6/28/2021 0 Comments How to Trade Forex TradingLearn how to trade, part 1 If you have ever studied the skill of forex trading, just like any other discipline, it can be extremely challenging. For beginners especially, it can be mind-numbing and frustrating. There's just so much that you have to learn. You can make money in the forex, but don't forget, you have a lot to learn. For instance, do you know what the forex market is? Do you know what technical analysis is? Do you know how to use trading platforms like Metatrader or web based forex trading software? Do you know how to use a forex calculator and do technical analysis? Once in the forex market, you have to familiarize yourself with a lot of information, most of which will make you feel smarter and give you an idea of forex trading as a whole. As per Rawad Roy Alame The problem is that forex trading at first has not yet been franchised to the casuals like trading has become. Until recently, forex trading was a business reserved for the big and high-net-worth traders portfolio managers, financial institutions, international banks and so on. Sure, opening up a forex trading account and jumping into the market can be a good option for someone with funds and a portfolio (if you can afford the resources), but you have to first learn how to trade. Study how this kind of trading is done. Learn how to do technical analysis of your charts. Watch tutorials on the Internet or buy a book on learning forex trading. None of these are bad ideas. Unfortunately, they don't take you very far from where you are today. We often hear from would-be traders that trading forex is a difficult way of making money. Not you, and certainly not me. The truth is that anybody who can read a basic book on how to trade and technical analysis can make a living as a forex trader. I know first-hand from operating auto forex trading software that learning how to trade the forex market is not something that needs to be complicated or painful. You can get the software, the training (or lack thereof) and the knowledge to open your own trading account right here [http://www.easytradeforex.com/ ComGoingTheDreadableDress improperly identifying the real problem that is holding you back from your full trading potential. I'm not trying to start a debate on which methods or software is better. If you really want to take out the time to learn if you have the right stuff to trade forex, go for it. I have nothing against top quality software for forex trading. Or, an expensive course. What I am mad about is the way the forex market is marketed. Which is that we often hear these wonderful claims of money to be made, all you need to know to trade, how to trade on your own, etc.... If you go by the sales, you'll be over your head in debt before you get deep into trading. We've seen it happen to us. I personally have ripped off thousands and thousands of dollars in training that I can never get back. I can't even tell you to move on from my forex training. Just like everyone else I have done that to me. Here's what I have done since then; I basically force myself to stay in all the 3 areas of simple trading. Doing initiative research on what I can learn, whether it be manual or automated, at all hours of every day. I go to my trading meeting every first Wednesday of the month to day after my normal learning day. I learn everything I can and place my ideas and strategies for trades they will place. For you forex traders, you know that the markets are open longer than they should be. They are open 24 hours a day during the week, opening up opportunities and forcing you to trade from your own comfort zone of 9-5. Whether you like it or not, that's the game. We've all had our share of beat up accounts. I wish I came out of most of them with a stronger understanding. And you can bet I come out stronger next time. I will no longer let my gut or intuition get in the way of my plan. I know now that if I choose to place a trade that is in the opposite direction of my trend, I have done everything that I can to change my mindset. That much more difficult to do when I traded on average every 4-5 days. I am now steadily gaining back my profits at a much faster rate.
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How to Make More Money in Forex TradingMaking money is only a small percentage of making Forex traders successful. The biggest percentage of losing traders in Forex is because they can't identify a reasonable trade or at the very least make one themselves. A major step to Forex success is to make more money than you lose. Here are a few basic tips to help you make more money.
The key to making money in any trade is capital preservation. Here some examples of trades that can make you a lot of money: Believe it or not, those are all trades that would earn you a lot of money if you only had a few hundred dollars. This success rate is 25% of even the best traders in the world. The other thing you have to make more money is have a trading account with enough money in it so your winning trades exceed your losing trades. This explains why a large number of beginners find it difficult to make money in Forex. Even with $2500 dollars in a demo trading account it is nearly impossible to make money. The NFA requires traders to have at least $500 in a trading account in order to be considered a real trader. Another way to make more money is to open what is called a mini account. With a mini account the minimum you need to trade is $250, but as the account grows you can open the account and place trades with as little as $1. This gives you the potential to make money with every trade you make. If you are having a particularly difficult time trading effectively there is a solution. Some experienced traders will trade their accounts with a broker and trade their way to success. This is not an ideal solution, but it is an avenue worth exploring. Better results can be achieved though by using a third party or robot to trade Forex for you. Economics is the third largest market in the world. This market deals with the exchange of currency between countries. Like the stock market it has an incredible amount of resources available and many people are getting involved in it each day. These traders earn money by buying something at a set price and selling it at a higher price and exchange. Many people who start in the stock market will eventually turn to the Forex market because they see what is involved. Lots of beginners find it difficult to turn things around when it comes to Forex trading. There is a reason for this. It is not like trading in the stock market where you can open hundreds of stocks with only a few dollars. There is a lot of information to take in before deciding what to buy and sell. What is a Forex broker? Roy Alame Raleigh NC said When people go looking for information on trading they often come across brokers who will do the trading for them. These brokers will take charts and information live and provide advice. There are two main types of brokers. These are market makers who set prices and sell currencies based on how their prices have been cooking. These brokers have a lot of influence over the ups and downs of currency. They can also award a small bonus for every sale made. The next type, who often quote their prices, but the information they provide may not be in real time because they are supplying information from their own computers. They know that the information they provide will be real, but cannot guarantee the accuracy and delivery of these facts. They also cannot turn a computer to an accountant if something goes wrong with the data. MetaTrader is a software sports betting and Forex trading software. FX traders who use MetaTrader for their charting, their charts, and their information typically find themselves in the middle of one of the biggest market changes in modern history. These people would be hard pressed to make a move. They have technological tools at their fingertips and access to automated RSI and MACD signals because they are dedicated traders. Donald Trump and others like to brag about their returns on their investment. It cannot be discounted that signal providers like these have access to similar information. They can and do use this information to give their clients better entry and exit points on their trades. The Forex market is a viable way to make money. It can be like opening up a new brand-new casino. Whether or not you have access to expert or semi-experts to guide you through the Forex market is up to you and will require some trial and error from your end. It would be unwise not to test your expertise first through the Forex market. If you do choose to invest in the Forex market you should understand how it works and the potential for massive financial return in one area. This will help you when it comes time to buy a signal provider or purchase a Forex group. Do not jump blindly into this market without a solid understanding of what you are doing. Categories |