I am beginning to understand things that my mind hid from me in the recent past. Thanks Nial, excellent job! I have been trading for about 2 years now! This gave me the foundations and more, but it ended up being too complicated — Eliot Waves, lots of fundamental analysis and indicators etc……….. Nial, you came along just at the right time. Keeping it simple and trading price action is a huge breath of fresh air, I feel confident again.

Many thanks again Nial. Demo trading has no pschological input in your trading, no fears, greed , hope in your interraction with the market. Good strategy plus your ability to manage these emotions when trading live makes you a winner. I have been trading for a few years now and do okay.

A MM rule I have made for myself based on personal trade experience is I will only trade 0. Yes small trades only. Have couple of months only and usd funds,brake even right now. Ni Nial just wanted to thank you again for your input. I take your advice seriously, and am only trading on the daily bar, no indicators and price action and resistance and support levels key.


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