Forex trading has been in existence for years now, and it baffles me to know that only few people are aware of this lucrative business. And those, whom are even aware of this business, are going into the business with the wrong intention and insufficient knowledge, and that is why they end up running into losses. I’ve come in contact with many a person, complaining that they lose their hard earned money in forex trading. And when I asked them the aim and strategies of their trading, I never doubt the fact that so many losses can results as a result of insufficient knowledge, greediness, impatience, wrong aims, poor internet connections, and so many more.
Before I proceed into the first lecture, I will like to introduce my self, so it won’t look as if you are receiving this from a monster somewhere. We have many more Forex Investing Help Articles Now Available.
FOREX TRADING – the dos and don’t
Forex is the combination of two words, foreign and exchange. And adding ‘trading’ to that now becomes ‘foreign exchange trading’, which means trading the exchange of foreign currencies. Forex trading is all about the buying and selling of world currencies, which includes; the US dollars, Japanese Yen, Australian dollars, Great Britain pounds, New Zealand dollar, Euro, etc. and all transactions are been carried out in the forex market, through the forex platform. Below is an example of the forex platform:
As mentioned earlier, forex trading is all about the buying and selling of world currencies, and any transaction made, is profitable, depending on your knowledge on how to go about placing trades.
And as I said earlier on, that so many a person, go into the forex market, with the wrong intention. And that is why it results into losses for many of them at the end of the day. I mean, the forex market is a profitable, and even the largest capital base market, that has daily transactions, worth over $2.9 trillion daily – what a lucrative opportunity of grabbing your own share of the “cake” daily. But some people would want to eat their cake, and still have it-I call them the greedy traders.
And if you are the type that doesn’t believe forex to be a very profitable business, I will like you to view some of my live earnings below, all to the glory of God.
I also opened an account with another $100, though a demo, and have over 700% increase in less than two months.
So, what I’m trying to say is, you can make a living in the forex market, and that is if you apply the real principles, and take away greed of your plans and becoming patient, amongst others.
And now, THE DO’s and DON’T in Forex Trading
In the course of trading forex, there are some certain things you should do, and some you should avoid. I was chatting with a forex friend one afternoon, and he said to me, Abbey, do you know you mustn’t take more than what you can chew in the forex market. I was confused, and I told him to explain him self. When he was done with his explanation, I later found out that he made a loss in the forex market that day, and that was after he had made $50, he entered back into the market, willing to make more, but unfortunately, he ended up having a -$30 trade (he lost $30 I mean).
So, the number 1 thing you must avoid in the forex market is;
* Have a good trading plan
Things you should do include:
* Trade with at least 10-20% of your account
* Trade with confidence, but not over-confidence
* Set your take profit and stop loss, if you are not going to sit behind your computers watching your trades.
* Have a good internet connection
* Don’t over trade
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