zenithincome
Forums Member
Joined: 11 Aug 2010
Posts: 3
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#1 · Posted: 16 Jan 2011 13:24
Forex trading like every other business in the world has rules and regulations guiding it. Therefore making money on forex trading is strickly base on the rules and regulations.
There are three factors to take into consideration when starting forex trading or choosing to trade stocks online. Though we cannot detail it here theses rules are:
1. Choosing a good broker - The major problems new forex traders do have is choosing forex broker to start with. One the things are advices new forex traders is to look at for brokers that accept little amount of money from $50 - $100 with mini account. This is because most newbies goes into forex trading without know fully well about the condition of the marketing and investing high will definitely carry high risk which results in high emotion thereby create room for loose. Looking out for brokers that accept ecurrencies will be an added advantage. some of these brokers are marketiva, instaforex, fxoption.
2. Avoiding common mistakes - Avoiding common mistaktes new forex traders do will go along way in helping you make a living trading online. To effectively develop a trading method you must learn to avoid the following mistakes like Misplacing Stops, Abusing Leverage, Blindly Following A System, Underestimating Emotions and placing trades with nervous.
3. How To Read Forex Chart - Learning the basic skill in forex, such as how to read forex charts is really important. This is because once you have this vital skill under your belt, it will be a lot easier and quicker for you to trade and make profit on forex trading. Always check the time frame displayed. Many trading systems will use multiple time frames to determine the entry of a trade. Try developing your own forex strategy will really help you along the way. Do not depend on forex signal especially the paid signal out there and even when you follow these signal confirm it with your trading strategies to see if it fits in with yours.
enjoy forex trading
Nwadima Bright
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