Avon Solutions Advanced
What are, in your opinion, five most dangerous issues beginners face today?
- Lack of a trading plan,
- No trade or money management,
- Under funding,
- Lack of discipline,
- Lack of patience.
Do you know solutions to these problems?
Write a plan. Simple solution but hard if you do not know what you are going to do. Start small and pick a pattern that you are drawn to. For me it was patterns and looking at how you are going to trade that pattern. Like any business plan you can make this as detailed or as simple as you like.
I firmly believe you can use those three basic questions. You will need to look at entry patterns, exit patterns and money and trade management. Know where you are going to enter the market, exit the market and how you intend on managing the trade.
Do not trade with what you cannot afford to lose. An old cliche but very important and make sure you have enough to trade with in the first place. No business starts with such low funding that they cannot pay employees or other bills and if they do they do not last long. If you cannot afford a starting capital paper trade, get some practice while you save enough to start realistically trading with.
Never trade with borrowed money. Never risk your shirt on a single trade. Do not risk more than 2% of your equity on a single trade.
Do not start live trading until you have constant gains on paper or in your demo account. What makes you think that live trading will make you a winner all of a sudden? Practice make perfect.
Do things that compliment the skills you are trying to develop. For patience, play strategy game chess or other computer strategy games where strategy and patience is needed.
Be open-minded; do not discount things because you do not agree with them. Your view might change when you have had time to think about it.
This is a part of the interview with Phil Newton, currency trader, teacher and trainer – an excerpt from the book “Conversations with Forex Market Masters” by Dariusz Swierk, PhD. Book can be obtained here: http://www.ForexMarketMasters.com
Dr. Dariusz Swierk – Short Bio: In 1992 received a scientific reward for a doctorate concerning statistical applications in light propagation theory [physics]. Professional experience: A former partner in the branch of international advisory company. His clients included DaimlerChrysler, Philips, Avon Corporation, ING, Bertelsmann Media. Within projects organized by Institute for International Research (the world biggest senior management’s training organization) he worked with managers from: Microsoft, Philips, BNP Paribas Bank, Hewlett-Packard, IBM, Lexis Nexis, TeliaSonera International Carrier, UPC, Masterfoods, DUNLOP GOODYEAR, Generali TU S.A., Prumerica Financial S.A., TU Allianz, Pekao Financial Services, Bayer.
Nowadays he manages a private advisory company. He also analyzes factors that success in Forex depends on and creates investment strategies for large clients.
The member of the American Management Association (2001), New York Academy of Sciences (1995), written down in the “Who is Who in the World” (1995).
Susan Carnes Avon Representative In Bloom Reese Witherspoon
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