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| mini forex trading platforms --> | Thu Jul 02, 2009 |
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:: Mini Forex Trading Platforms ::
If you are fairly new to the Forex Market trading a mini forex trading platform is the next logical
step after practicing in a demo environment. With smaller trade sizes (1/10th the size of a standard
transaction), higher leverage (200:1), and a minimum account deposit of just $250, mini accounts
allows you to add the psychological component of trading in a live environment, test your trading
strategies(currency trading mechanical system) without risking large amounts of capital, and gain the
ability to capitalize on trading opportunities.
FOREX TRADING NEWS
Latest TRADING articles
>> How To Think Like A Master Trader Do you think like a winner or a loser? Here are 6 key elements of a winning trading mindset: 1. Have a trading objective. You must know what you are trying to achieve before you can set about creating a plan to achieve those goals. Are you trying to create a certain level of income from trading or creating a pension fund? Break down your overall aim into achievable steps. Creating an income of $100,000 per year is daunting but breaking that down by 220 trading days (after holidays etc) per year means averaging $450 per day. That's 9 ES points per contract per day or just 1 ES point trading 9 contracts per day. Be realistic with your trading capital. Once you know what you are trying to achieve you can start to formulate a plan to achieve that goal. You must then have the belief that you will achieve that goal and that confidence comes from a well developed trading plan. The more you visualise your goal being achieved the stronger your belief and confidence will be. 2. Have a trading plan. Your trading plan acts as a road map to achieving your goals. It must be as detailed as possible. Your trading plan also acts as a guide to your daily trading - compare your daily trading performance to your plan and ensure you are still on the right path. 3. Plan each day. Before each trading day starts you must know exactly what you will do in any situation. We don't know what the market is going to do but we can make sure we know what we are going to do. Without a daily plan you will be reacting to the market, you will get in late on moves and panic when the market doesn't do what you want it to. Be pro-active and plan your day in advance - you shouldn't have to make any decisions when the market is open. 4. Monitor results. Regularly compare your actual trading results to your trading plan. Periodically you
will find that adjustments will need to be made to your plan to improve it and move you forward towards your goal.
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>> Trading For A Living - Part two In part one of this article I started to look at the financial implications of giving up the day job to instead start trading full time for a living. There are more than just monetary considerations as we will see later, but for now, there are some more costs to ponder. More Costs! Earnings The option of part time work is a luxury many of us don’t have however. So does it have to be all or nothing – trade or work? Why not keep the day job and trade outside your working hours as well. If you are trading and end of day strategy, then this is easily achieved by doing your research in the evening and placing the appropriate combinations of Stop and Limit orders with your broker. For day traders, certainly practising is easier if your intended market is not your home market, for example if you want to trade the US and you live in the UK where you can come home and paper trade in the evening. There are other try before you buy options open to the day traders who want to practise trading their home market outside of normal hours though. eSignal allows you to download tick data for any symbol and play it back in real time or speeded up so you could trade the whole day in an hour. Other vendors have similar offerings, and if you have an IB account you can use AutoTrader to record tick data during the day for playback into a demo version of SierraCharts or QuoteTracker for free. [read more]
>> IS TRADING JUST A MIND GAME? But trading is a mind game and without having a right frame of mind, it is a losing game even before it starts. Training a trader’s mind is the first step for any successful trader but almost all new traders neglect that part and that explains why more than 95% of traders are a failure in the long run. Acquiring the knowledge of the market is not difficult for anyone with average intelligence after a few years of hard study in the market. But it is neither the level of intelligence nor the knowledge that decides the outcome of the market operations of a trader. It is the decision making process that is so hard for most traders to overcome and that is the main reason for a success or a failure for all the traders. Some find it easy to make decisions and stick to it and most find it so hard to make decisions and stick to it. Unfortunately, any decision making process in trading is a pain-taking process and humans tend to avoid pains and go for pleasures even if for temporary ones. [ ... read more ] |
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