Investing in Forex
Investing your money through trading forex can be a lucrative business if you learn how to cut your risks.
Investing in Forex is risky business
Are you a forex newbie! Listen up! Don’t trade live until you have practiced on the DEMO for at least 4 months and you have made money. Don’t put your trades on Robot either!
Plan your strategis well ahead of time. Time strategies, money strategies, emotional strategies...
and also find out from your broker where your account will be registered. That is also important. The pip value might go down if your broker’s fee and commissions are affected by your countries taxation policy and such other legal gimmicks.
Forex Tips from a Newbie to Another
I started learning how to trade forex in 2006. But I did not go live until 2009. Well, don’t do it my way. The figures and the trading platform scared me to death.
They scared me some more when within 6 months I lost $3000. Hard earned cash! Lost as I watched…
The tided had turned against me and there was nothing I could do. Coz when the trend turns, there is no stopping it!! I did not take time to understand some of the things I am now telling you.
Well let’s get started…
I licked my wounds and here I am now for you.
First learn the platform. The timeframes, the currencies, the lots, how to calculate your pips and their value, time zones, …
the whole works way before you touch that box called “NEW TRADE”
When you listen to a guru, listen carefully, you might not be on the same page. When they say to short a trade when 40 EMA is below 80 EMA…and all that guru language...check what time frame they are on. 5 minute, 15, 30, one hour, 4 days, a year...One variable on a certain time frame is totally different on another
The 40 EMA maybe below 80 EMA but the candles maybe sending a different signal, the Stochs a different one and the William’s% yet another.
You need to choose your best three and when they all agree then take a decision.
Note these are only examples and that there are very many indicators and trend techniques to choose from. Plus many other factors to consider. I am just sensitizing you before you find yourself in the deep end without a life jacket on.
Read and research a lot before putting in your savings. Start small and grow.
Unless of course you have $10, 000 to start a managed account.
Go to Babypips.com and learn to crawl before leaping and
to Forexyard.com for economical news.