Starting from scratch

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Starting from scratch

Post  ilearn2t on Sat Sep 22, 2012 11:23 am

Hello Everyone

Most of the Forex industry can give you great enjoyment. It does require some special skills that hopefully this forum might help provide you with along the way.

Some traders love to study past results and figure out how the market moves the way it does, while others rely on the current trends to prejudge the outcome.

I'll try to help in a small way to get you started on the right road to success!

1) In forex it makes good scene to choose the right broker that suits your personal needs, on the web you'll find a lot of good sites that will give you loads of information on nearly all the brokerage firm out there.

Sites like:

2) Once you have chosen your broker/s, the next step is to open a demo account and learn the basics about trading on the forex market, most forex brokers offer demo accounts for free.

3) If you choose a mt4/5 platform method to trade its a good idea to get familiar with the platform for a few days or weeks learning how to trade on different time frames and the different types of charts. The shorter time frames will give you an idea of how the market is moving minute by minute, while the longer time frames will show you how the market tends to move over longer periods of time. Most charting software will offer charts as candlesticks, lines or bars.

4) Your first trade is a nervous and exciting experience. Using the demo account prepares you for the technical aspects of trading without the emotional and sometimes stressful times ahead when you take the next step up into real trading. Finding a good forex strategy while still "demo" trading is a must before you start "real" trading. It may prove to be difficult, but if you master a few skills and learn a good money management strategy, then anything is possible in your next move to "real".

5) One good thing about this business is the fast its always a learning experience, even the best traders will make mistakes, and sometimes it can prove to be expensive, so if it ever happens don't just give up simply learn by your mistakes and try to avoid the same thing happening again.

6) One golden rule you should always remember "Only invest what you can afford to lose"

7) One of the most Important Ingredient to trading successfully is trying different indicators to help form a pattern that can help you trade more easily. Knowing what to look for and take advantage of chart patterns is one of the main weapons available to the trader. The key is knowing how to identify these patterns that form frequently and often throughout the trading day. While it does require experience to learn to trade these patterns, once mastered, one can profit from them time and time again. The more you trade using the indicators, the better you will get and the clearer and more transparent these patterns become.

8) Set out your "Goals" in advance and stick by them no matter what.

Good luck

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Join date : 2011-12-07

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