As in any investment will be at risk and we have to evaluate them before you start investing. If you decide to take the plunge and dive deeper into the world of forex trading, here are a few tips for before you start investing.
This is very simple, but always keep in mind. Many people skip the basics and want to learn to operate directly in the currency market. This is a fatal error and we can get quite expensive. If you're a newbie in Forex, the first thing we have to do is learn and understand the basics.
If you expect to get rich overnight, you're wrong and you better not miss before you start and look for alternatives. Do not be naive, experience in the world of trading is one of the most important factors. The more we operate on the market, the more efficient we become. With the experience we can get to see things that newbies do not see. The way to become a good trader is long, so you must be willing to learn and gain experience until you become a profitable operadorconsistentemente.
Beware of "experts"
The problem of financial markets is a rookie that curdles a good week thought to be an "expert" or guru. Another type of "expert" that we can find online are those who beg us to buy your book. These people may have failed as traders and now want to make money teaching other traders fail. These self-proclaimed experts tend to:
Release generic information that today does not work.
They say they are traders with lots of money and still trying by all means to put you his book.
They claim to have invested 1000 euros per month and got 1 million.
Skillfully use mathematics to look more professional.
Before blindly believe in one of these "experts" reflect and think things through. If someone had a magic wand with which to make money easily, not say, but other operators would do the same and lose its advantage. What they seek this kind of "gurus" are people who fall into the trap of buying his book (in which usually only found basic things, impractical and does not currently serve).
Make your own analysis
Following the above, blindly following others will make us blind. Our goal is to become a successful trader and not someone who copy or follow strategies of others. What do others helps us to analyze and reflect on it. What we learn we can incorporate into our analysis in order to become a consistent long term trader. Simply copy others will not make us better traders, we will be good but not negotiating copying.
As an operator we need to develop a strategy and learn to analyze the market. Being able to make our own market analysis will take us closer to being a professional trader. Make a proper analysis allows us to:
being self-sufficient
Learn to trade currencies
The myth of demo accounts
For example, if we want to be professional footballers, we will not buy a football game to start our training. The same happens with demo accounts that we provide most platforms that people use in hopes of becoming a successful Forex trader.
Demo accounts do not work for 2 reasons:
We offer a false confidence and make us to catch bad habits.
These accounts do not work like a real account in terms of speed of execution and other relevant factors.
On the other hand demo accounts they have the advantage of allowing us to know the basics about operating in the Forex market. When you try to gain experience, we only operate in a real account.
We can start with little money and taking as we fluidity and consistency gradually increase gradually.
It limits losses
It is the most important rule to follow is mandatory. You must be willing to assume some level of loss and put there a maximum limit of money you can lose. Thus if prices fall below that level alone we will have lost what we were willing to lose. We have to play with these limits and not too much tightening at the bottom prices because small fluctuations may cause premature closure of our position.
We must also operate with a clear head. For example if we take a run of several days at a loss, it is best to rest a few days and come back fresh. Negative spurts can lead to large losses and to make decisions that at another time had not taken.
Be prepared for the ups and downs
Each strategy has its ups and downs. There is no system that is 100% rentabledurante all year. So we must be prepared for fluctuations. As we said earlier, success is measured in the long run. The problem is that many novice prove a strategy and if it does not work them during the first week set aside and a new test. It is advisable to see how the strategy behaves medium / long term.
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Each strategy has its ups and downs. There is no system that is 100% rentabledurante all year. So we must be prepared for fluctuations. As we said earlier, success is measured in the long run. The problem is that many novice prove a strategy and if it does not work them during the first week set aside and a new test. It is advisable to see how the strategy behaves medium / long term.
English courses,Buy web, domain,hosting ,Car insurance,lawyers,tourism,Investing in Forex,Foreign exchange,MBA,web Hosting,VPS Hosting,insurance,Data recovery,Hosting and accommodation,Technology,Flights,pets,Golf,PGA,Callaway,US Open,Earth,planets,Sun,glass,storefronts,windshield,Economy,Loan,mortgages.