before starting trade forex

I wish this can help for you as rookies that just start to less than 6month then after that I don’t think you are rookies!!
95% of the people start to trade for forex going to leave within a year and lost account or giving up cuz loosing money.
So if you are already 6month experience, you are half way to go to be last 5% of the forex rookies.
This is what experience I had, Please do not follow if your situation is not matched.

1, why you start to trade forex?
I keep thinking the same question yet.
First of all, I want to make more money without changing my daily life.
I have a family, house, employee as 9-5 Monday to Friday.
So most of my time is for my family matter.

I have stock, 401k, IRA, CD, bank saving acct, etc…
But, like this year for good example.
I can’t do nothing to gain these account, that I knew since 2005 when sub-prime loan start to be worse. So I started to think about forex.
A lot of people says forex is nothing but gamble.
I believe forex is going to be one of the gamble depend how its invested.
My trading style was based on this thought, and I am not gambling with forex.

2, how much expected to make money in a month?
It is depend on your situation.
If you can trade 20hr everyday, you might get more profit.
I only can watch pc total 1-2 hours everyday, not even straight hours.
So my trading style may not be working for you to expect
Fortunately, my average result is 20-40% of balance of first day of the month.
If my balance is $1000 at 1st of month, 31th possibly be $1200 -$1400.

3, forex broker
I recommend to rookies to open demo account first.
Try all brokers demo account and find which is better to use for you.
Low spread, low amount to start, no fee, many pairs, flexible chart, etc…
Please remember that live account and demo account is big different.
I see many trader are making a lot of money on demo account then stat to live account to loose real money in shortly.

4, how to find trend
I read tons of article/news/breaking news/ forum/ BBS/history…..
Trying to get to know more knowledge of economic of each country and whole world.
Then I found a lot of wrong information also. That I have to find correction to effect to market.
A lot of fancy chart as you can see, any of them are looking good.
I suggest you all chart is after the movement, any chart tell you stochastic and probability.
My trading style is from 70% of news and economic data, 30% of chart trend.

5, risk
we all should have risk at anytime.
When I start to have position, I always think how much I can take risk of the position like how much I can loose.
Market is live movement, not technically move all the time.
So I might have to close position with some loss sometime.
Usually small risk is for short term (1min to 1 hour trade),
mid risk is for mid term(1hour to 1,2days)
large risk is for long term(1,2day to month)


6, second chance and quick move
do not rush to have new position, there is always second chance.
Otherhand, do not wait to expect more profit.
Take profit is most complicated decision,
I am taking profit when it reach 60%-80% what I expect to reach.
Also closing position must be quick even loosing.
I recommend to set stop loss when its new position.


Happy trading!!!