Forex trading beginners must see the trading discipline of stable profits

[JRFX Forex player]

1. Macro discipline

• After three consecutive losses, take a forced break to adjust your mentality and analyze the reasons.
• When you have made a continuous profit of more than 50%, you should also suspend trading to avoid greed.
• Avoid trading too frequently and keep a calm and clear mind.

2. Considerations before entering the market

• Avoid entering the market when the market is relatively quiet.
• Choose currencies with clear trends and do not trade with unclear trends.
• Choose strong currencies when going long and weak currencies when going short.
• Each transaction requires clear entry price, stop loss price, target price and position control.

3. Execution after entering the market

• When the short-term profit exceeds 30 points, immediately raise the stop loss to near the cost.
• Adhere to the original trading plan and do not easily change the impact caused by short-term signals such as the 30-minute chart.

4. Strategy when building a position

• Build a position in line with the trend and follow the characteristics of trend continuation.
• Avoid greed and do not blindly build a position against the trend due to a large drop.

5. Closing time

• Use multiple signal verification methods to confirm the closing signal of trending transactions.
• Counter-trend transactions require fast entry and exit, do not fight to the end, and remain flexible to respond to market changes.

6. Effective stop loss method

• Use fixed points or recent highs and lows to set stop losses.
• Use technical indicators such as moving averages and trend lines to assist stop loss decisions.

7. Reasonable position management

• According to the type of transaction and market conditions, reasonably divide the proportion of light positions, medium positions and heavy positions.
• Avoid excessive expansion of positions in counter-trend transactions and keep risk control within a reasonable range.

8. Preferred trading hours

• Avoid trading on Fridays and holidays because the market is highly volatile and difficult to predict.
• Choose active market hours for trading, such as overlapping periods of European and American markets.

Trading strategy signal sharing community: https://t.me/jrfxasia2024

Newbie welfare collection: https://www.jrfx.com/2024/april/en/?396

 

[Fin_Trader]

• Avoid trading on Fridays and holidays because the market is highly volatile and difficult to predict.
• Choose active market hours for trading, such as overlapping periods of European and American markets.

I would add that it is also necessary to monitor the publication time of important news from the economic calendar. Such news often increases volatility in the market and the price can go anywhere unplanned and sharply, even if your trading strategy showed a completely different direction of price movement. I am not trading at this time and I am waiting for the market to calm down.

 

[Lee.me]

All of that needs to be adjusted to your style, those are good points in general but for every trader, certain customizations need to be made, not to mention we do not all live the same way, so behaviors regarding this can be very different.

 

[Fin_Trader]

Trader discipline is a key condition for success. We must trade only according to the terms and conditions of our trading strategy and not deviate from this. Otherwise, any unreasonable actions and emotional trading will only contribute to losses.

 

[Polakandil]

I would add that it is also necessary to monitor the publication time of important news from the economic calendar. Such news often increases volatility in the market and the price can go anywhere unplanned and sharply, even if your trading strategy showed a completely different direction of price movement. I am not trading at this time and I am waiting for the market to calm down.

Yes, agree, that reading updated important news sometimes influences the market to be higher volatile depending on the news that was released, Paying attention to the news in a timely could give more insight into so many factors that can drive the market.

 

[Fin_Trader]

Yes, agree, that reading updated important news sometimes influences the market to be higher volatile depending on the news that was released, Paying attention to the news in a timely could give more insight into so many factors that can drive the market.

But trading on news is very difficult. We cannot fully predict the market behavior, so we need to be able to adapt to the current situation and learn technical analysis in parallel.

 

[Ovidio Lettiere]

Forex trading beginners should prioritize trading discipline to achieve stable profits. Consistency, risk management, and a clear strategy are essential. For those starting out, LQDFX offers a user-friendly platform, competitive spreads, and excellent support, making it an ideal choice for developing disciplined trading habits.

 

[LeoFx]

Beginners in forex trading should prioritize trading discipline to achieve stable profits. Establishing a clear strategy, adhering to risk management practices, and avoiding impulsive decisions are crucial. By focusing on consistent, small gains rather than chasing quick wins, newcomers can build a strong foundation for long-term success in the market.

