I'm going to share with you the knowledge of forex trading, which should help you become a better and more successful trader. This is a tough business, but if you're willing to put in the time you can get good at it.
- Trade With Everyone Else: I always thought the way to be successful is to go down the path the few take. For the most part that is true, but in this business, you should be trading with everyone else. The reason is simple, when everyone is trading, there is such a high volume that currency sticks to analysis and patterns. If you take a time when few are trading, big banks will come in and make big trades causing currency to go in a completely opposite direction. This isn't a time you want to be trading.
- Verify The News: Never go out and make a trade without first checking the news. It's important because the news has an effect on currency and you can't escape that. For the most part economic news comes out in the morning. It's just scheduled information and it rarely is ever "breaking" news. So you're not actually obligated to be checking the news constantly, but you should definitely of hear the economic news of the morning and at least have an idea what is going on with the breaking news.
- Good Profit Margins: You got to have a decent profit margin to really get an understanding if you're doing good. Typically, your broker is going to take 1% of your trades and if you're only making 2% profit on your initial investment than you're losing 50% of it. That's not good. You need a decent amount of a margin, so you're at least making something that the broker isn't taking most of it.
I'm currently giving a 7 day free forex training course. Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.
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