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posted: 1. Knowledge Is The Key. As a day trader, you need to keep and be up to date with the happenings in the market, things that affects the market like the Economic News, Be you a technical or fundamental trader. As a day trader, you need to keep and be up to date with the happenings in the market daily, things that affects the market like interest rate plans and economy news, be you technical or fundamental trader, if you can keep track of daily happenings, you always have upperhand of making profits daily in the market.
2 Chosing One Or Two Pairs To Trade. This is very important, don't be a Jack of all trades and master of none. Choosing one or two pairs gives you rest of mind and narrowing your the way you expand your brain energy compared to wgen you try to trade more pairs. This makes you very focus, as you can channel all you energy studying, tracking and mastering the monthly moves of a pair or two, without over stretching your brain, always remember more pairs can make you confuse, and thereby losing money, but few pairs makes you muvh focus, and better chance of making profits. 3.Setting Funds Aside It is very important of you making assessment of funds you are willing to lose per trade and stick to it like you depend on it to survive. Much successful day traders risk like 1% to 2% of of their capitals per trade. If you have like $50,000 and decided to risk 2%, that means if anything goes against you, you only lose $1000 and still have a lot of capitals to plan for your recovering, don't talking a reasonable loss is part of trading, as you can always recover and be much or make times 4 of your loss.
4. Setting Time. For day trading, this requires a lot of time, you need all the time to scan the market, make the move at the right time. You need all the time to track the market, and make a move wgen the opportunity presents itself.
Sometimes during my 8 hours of normal trading, I found opportunities 1 hour left from my 8 hours set aside for trading and make a good use if it, at times i found opportunities earlier, that is just how it goes. So if you know you have limited time because you have some other things coming up to do, please close your systems and don't even consider trading for the day.
5.Taking Those Profits Too Soon Taking profits too soon is one thing you should try to minimize, unless you see that a trend is about to reverse and you take out the little profits to avoid being in negative trades. Otherwise why take out $10 profits for a trade you could actually make $50 or $100, thereby cutting short your opportunity to make bigger profits. Always try to track trend and leave your profits to increase before taking it.
Very nice writing. It will help all the new traders to make their decisions easily and quickly.
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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