You must have the required knowledge and other relevant information about Forex. Working on your risk management strategies will help you a lot in the short and long run. A good mindset for trading is also important.
Emma93 posted: What are the best strategies for new comers?
for new comer's fundamental analysis is the best way to begin. Identify the over all trend of your favourite instrument, track the market thoroughly and check news. Next is to ascertain the risk percentage. never open a trade without stop loss.
TradeHut posted: Newcomers should have sufficient knowledge of Forex and the most important factor required is patience.
Absolutely right. Few traders fail to realize that success takes time and often fall prey to their own impatience. It could either be a rough environment, market volatility, or charts could be hard to read, the wise decision would be to back off and forget about it.
Yeah and even entering and exiting the trade at the right moment is something that requires a lot of patience. Waiting for the right trade opportunities is something that traders find difficult. This is the reason why practicing demo account trading is suggested. There are reliable brokers out there like xm and fxview with good platforms. See if these suit you and invest some time instead of wasting your money.
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.
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