 

[LeoFx]

Beginners in forex trading should prioritize trading discipline to achieve stable profits. Establishing a clear strategy, adhering to risk management practices, and avoiding impulsive decisions are crucial. By focusing on consistent, small gains rather than chasing quick wins, newcomers can build a strong foundation for long-term success in the market.

 

[Fin_Trader]

Beginners in forex trading should prioritize trading discipline to achieve stable profits. Establishing a clear strategy, adhering to risk management practices, and avoiding impulsive decisions are crucial. By focusing on consistent, small gains rather than chasing quick wins, newcomers can build a strong foundation for long-term success in the market.

Discipline is critically important for a trader. For success in trading, you need to develop and strictly follow your own trading rules. Self-discipline allows you to correctly manage deals and risks, as well as maintain the necessary psychological state.

 

[Polakandil]

But trading on news is very difficult. We cannot fully predict the market behavior, so we need to be able to adapt to the current situation and learn technical analysis in parallel.

Indeed, trading when the news is high risk because sometimes suddenly high volatility brings its risks, some technical traders may avoid the news because it is not in line with technical analysis.

 

[Fin_Trader]

Indeed, trading when the news is high risk because sometimes suddenly high volatility brings its risks, some technical traders may avoid the news because it is not in line with technical analysis.

Avoid trading on the news this is the best solution and less risks. You often understand this with experience. It is difficult to predict the situation of a currency pair when news is published

 

[borzy]

But trading on news is very difficult. We cannot fully predict the market behavior, so we need to be able to adapt to the current situation and learn technical analysis in parallel which I do using autochartist software from HFM. It helps to recognize pattern you wouldn't even notice otherwise

 

[Polakandil]

But trading on news is very difficult. We cannot fully predict the market behavior, so we need to be able to adapt to the current situation and learn technical analysis in parallel which I do using autochartist software from HFM. It helps to recognize pattern you wouldn't even notice otherwise

Yes, it is indeed difficult to trade when high-impact news causes volatility to increase suddenly, and traders may be trapped by FOMO. Technical traders tend to stay away from such market models rather than take the risk.

 

[borzy]

Yes, it is indeed difficult to trade when high-impact news causes volatility to increase suddenly, and traders may be trapped by FOMO. Technical traders tend to stay away from such market models rather than take the risk.

Yeah technical analysis doesn't work during high volatility, only momentum. Also if I trade during this time I do this via fixed spread account at HFM, because it becomes cheaper as in other accounts with variable spreads they tend to be higher.

 

[Fin_Trader]

I prefer accounts with floating spread, but I trade in fxopen on major pairs like eur/usd, gbp/usd , here I see the lowest spreads during the day

 

[TradeWizards]

Brokers that offer fixed spreads usually have spreads higher than the average floating spread, and this is detrimental to the trader in the long run.
Note that many brokers that offer fixed spreads also manipulate the market price. I tested several brokers at the same time and observed this.
My suggestion is brokers that offer floating spreads but with a small range.
I personally use "ECN_PRO" accounts, which have a fixed commission and a spread close to zero but floating.

 

[Fin_Trader]

Brokers that offer fixed spreads usually have spreads higher than the average floating spread, and this is detrimental to the trader in the long run.
Note that many brokers that offer fixed spreads also manipulate the market price. I tested several brokers at the same time and observed this.
My suggestion is brokers that offer floating spreads but with a small range.
I personally use "ECN_PRO" accounts, which have a fixed commission and a spread close to zero but floating.

Floating spreads are more honest. If a trader trades in a calm market, why should he pay more? Of course, it is better to trade on ECN with a spread of 0.1-0.2 on the EUR/USD pair than to pay a fixed spread which is very high. I trade in fxopen, I am a day trader and a tight spread is profitable for me

 

[TradeWizards]

Floating spreads are more honest. If a trader trades in a calm market, why should he pay more? Of course, it is better to trade on ECN with a spread of 0.1-0.2 on the EUR/USD pair than to pay a fixed spread which is very high. I trade in fxopen, I am a day trader and a tight spread is profitable for me

The use of ECN and ECN_PRO accounts for professionals greatly increases the profit
I only use the ECN_PRO account, the spread also covers zero, and many entry points and TP are not activated due to the spread, but in this type of account, these cases are minimized.