Educate Yourself Before Trading Forex
This is a beautiful life. I enjoy everyday of my life by learning new thinks. I have played sports. I have done trading. Whatever, I have done in life; first I try to learn everything about it. If something interests me, I learn it first before doing it.
Once, tennis used to be my passion. I wanted to play tennis but my returns were very poor. My volleys were horrible. I had a very poor serve.
The whole day I would wait when evening would come and I could play tennis. I would do wall practice. So, I would practice and practice. Sometimes, I would play with my coach.
But I had a determination. I had an ambition. I would dream of becoming a very good tennis players and defeating every other good player who played against me. With practice, learning and determination, I became a good tennis player.
Forex trading is like playing tennis for me. Everyday is like a battle. If you are good, surely you can defeat the currency markets. But to become good at forex trading, you have to do lot of learning and practice.
Your forex training should start by taking a forex trading course that digesting it in full. First prepare yourself only then enter the battlefield. You need to understand a lot of thinks before you start trading forex.
The most important steps for you to grasp is to how to identify the behavior of the market at a certain point in time. You can only do this by learning Technical Analysis.
Understand the use of indicators. Learn how to analyze charts. Know what are lagging indicators and what leading indicators are. Try to figure out how price action is taking place at a certain point in time.
Know what is the support and resistance at that point. Develop your perspective about the market. You should understand depth what are SMAs, EMAs, MACD, Bollinger Bands etc and how to interpret price action through them. Understanding use of Pivot Points is must for you to predict whether the currency market is bearish or bullish.
Many traders dont give much importance to money management principles. Money management is the most important thing for a successful trader to know and understand. Never ever put more than 1% of your equity on risk in a single trade. - 21392
Once, tennis used to be my passion. I wanted to play tennis but my returns were very poor. My volleys were horrible. I had a very poor serve.
The whole day I would wait when evening would come and I could play tennis. I would do wall practice. So, I would practice and practice. Sometimes, I would play with my coach.
But I had a determination. I had an ambition. I would dream of becoming a very good tennis players and defeating every other good player who played against me. With practice, learning and determination, I became a good tennis player.
Forex trading is like playing tennis for me. Everyday is like a battle. If you are good, surely you can defeat the currency markets. But to become good at forex trading, you have to do lot of learning and practice.
Your forex training should start by taking a forex trading course that digesting it in full. First prepare yourself only then enter the battlefield. You need to understand a lot of thinks before you start trading forex.
The most important steps for you to grasp is to how to identify the behavior of the market at a certain point in time. You can only do this by learning Technical Analysis.
Understand the use of indicators. Learn how to analyze charts. Know what are lagging indicators and what leading indicators are. Try to figure out how price action is taking place at a certain point in time.
Know what is the support and resistance at that point. Develop your perspective about the market. You should understand depth what are SMAs, EMAs, MACD, Bollinger Bands etc and how to interpret price action through them. Understanding use of Pivot Points is must for you to predict whether the currency market is bearish or bullish.
Many traders dont give much importance to money management principles. Money management is the most important thing for a successful trader to know and understand. Never ever put more than 1% of your equity on risk in a single trade. - 21392
About the Author:
Mr. Ahmad Hassam has done Masters from Harvard University. He is interested in investing, options and forex trading. Know the Best Forex Trading Course. Discover a revolutionary new Forex Robot.
posted by X - Men @ 12:53 AM
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