Guest post: My forex trading
HOW TO BEGIN LEARNING MY FOREX TRADING
- Forex isn't a place where you're gonna become rich over the night, it isn't made for this purpose.
1. I think that new traders shouldn't use leverage at all !!!(1:1)
2. They should a find pair that is fully up or down on a monthly basis.
3. If price is at an all time high, then they need to consider exactly where to sell!
If price is at an all time low, then they need to consider where to buy !
(Only with a proper candlestick reversal confirmation, on a smaller time frame like the weekly chart)
4. Learn the ABC's or 123's of trends to understand price behavior because price is the number one indicator !
Traders Whiteboard #4 Click Here Using Stop losses!
5. Learn to use (I use SMA 5,10,20,100)!
6. If you don't use leverage, you don't need money management!
7. When your position shows profit, put your stop loss order on break even!
8. When you are in profit, don't be greedy! Take little and repeat when you have a chance!
9. If you don't use leverage, you don't need to use STOPS
WHEN YOU BUY OR SELL CURRENCY, YOU NEED TO KNOW WHAT IS HAPPENING WITH THE ECONOMY IN THAT COUNTRY AND EVERY OTHER COUNTRY THAT IS RELATED TO IT.
Bloomberg or CNN are excellent choices to work with.
NOW YOU CAN START STUDYING THE FOREX MARKET!!!
Market club info:
This blog is not in anyway an enticement or solicitation to trade in the Forex Market. These tips are for informational purposes only and are not to be substituted for legal advice or council. I have written this blog in hopes that it will help you to avoid some of the terrifying pitfalls I had in the Forex Market before I learned better.
Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you need for living expenses and cannot afford to lose.