If you want to make decent and consistent profits from trading, the first thing you've got to do is to set up realistic goals and expectations. Don't think of forex as the source of easy money which doesn't require certain skills and knowledge. Successful trading is all about seld-discipline and constant learning. So, before coming to forex, be prepared to work hard and learn a lot.
I cannot but agree with the idea that the broker plays crucial role in a trader's results. If a broker is a scam or charges lots of different commissions, then a trader will be demotivated and upset because of lack of any decent profits. So, watch out while choosing a forex broker.
AliForexTalks posted: 1: Do Not Take it Personally. ... 2: Understand Price Action Signals. ... 3: Devise a Balanced Strategy. ... 4: Incorporate the Fibonacci Trading Strategy. ... 5: Manage the Risks. ... 6: News.
The most important thing to me here is risk management. If you can manage the risk, you can make a lot of money in trading.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.