Getting Started in FOREX Trading Strategies
Too many traders overemphasize the specific tools needed
for trading and fail to apply the “know thyself ” rule as traders.
What markets do you like to trade? Probably the ones in which you enjoy
the greatest success. Analyze those for the characteristics that make them work,
and stick to markets with those characteristics.
What are your personality traits as they relate to trading? Are you a calm
or nervous sort of person, for example? Are you conservative or aggressive?
What are your financial means and goals? Will you be trading an account of
$3,000 or $30,000? How much are you really comfortable risking in toto and
on any specific trade?
What money management ideas are best for you and for the tools in
your codex? Are your selections realistic, and do they complement each
other? Money management is not about how much money you can make. It’s
about avoiding losses. If you stay in the game long enough, you will make
money. But if you lose your grubstake, you will not be in the game for that
big payoff day.
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