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It is hard to earn money in trading stocks or forex, especially when you are a new investor. There are some simple ways you can improve your trading results. 1. Master one tool and then the next one. There are thousands different indicators and tools you can use in your trading. It is very common mistake – people think that the more indicators on chart is better. They feel safer. Try to do the opposite. Are you trading with Fibonacci numbers? Master it, read and learn all you can about this indicator, put it into practice, test it. For instance MACD is one of the most popular oscillators, but do you know how to use it? How to read histogram? 2. Start trading journal. You have probably heard that one many times before, but this is a good tip. You can keep your trade results on your computer or on paper in a notebook. I prefer electronic version, because it is easier to attach a chart. Your notes should be very specific – try to add also few words why you entered the trade. Thanks to it you will be able to review your trades and correct small mistakes you may be making. 3. Turn off the economic news noise. I know many traders who are addicted to business television or portals. They believe that the more information and latest news they have the better traders they become. It does not work that way. Too many news and data are affecting your own opinion. 4. Write down your trading plan. Trading is not a gambling, but still I’ve met many traders who are just gambling, not trading! Write down specific rules – when you enter position, when you exit, where you put stop loss, how big should be your position. It is very helpful. 5. Find a guru and ask questions. Ok, it is easy to say, but this can be done. There are many good traders who run blogs on daily basis. Choose few you like the most. Start posting comments so you can become part of the small community. If you have some good questions, for example how he is using 200 moving average or Fiboancci retracement lines, write an email. The chance is big that he will respond to you and help you with your question. This is the best way to learn from someone successful. Five simple tips, but they can make a significant change in your trading! Author information: Daniel Sikorski has been investing for over a decade. He is trading with Fibonacci numbers. You can read more about Fibonacci trading at his blog fibonaccischool.com.
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forex, Fibonacci, Fibonacci trading, Fibonacci retracement, investing, daytrading, stock trading, stocks,
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