If you are thinking about entering the forex market, let me give you a little introduction. First and foremost, you need to understand that statistically, the chances of you succeeding are not good. The statistics show that 95% of traders are losing money, just as you are reading this.
Be aware about the presence of those Big Sharks and be sure that the information they will try to sell to you is always available for free online. Most of the time the quality and the real value of that free information is much better than the one you will be asked to pay for.
OHave patience to ride out trends and run profits – Allow your trades to go their full course. A common mistake that a beginner forex trader makes is getting off the trend too quickly to preserve profits. But doing this, the forex trader gets stopped out and misses the chance to earn higher profits if only he had waited for the right signals.
You need to be selective with the breakouts you choose – but the advantage of a long term breakout system is it only takes 30 minutes or less to execute a day and it can pile up huge profits in reward for your effort.
Don’t fall for the lazy way of trading. By lazy, I mean plastering a bunch of indicators on your charts, and expecting them to tell you when to buy and sell or letting a Devisenhandel erklärt robot do all the trading for you.
Forex profits also depend on the initial investment capital. If the initial deposit is just $5, it is most likely that you won’t collect anything larger than $10 per month.
Forex day trading systems sound great in theory, but the reality is these systems are sold by vendors who have enticing marketing copy and nothing to back it up.