Needless to say, you need to be careful not to become one of these people! Along with three dollar bills daily turnover, its high leverage, and flexible trading conditions, other unique features of the forex market include the proliferation of scam services and the broker who take their money and run. It is therefore crucial that you take control of the situation before beginning a negotiation, learning the risks with the right advice and thus minimizing losses and maximizing your profits. The following ten forex tips are the opinion of 90% of Forex investors who just lost money
1. You will not make millions, at least not immediately: Yes, what the agent said he would, but he / she lied to you. The stories you hear of the millions in a trade are as likely as winning the lottery, it's not going to happen. Do not aspire to something impossible, otherwise you will be deceived. If you are able to get consistent and consistent benefits, you are in good shape and you are off to a great start. In fact, the easiest way to make a profit on Forex is to earn less than half of your trades, but to have profits in such a way that your average trading winner is much higher than your average loss trading. This is the easiest to achieve, but it is very difficult psychologically, since you will lose most of the trades with this style and distribute some runs of consecutive losses operations. However, statistics do not lie when they say that this is the most reliable way to generate long-term profits.
2. Leverage equals danger: The idea of being able to invest $ 100,000 is exciting, no one denies it. Without the embargo, what most people do not realize until the sea is too late is the high level of leverage that allows trading, these numbers can also cause you to lose all the money in one shot. Stay away from high leverage in the beginning, it is a better tool than once you are a Forex investor with training and experience. As a general rule, true leverage (the amount of money that controls your trade divided by the amount of money in your account) should never be more than about 3 to 1 at most. Consider the fact that the company has a top leverage of around 1.3 to 1, analysts say that company is dangerously over leveraged!
3. Another great forex advice is that a demo account is your best friend: Every agent has a demo account today and if he is not, go ahead. However, what most people do not realize is that a demo account is not something to use until you see their benefits first, or even their first week of earnings. Even use a demo account for months before risking real money. Remember also that not only brokers usually set up their demo accounts to show better deals and performance compared to their real money accounts, in addition, it is psychologically more difficult to trade with real money compared to a demo trading account . This is similar to the fact that most people can keep their balance on a wooden beam placed on the floor but will probably fall if placed 100 meters in the air.
4. Do not even think about risking more than 2% in a trade: Yes, we have already established that everyone wants to earn millions and take the risk of a 2% is not going to get, but they risk more than 2% in a trade, they will most definitely end up kicking yourself.
5. Currency brokers are guilty until proven otherwise: It is perhaps a bit exaggerated, but the reality is that there are a lot of forex swindlers out there. Do your research and find what is not and suit your needs. Check the agent inside and out, make sure you have good reviews and recommendations, and you can only choose a smart decision.
6. You will lose money and much: Yes, I know it sounds tough, but that's the nature of Forex trading. If you are hoping to make money and never lose, you are deluding yourself. Prepare financially, emotionally, and in everything else
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