INTRODUCTION TO FOREX TRADING

Foreign Exchange simply called forex is the Buying and Selling of currency. As a trader, you make lots of money at the shortest time just at the comfort of your home. You can as well LOSS greatly if you fail to study hard and develop your trading style.

Those who rush into the war front unprepared, rush out with some great blows.

Do you want to trade successfully?

Study hard, develop your own system and Stick with it.

That’s it!

Forex trading is for all as long as you are ready to go. It has no exception. It doesn’t matter whether you are working class lady or gent, less than THREE hours daily including night hours (if you are noctunal or a zombie) is more than enough to increase your financial status.

Definitely, it only involves using your Computer Desktop/Laptop with high speed internet access. But this is never a problem as public cyber café can also assist you generate some profit too. I started with a cyber café.

Mr 4xPipSense is right here to attest to this.

But the truth about forex is that it requires proper training and money management rules.

If you lack these qualities, you can go bankruptcy within the shortest time.

As a trader, you become automatically an international business tycoon highly involved in currency exchange business.

To be successful in this venture, some basic rules must be adhered to.

Please and please don’t rush and begin to trade currencies without maximum knowledge of what you are doing.

Here are some tips to a successful trade;

• Choose a suitable time frame. Use about two larger time frames to identify the market trend and use the smaller time frame for your orders.

•  Avoid trading against the market Trend which might endanger your trade. Though we will learn some tips about market reversal.

• Avoid greed like plague, taking your gains just with a little increment in points (Pips) or better break even. Set your risk to the minimum depending on your trading balance to avoid loss. This is where money management rules come to play a major role.  

• Develop your trading system and style. Also stick with it.

•  Analyze the market fundamentally, technically and also using market sentiment. You will soon know about this later.

Before you start thinking about how to pull millions out there, I wouldn’t want to deceive you. There are some truths you ought to know about Forex.

Are you here? Let’s kick start with what forex trading is all about.