Getting started in forex trading is a decision that should never be taken lightly. As you’ll see from the list of “rules” below and by hopefully following along with my journey, the decision to trade forex did not come lightly to me either. While there is an opportunity to make great profits, there is also an opportunity to have great losses; possibly as much as you’ve deposited (called “blowing your account”). In an effort to avoid blowing my account there will be several rules I will be adhering to throughout this journey. This is a business and will be treated as such. All trading decisions will be based on common sense and research and will not be made on a hunch or gut feeling. Test all new ideas. By this I mean each new trading methodology will be tested for a minimum of 3 months on a demo account to determine if I can be profitable using it. The initial focus of my trading will be Pinocchio bars as outlined by Martin Pring, once I am comfortable trading that set-up I will test others. To keep things simple I will be trading only daily and weekly time frames. No day trading or scalping here. Never risk more than 3% of my account on a single trade. Treat this as a business. Maximize profits. Never let a winner turn into a loser. Those are the rules to start. I know it’s not many, but I believe it’s enough to keep my [ Read More ]
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