particularly before starting trading , we consider this stock exchange as a casino and try to bring profit very rapidly without learning , but in practical there is no short cut way of earning and success in long time process in here.
generally the target we select is not realistic, this is the main problem we have and for that reason we cant fill up our target completely, we have to make sure the target according to our knowledge and experience , over targeting make make us always greedy and emotional. so be careful
according to me, We can start Forex in a proper way, if we want to be a professional. pips School is the first choice of learning and besides this demo account must which is mainly considered the foremost place to acquire real basic knowledge which is very supportive to kick off a live account in a proper way.
In Fx trading, learning is not easy despite of having too many sources including pips school, learning sometimes boning and usually new traders get tempts to start trading without enough knowledge and become fascinated with the way of trading live which may cause laziness and trapped by wishful thinking get rich quickly scheme
1. Know yourself. Define your risk tolerance carefully. Understand your needs. To profit in trading, you must recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to forex and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging forex trading.
2. Plan your goals. Stick to your plan. Once you know what you want from trading, you must systematically define a time frame and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the time frame for the trial and error process that will inevitably be an important part of your learning? How much time can you devote to trading? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain a clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risks/return analysis precludes a profitable outcome.
3. Choose your broker carefully. While this point is often neglected by beginners, it is impossible to overemphasize the importance of the choice of broker. That a fake or unreliable broker invalidates all the gains acquired through hard work and study is obvious. But it is equally important that your expertise level and trading goals match the details of the offer made by the broker. What kind of client profile does the forex broker aim at reaching? Does the trading software suit your expectations? How efficient is customer service? All these must be carefully scrutinized before even beginning to consider the intricacies of trading itself. Please refer to our forex broker reviews to find a reliable broker that suits your trading style.
4. Pick your account type, and leverage ratio in accordance with your needs and expectations. In continuation of the above item, it is necessary that we choose the account package that is most suited to our expectations and knowledge level. The various types of accounts offered by brokers can be confusing at first, but the general rule is that lower leverage is better. If you have a good understanding of leverage and trading in general, you can be satisfied with a standard account. If you’re a complete beginner, it is a must that you undergo a period of study and practice by the use of a mini account. In general, the lower your risk, the higher your chances, so make your choices in the most conservative way possible, especially at the beginning of your career.
5. Begin with small sums, increase the size of your account through organic gains, not by greater deposits. One of the absolute best tips for trading forex is, to begin with, small sums, and low leverage, while adding up to your account as it generates profits. There is no justification for the idea that a larger account will allow greater profits. If you can increase the size of your account through your trading choices, perfect. If not, there’s no point in keeping pumping money to an account that is burning cash like a furnace burns paper.
in fx Learning is the foremost ways to keep survive in a proper way. But sorry to say maximum traders who are particularly newcomers try to make money from here without learning. As a result they become loser when trading practically. It would be great if we choose the broker which always ensures best trading environment for learning this trading place by providing exclusive educational facilities.
Forex trading business is much better option than any other profession! Forex trading business is also available for the part time Forex trader, since market is open for 24 hours! BY the way, Forex business is not appropriate for the greedy people who want to make quick success here!
Imamul posted: particularly before starting trading , we consider this stock exchange as a casino and try to bring profit very rapidly without learning , but in practical there is no short cut way of earning and success in long time process in here.
everything considered as a casino Is pure gambling and every gambling is not profitable In long term. 😁
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.