My Forex Wiz » Platforms http://my-forex-wiz.com Mon, 11 Jan 2010 17:51:34 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Learning Forex Trading- A Vital for Beginners http://my-forex-wiz.com/learning-forex-trading-a-vital-for-beginners/ http://my-forex-wiz.com/learning-forex-trading-a-vital-for-beginners/#comments Wed, 11 Nov 2009 07:43:50 +0000 admin http://my-forex-wiz.com/learning-forex-trading-a-vital-for-beginners/
Alan Lim asked:




There are many who have made money while indulging in forex trading, but there are many more that have lost money. The simple difference was that the money makers gave due importance to learning forex trading whereas the losers though they had nothing to learn.

It is not a coincidence that only those who learnt forex trading minted money. This tricky investment *** business proposition requires having a fundamental, if not more, knowledge of how forex trading works. The more you indulge in learning forex trading, the better you can be at it.

Forex refers to foreign exchange currencies. The trading refers to speculative trading in the currencies. The forex exchange market is in business for five days every week and works around the clock. The forex trading market is highly volatile and it is as easy to make money as it is to lose for the uninitiated. Before you decide to jump into the foray, think about learning forex trading.

With the current changes in the market there are many platforms which will allow you to trade in forex with an amount as low as $250. You can always think that you will learn as you trade, but wouldn’t it be better to minimize your loses by learning forex trading first. If by now you are convinced about first learning and then trading, you may be wondering how to do it?

There are many ways to learn forex trading. You may take up good books, either buy them or borrow them from your local library, which teach you the tricks of the trade. The other option is to learn forex trading online. There are many sites offering to help you learn forex trading online, through materials or videos. You can choose the one that suits you. Another and the best option would be learning it under the wings of the best in the trade. Learning forex trading is your best bet at making money in this fickle market.



]]> http://my-forex-wiz.com/learning-forex-trading-a-vital-for-beginners/feed/ 0 Forex Trading – Tips and Tricks http://my-forex-wiz.com/forex-trading-tips-and-tricks/ http://my-forex-wiz.com/forex-trading-tips-and-tricks/#comments Sun, 04 Oct 2009 09:11:11 +0000 admin http://my-forex-wiz.com/forex-trading-tips-and-tricks/ Ladi Dairo asked:
Tips and Tricks To Help Improve Your Tradingforex_trading_tricks4

Simplicity – Always keep your trading systems simple. Too many information at one time on your trading screen could confuse and delay your decision to trade

Broker – A lot of FOREX brokers are in business only to make money from yours. Read forums, blogs and chats around the net to get an unbiased opinion before you choose your broker.

Sample the Environment – It is important to remember that many registered and online trading agents have fictitious platforms which mirror the real-time, live platform clients register and trade on. It is not only advisable, but it is also actively encouraged to initially open a ‘dummy’ account where fictitious forex trades can be undertaken that closely reflect what real trades may be like when they are eventually undertaken. Such platforms are designed to give those that are new to forex a feel and an idea what real trades on live markets will be like when the decision is made to begin trading.

Buy low, Sell high – Forex trading does not involve the physical purchase of the currencies, but rather involves contracts for amount and exchange rate of currency pairs. The potential for profit comes from the fluctuations in the currency exchange market. Regular daily fluctuations in the value of one currency against another give a clear advantage over conventional stock market equities and instruments. See Trading Illustration Only

Manage Losing Positions – Trades will sometimes inevitably on occasion go against you. It is important to accept them as an inherent part of trading. Cut your losses and move on having learnt from any mistakes made. Always remember however that you will not be able to trade without losing some positions. It is important to manage these well.

Patience – Do not over-trade your account. Good money management practice is important and will help with profitability. This will go a long way in helping you develop a strategy which fits with your personal trading capital. Operate a trailing stop loss policy say 15 to 20 pips behind the trade. Minimise your good trades as long as you are confident.

Flexible Mindset – Don’t set yourself false targets and expectations. Experts will tell you trading is not an exact science and setting oneself unattainable targets will only lead to frustration and feeling of failure when these targets are not met. Always maintain an open mind. The market is a constantly changing environment tunes your mindset to understand this.

And lastly but definitely not least, it is most important for all market participants to remember that unique experiences and past performances do not guarantee future results. Trading results can vary in any combination of circumstances. If you do not have extra capital that you can afford to lose, you should not trade in the foreign exchange market.

Invest wisely and take advantage of the resources and technology available to you in the market

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