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You can potentially profit well with forex trading, but you can also lose money if you don’t take that crucial first step of learning all you can about forex. There are a number of resources available to help you get ready to trade. Follow these tips to gain the most knowledge from your demo account.
Maintain two trading accounts that you use regularly. One account can be for trading, but use the other account as a demo that you can use for testing.
If you are just starting out in forex trading, avoid trading on a thin market. A “thin market” is a market which doesn’t have much public interest.
Too many trading novices get overly excited and greedy when they are just starting out, causing them to make careless, sometimes devastating decisions. Panic and fear can also lead to a similar result. Trade based on your knowledge of the market rather than emotion. As soon as emotions get involved, you run the risk of making impulse decisions that will come back to harm you.
Some traders think that their stop loss markers show up somehow on other traders’ charts or are otherwise visible to the overall market, making a given currency fall to a price just outside of the majority of the stops before heading back up. This is not true. Running trades without stop-loss markers can be a very dangerous proposition.
If you are a newcomer to the forex market, be careful not to overreach your abilities by delving into too many markets. Beginning with simple markets will help you avoid confusion and frustration. To increase the chances that you will make a profit you should stick with currency pairs that are popular.
The forex field is littered with enthusiastic promises that can’t be fulfilled. Some will offer you schemes to master forex trading through robots. Others want to sell you an eBook with the secrets of getting rich on forex. None of these are worth your money. Most products like these will train you in forex trading techniques that are iffy at best. The authors make their money from selling these products, not through Forex trading. You will be better off spending your money on lessons from professional Forex traders.
Figure out how to read the market on your own. Cultivating your own trading skills is the sole path to meeting your goals and making the money you want to make.
Always set up a stop loss to protect your investments. Stop loss is a form of insurance for your monies invested in the Forex market. Sudden shifts in your chosen currency pairs could cause horrific damage to your portfolio if you do not protect it with stop loss orders. Your capital will be protected if you initiate the stop loss order.
Most successful forex traders will advice you to keep a journal of everything that you do. It can be useful to keep a journal detailing what has or has not been successful. Keep a record of your actions, learn from your mistakes, and use what you have to maximize your profits when trading forex.
Once you have done ample research, you can meet your forex goals easily. Remember that you need to stay on top of the market, and keep learning as things change. Stay in touch with the latest forex information by reading tips and visiting forex websites.