Online trading nowadays becoming very popular. Especially for individual who wans to make quick money. It's all because of the technology, now everyone can trade from their house.
Even though forex trading is less risky than the stock market, there is still risk associated with any speculative trading. It is possible to lose money in forex trading although the market is much more stable than the stock market.The best forex traders will practice wise risk management principals and money management strategies that minimize their losses and maximize their earnings..
Forex trading is not less risky than trading in the stock market. The risk is much higher. Because in forex trading the movement can wipe your account in a matter of hours. (if you don't know how to do it right). A mature forex trader have to be able to manage their losses and maximize the winning. As I said before, we have to use stop loss in this forex trading world.
I think this following steps should be take into consideration when you want to start trading forex:
1. Set any amount of money, and START trading!
Any amounts of money will get you started in forex trading. I don't believe that you should have at least $1000 to start trading forex. Your first trading account will be wiped out, trust me on this. So start small, $100 - $200. And please, don't use the money that you will need urgently!
2.Money management!
When you entering trades, make sure that you know how much money you have in your account. So you can set how much money you can loose, per trade. To become the best in this business, you must have a money management skill. Larry William made $100.000 in one year from $10.000, because of his money management.
3. Trade on your own
Never hand your money into forex broker's hand. When you loose it, you must learn something from it! Know exactly where the money goes!
4. Always use stoploss
Forex online currency trading requires that you stay disciplined. What I mean by that is, you need to it again and again and again and again. We never know what's gonna happen next. But if we stay focus and stick to our system, we have a chance to win this! That's when you need stop loss. Stop loss help us to manage our losses. By using stop loss, you limit the loss you can bear. You can find a lot of strategy for stop loss. Just pick one that suitable to your trading style
5. Demo Account
If you want to trade forex and you don't have enough money to get started. You can apply for the demo account. Makes your self comfortable, and after that you can start your live account! I think, 3 or 4 months demo trading will be enough.
Start from micro, then move to mini, if you have the money go for the standard account.
Cheers,
MoneyKid
Want to the best in forex trading?
29 comments:
very helpful poiinters , i was planning to invest in eToro, these pointers will help me in making decisions ,
The purpose of the foreign exchange market is to help international trade and investment. A foreign exchange market helps businesses convert one currency to another. For example, it permits a U.S. business to import European goods and pay Euros, even though the business's income is in U.S. dollars.
a very interesting article but in this article did not include addresses or companies that manage the forex or the place to invest through forex
I like your post. I interest in earn money from forex trading.
The interbank market caters for both the majority of commercial turnover and large amounts of speculative trading every day. A large bank may trade billions of dollars daily.
Thx for this information
Your posting is very interesting. Until now i still trading with forex. Nice sharing.. :)
Cheers MOneykid!
This one is too good. its true that every one is greedy to be rich very fast by doing job in there home I Am that kind of person.
Thanks
good article, good information for people who works with it. Cheers!
Very good information is provided. And thank you for sharing useful information. Please keep on posting.
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wow...i just know how to be the best in forex trading. thanks for this article.
Nice, you just pinpointed of what forex newbies are missing.
This provides beautiful tips about to grow as best
trader .This really very helpful information .Thanks for providing this information
good article and very interesting tips about forex trading. thanks for sharing
good article, good information for people who works with it.
way to go
cool information.it really helped me alot.thanx for the sharings.
Those exprience will help newbie traders much.thanks for sharing
very nice article about the forex trading and very cool informative topic thnx for sharing...
The forex market is known as the least regulated and the largest financial market in the world.From the outside, trading in the forex market may appear to be done without difficulty. But that’s not the case, at all. For beginning traders, proper education and training in the basics is of paramount significance. Trading the way the professionals do it is certainly possible. It’s just like any other occupation: It requires knowledge and experience.anyway nice info which help for serious forex beginners
Thanks for the huge info article.
This post is very informative. It will surly help me to find our right broker
everyone would like to be the best in forex to earn more money and the information which a person would look for is evidently present in this blog with all intricate details.
Thank you for this post...becouse i am looking information to start focus in forex trading.
your post give me milestones and flags that i need
Thanx for such information dear. i was desperately searching for some. And I got here. I am really interested in forex trage but haven't any proper idea about this,
Trading in forex exchange is gaining very popularity day by day and choosing the best has become difficult. This article troughs light on it which can make your task easy.
steps is very helpful at all. thanks for the article may want to learn to understand them with ease.
If we are new to forex trading, always use a demo account to trade. It will help us to be more familiar to trade before going to live trading. Thanks for the article.
Very useful info. But it's important to choose institutions that are highly regulated and liquid.
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