Forex. We see this word way too much on the internet these days. Marketers have a field day selling off Forex systems which will not turn “ordinary people” into “mastermind traders” in spite of what the fake promises claim. FACT! Most of the programs you can buy about Forex trading online are Forex scams. Why are there scams? Because marketers have turned retail Forex trading (that’s where a non-institutional investor trades the Forex market) into a vehicle for “the dream” to be achieved. However, since the market doesn’t work in that way, Forex has arguably become a dream-stealer in the 21st century for many would-be traders.
Other way includes defining longer term support and resistance levels and trade when those levels by setting entry orders in your trading platform above the breaking points. Most forex brokers provide all kind of features that might help you out. This way after you come back from the full-time job in the evenings, you will need only an hour or so to look at the charts whenever the forex market is mellow to identify the support and resistance price levels.
Let me give you tips on how to do forex trading. First, you have to have a reliable forex broker. He will be the one to give you pieces of advice on what strategy will you use in order to get positive results. Second, you have to learn some basic and advanced forex ea that you can use in your transactions. You also have to learn the ins and outs of the forex market. Third, you can use forex software to monitor how your investment is doing. This will show you the trends of the market and you will be able to conduct you own prediction regarding your future moves.
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The forex market is a complicated place so you should always trade with a practice account before you risk real money. Wait until you’re making a consistent profit (say, over the course of month or two) before you open a real account.
Before you risk your own money you should also paper trade and develop your trading plan. Following your personal plan without emotion and error can make a huge difference in being successful or not. Most new traders trade on emotion and not with a specific trading plan leading to loss and frustration. A trading plan may not make you profitable but it does give you a plan and confidence to trade will purpose.
However, it’s as old as the market itself. With famous traders like Jesse Livermore making millions of dollars at the turn of the 20th century, just by being able to follow the price movements of the stock market, price action is the #1 concept that every technical trader should have to grasp. It’s a bit more discretionary than the mechanical trading systems that most people are used to. But once you get the knack of it, you’ll wonder why you haven’t been trading like this since the beginning.