Psychology For Dummies

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fx Trading for dummies styles options to help you pick a time frame to trade

An important step in your forex trading career in deciding which trading strategy you intend to trade, things that need to be considered are your ability to manage open positions around your work and personal life. It is not worth testing a system that is designed as a day trading system if you cannot go ahead and take trades it generates each day. So as a trader you are going to fit into one of the categories below.



Trading styles are usually categorized into 3 types:



1. Long-term



2. Short-term or swing



3. day-trading



1. Long Term Trading



Long term traders will normally trade daily charts looking for the larger moves in the market. Trades can last many weeks or months determined by your strategy. This strategy has an advantage with as a rule higher winning percentage of trades as stop are larger to deal with the short term swings in the market.



The main disadvantage in this is a much larger account is required to comfortably handle the stop size in the market as stops could be 300 pips or more. Greater discipline is required for this type of trading strategy as you could potentially only take one or two trades every 3 or 4 months.



2. Short Term trading or swing trading



Short term trading is probably the most sensible place to start for most traders, these trades are in more positions than longer term trading so therefore easier for you as a trader to maintain their positions psychology with less time in draw down and smaller stops in place. Trades may be open for a day or possible to a week in an attempt to catch more of the pullbacks in the market. 4 hour and 1 hour charts are most likely candidates here if you choose this form of trading with the hour chart a great place to work out entry points in the market.



3. Daytrading



Day trading is probably the most popular type of trading. Traders may take several trades each day even several per session. This can be a very aggressive trading strategy and most people will try this as it potentially has more chance of making several percent of profit on a daily basis.


Small profits or losses are taken which could also greatly enhance your risk if you don't employ a systematic trade plan outlining your most number of accepted losses per day or even percentage drawdown per day. More losses generally occur due to small stop losses, which are taken out with the larger short term moves caused by news.


I would suggest check out some charts to determine what strategy matches your needs. This is really simple and essential that why I believe it is fx trading for dummies

About the Author

Check out my blog Fx trading Factory for some information on what options are available to you as a trader. http://fxtradingfactory.com

Psychology for dummies


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Cognitive Behavioural Therapy For Dummies

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Todays Digital Forensics


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Freud For Dummies

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Any good books or websites that give a good introduction to philosophy?

I am interested in learning more about philosophical thought from a general perspective. I am looking for a good book (preferably) or website that kind of gives a history of philosophical thinking by breaking it down into different time periods and famous philosophers thoughts/theories, etc (anywhere from Plato to Freud, etc). Does anyone have any good recommendations?

I opened up Philosophy for Dummies while in the bookstore one day and was completely turned off.

Some of the above recommendations are excellent, but may be pretty difficult from a standing start. You don't mention what age you are or what level you feel want to start at, but could I suggest 'Sophie's World' by Jolstein Gaardner. I gave my then 12 year-old son a copy to read a few years back.

It's a clever, charming and entertaining novel where the history and basic principles of philosophy are demonstrated in a series of thought experiments and symbolic episodes seen through the eyes a young girl, Sophie. It's good fun and in no way condescending or trite. It led my son to investigate more challenging work by several of the philosophers he learned about in the book (he's now 16).

I was 36 when I read it and thoroughly enjoyed it too!

Socialism For Dummies, Part 7 of 8


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