First time on Forex and you feel confused? There are useful tips for you to look through before starting in the financial world. Learning them will help you enter the game and smartly choose your trading tactics.
According to time-frame, there can be various kinds of trading: short-term, or intraday (30 minutes – a day), medium-term (2-7 days) and long-term (up to a couple of months). The shorter the time period, the higher the risks.
Determine your goals
A short-term trade is practiced only in case of a small deposit, to make quick money. To not lose anything you have in the process, you’ll need to consider specifics of your account management. Take a note that in intraday trade only very skilled brokers and financial organizations play with big sums of money.
Choose you Approach
After you’ve got all theoretical knowledge and practiced on demo-accounts, you can start working with real money.
The moments you’ll need to carefully think through:
– Entry point: what needs to happen for you to open a trading position;
– Exit Point: what should happen for you to close the deal;
– Time-frame: the time interval you’ll choose for trading;
– A tolerable loss: a sum of money you’re ready to lose, for one deal and a whole trading day.
In search of a broker
Don’t forget that brokers are interested in your success, hence they’ll offer you training tools and guidance. A conscious broker company will be eager to provide you with technical support and deal with any possible problems on short notice.
If you’d like to know if there are some prominent companies in the field you can trust, click here to learn about one of them.