Foreign Exchange (FOREX) is the largest market in the world, where USD1.9 trillion are traded everyday, 6 days per week. Previously, only the financial institution and high profile person can involve in this market. Nowadays, with the latest technology of the Internet, everyone can trade in FOREX market.
(a) To be successful in this business, we should learn these two basic skills:
(b) Apart from that, there are few tips to be successful in forex trading:
1) be familiar with two or three currency pairs
2) plan your trade (decide your profits goal for the month)
3) decide what type of trader you want to be
4) money management skills (very important)
(a) To be successful in this business, we should learn these two basic skills:
- Fundamental Analysis
- Technical Analysis
(b) Apart from that, there are few tips to be successful in forex trading:
1) be familiar with two or three currency pairs
- for newbie, it's advisable to concentrate on a single or two pairs
2) plan your trade (decide your profits goal for the month)
3) decide what type of trader you want to be
- scalper
- day trader
- swing trader
- position trader
4) money management skills (very important)
- decide the Take Profit level for each trade (as well as Stop Loss)
- plan your margin usage (for first month, use the same margin for each trade)
- increase your margin for the next month (make sure you achieve your profits goal)
- do not fall in love with the market movement
- do not take revenge (especially when you sustain a loss)
- always control your risks and don't be greedy (minimize loss)
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