Welcome to Canada's Favourite Questions and Answers Site, where you can ask questions and get answers from people in your local area.

Is there anyone in pg trading the forex market on currencies?

+8 votes
15 views
asked in Prince George by Morrison (110 points)

1 Answer

0 votes

Just some tips on Forex trading that might be useful in some ways:

1. Know yourself. Define your risk tolerance carefully. Understand your needs.

2. Plan your goals. Stick to your plan.

3. Choose your broker carefully.

4. Pick your account type, and leverage ratio in accordance with your needs and expectations.

5. Begin with small sums, increase the size of your account through organic gains, not by greater deposits.

6. Focus on a single currency pair, expand as you better your skills.

7. Do what you understand.

8. Do not add to a losing position.

9. Restrain your emotions.

10. Take notes. Study your success and failure.

11. Automate your trading as much as possible.

12. Do not rely on Forex robots, wonder methods, and other snake oil products.

13. Keep it simple. Both your trade plans and analysis should be easily understood and explained.

14. Don’t go against the markets, unless you have enough patience and financial resilience to stick to a long term plan.

15. Understand that Forex is about probabilities.

16. Be humble and patient. Do not fight the markets.

17. Share your experiences. Follow your own judgment.

18. Study money management.

19. Study the markets, fundamentals, and technical factors leading the price action.

20. Don’t give up.

Forex Trading

answered by Leo Sheppard (160 points)
edited by Leo Sheppard

Related questions

+2 votes
1 answer
...