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How
To Win With Forex?
Foreign
currency exchange, the greatest game in the world with a daily trading
volume
of over a trillion and a half dollars (thirty times larger than the
volume of
all the U.S. equity markets combined), has it's share of winners and
mostly
losers. Do you want to learn how to be in the winners circle?
Like any
game it's important
to know the rules in order to win.
You don't have to be a professional to
enter
the sport, but you should have a basic understanding of the game and
how it's
played. Most of
this can be learned for
free from the online brokerage houses who also give you free trading
software
so you can actually practice playing the game and gain your confidence
and
skills before plunking down your real cash in the big leagues.
As in any
sport, the most important thing to do is practice before you actually
play in
the real game. I
can't stress that
enough. Practice,
practice, practice
makes perfect. The
only thing it will
cost you is your time. When
you think
your ready to step on the playing field, start small.
Most brokers will allow you to start
trading
in mini accounts with as little as 300 dollars.
And now for
what you've been waiting for, the secret to winning at Forex. You need to have a trading
strategy. In other
words you need to know what to look
for and how to trade to make money.
Work
out a basic game plan, you expect to follow and never let your emotions
influence your trades.
Rule
number one
is never to risk
more than 2%
of your account balance on any one trade.
That way if you have a streak of bad
luck you
will not wipe out your account. Rule
number two is that if you have a string of five loses in
a row, stop
trading
real money and go back to demo trading until you have
demonstrated success for
at least a week. Only
then do you go
back to trading with real money. Rule
number three is to employ strict trading rules that you
stick to no matter what
and do not trade wildly. If
you preserve
your capital from big risks you will allow it to grow steadily and
consistently. Don't
try to make a
killing in a short time and you can reasonably expect to grow your
account by
10% a month or more.
Remember to
have fun with it
and learn a little more each day.
This could turn into a lifelong
professional
career.
How To Win Forex?
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