Always use Stop Loss Orders. If you don't use them, it will kill you financially. We recommend stops 30 pips above or below your entry price.
Don't loose more than 5%-10% of your total capital in each trade. Adjust your stop orders and leverage if needed.
Let the profits run, cut the losses. Instead of using Take Profit orders, it's better to use a "Trailing Stop". If your broker doesn't support it, you can do it manually. Set the stop price at 30 pips (or the amount that you have chosen) above/below the maximum/minimum price since your entry. You will have to adjust the stop level continuously, but you will get much better results.
Don't go against the trend. Go with the trend.
Capitalize well. Fund your account with enough money. For standard accounts, at least $5000 (for mini accounts $500).
It's less risky to don't let trades opened overnight.
Forex trade is a good market and when you get the right broker on your side, it is a plus point. My brother is involved in the forex market and he deals with quite a few so I don’t really know which ones he is onto. But, he takes the forex brokers from an online list where they can be sorted according to their country and trading platform. I hope that you will get considerable help from this list.
Forex trade is a good market and when you get the right broker on your side, it is a plus point. My brother is involved in the forex market and he deals with quite a few so I don’t really know which ones he is onto. But, he takes the forex brokers from an online list where they can be sorted according to their country and trading platform. I hope that you will get considerable help from this list.
HEllo,
I am also in forex field and doing online trading. Friend can you tell me from which country are you. Because i know one nice online broker that is AVAFX. It is running successfully. It is having its branches all over.
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It is not that important where you are, you can trade with a good broker but maybe not all brokers allows you to trade wherever you are living. What matters is the jetlag because it affects the market, number of traders at the moment, etc. I don’t have any problem with my broker; I’ve access all the time if I want trade. Hope you’ll get the same chances. Scope
Forex need time and hard work. You have to complete your homework first. Make you concepts very clear, plan out your strategy, analyze market well then only you can succeed.
Initially you can take help from any forex expert like FINEXO. I have being using this last many years. The account management facility is quite good here. You can even read out forex market tips given by many websites. But dont trust any expert without verifying. Time management and Experience is the key to success here.
Have a good understanding of the function of the market in general and those that keep the market operational. Understand, not only the market you are trading in, put be aware of all the products and services that you can upon if needed. Understand the basics of trading such as never trade against the trend, limit any & all loses by using stop orders and lock in any and all gains with sliding stops,
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