Once you have successfully opened a demo account, your first thought would be to open a buy or sell order. In this lesson you will learn when to buy and when to sell. You will also learn from Picture illustration different ways to open and close a buy/sell order from the mt4 platform in the next...
Forex is technical not gambling. You could use a strategy like the stochastic oscillator to mark your entry and exit points using oversold and overbought conditions.
Automated trading with robots may be cool, but I am not very impressed with how they react to real life market conditions like major news like a human trader could.
The way a trader thinks must affect the way he trades. A greedy trader will even fail with the best trading strategy. This is because greed will make him abandon critical risk management techniques.
Well for forex, early success is good to give you the encouragement to keep trading. But early success in the forex does not mean you have learned all there is.
One demo account is enough to learn. All you need is patience and focus to take your mind off all the hurry to move to a live account and start making real money. Just take your time on your demo and master your trading system.
You can say the market is dangerous because of the risks involved. But this does not in any way undermine the profitability of the forex trading. It is best to use effective risk management techniques like good risk reward ratios as well as stop losses.
Yes, psychology is really very important. Of course forex trading is largely technical; but it is not all about charts and EAs. A very powerful trading system when combined with the wrong trading mindset will not work either.
Let me share a tip here. Psychology has a lot to do with the success of a trader as his technical abilities. But then emotions like greed and fear can be controlled in an open position with a well mastered trading system.
Quite surprisingly many people thought a Trump victory would terribly pull down the dollar but so far this is not the case as the dollar has risen to unprecedented peaks since the victory of Donald Trump.
It is no lie that forex trading is risky; but then there is barely any realistic business that is not risky. All you need is properly manage your risks when trading forex. One way is using moderate leverages.
What some traders fail to get is that the sheer number of indicators a trading system has does not automatically make it a winning system. What matters most is how well the trader understands it. Using just one exponential moving average if well understood can still fetch you your pips.
Successful forex trading is not just about multiplying your capital aggressively, you must still be able to protect your capital first. This involves using good risk management techniques. Most times I use trailing stop losses and prefer trading fixed spreads.
Forex is profitable, but it takes experience to make profits in a sustained manner. It is more than just combining indicators to form a system. I prefer testing a strategy on a demo account before I use it in my live account.
Leverages are good trading instruments, you can trade big positions with a small capital using nice leverages. But new traders should not get lost in the excitement; moderate leverages like 1:10 is good enough.
Yes, trend trading is very good. Your indicator should tell you the trend of the currency pair you want to trade. But before you open a trade with the suggested signal, first check if it agrees with the news.
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