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lcms_academy

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6 principles to reduce risk and make money in Forex trading
« on: February 26, 2016, 12:15:03 pm »
Hi ladies,

Using this channel we would like to share 6 important principles to follow if you are ever going to try currency trading or curious about about it. This is extracted from our presentation deck and we are sharing it complimentary on this forum.

3 'Do Nots'

- Do Not start with too much optimism
Many folks we have seen, picked up some information about trading somewhere and became overly positive after a few successful initial trades.
That is not trading, that is the 'gamblers' high'. Trading is more similar to running a marathon than a short sprint.

- Do Not trade with more than you are comfortable with
A lot of people whom we talk to tells us that in order to trade, they think they need a large amount of money. That is actually untrue. Trading can start from as low as $100.

- Do Not trade if you are in doubt
This is true even for very experienced traders, because the issue is not in the slight loss of money that you may incur. The issue is the state of confusion and obsession it puts you in to win it back the money you lost.

3 'Dos'

- Do have a 'testing period' of 2-4 months
We know that beginners always start small to avoid high risk and that is not the problem. The problem is when you start thinking of going big too early. The safest way is to stress-test your assessment, judgement and analysis of the market over 2-4 months.

- Do exit the market when you made the projected profit
There is a certain strange behaviour that traders exhibit when the market hit their initial expected profits. They start to trust in their 'feel' rather than the logical assessment that got them to the level of profit in the first place. Statistically, 5 out of 10 times, things start to go wrong from there.

- Do maintain discipline as a Best Practice
Sometimes, the price won't reach your anticipated price point. At this time, you must have the discipline to believe in your analysis and not to second-guess it.

Trading tips: There are some parts of the day that the market moves more and that is between 4pm to 6pm


Hope that what we shared is help for some of you. If you have any more questions for us or would like to ask us further questions please PM us.

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Ava Taneer

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Re: 6 principles to reduce risk and make money in Forex trading
« Reply #1 on: November 03, 2017, 09:34:38 am »
Heres additional tips that may help in addition to this post. Helping out all women in the finance industry :) Here's a simple guide:

https://thenewsavvy.com/invest/foreign-exchange/8-basic-things-women-know-forex-trading/

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