Forex trading -Where to start?
Currency trading can be found in many different ways: from friends, read in the press and hear on television, etc. For newcomers to the Forex, we suggest some basic rules of trading. Follow all the recommendations below will help you understand more about how this market works.
First advice: practice. Our free demo account is designed to provide interest in the possibility to get acquainted with the dynamics of this market. In the process of demo trading, you should learn at least as a place (1) market orders to enter the market, (2) stop and limit orders to lock the profit, or protect your position, 3) CCA and “If Done” order to perform more advanced trading strategies.
Second advice: learn the theory. Traders on the Forex using fundamental and technical analysis, and their combination for decision-making trading. Fundamental analysis involves the use of financial and economic news (such as announcements of Central Banks, or the decision on the accounting rate of interest). Technical analysis is the study of movements of foreign currencies with the aim of predicting the future direction of the movement of currencies based on their past movements. MG developed the site Forexnews.com, which provides market analysis and a large number of educational materials that will be useful to both beginner and experienced traders.
Third tip: manage your account wisely. When you open a position should always be taken into account balance. If you believe that the market is developing long-term trend, you want to use, you must first determine whether you have enough money in the account for the maintenance margin requirements, and possible short-term storage, the move against your position. We advise you before placing each item ask yourself the following questions:
1. What is the amount I want to risk?
2. What is my potential move up and down?
3. What is the state of the market? (Market mutable (volatile) or calm?)
4. What is my logic for re-entry into this position?
5. When I found out if my rationale for entering into the position?
Before placing orders makes sense to identify points of entry to and exit from positions. One of the most common mistakes that beginners often make especially traders, is letting emotions in the way of strategy trading.
Fourth tip: Always keep your finger on the pulse. Although the market is moving around the clock and seven days a week, to monitor market developments around the clock is impossible. When you do not have access to your computer and your account, you can use our mobile services and the system signals the market that can notify you of the key events in the market that may affect your position
Fifth tip: open a real account. If you feel ready for trading in this market, download the form and send it to us. The level of your emotions may be higher than in the demo trading, so it is very important to develop an effective strategy for the trial run, and pledge to adhere to it during the real trading.
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