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Learn futures and options trading
So I finally started doing a post about the basics of forex trading. This post will not tackle the things like how the forex market work as you can head over to babypips.
We will talk about the things you need to get started trading. Things that are important to the success of your trading career and things you need to remember to not go bankrupt. To keep on trading and learning at the same time and not blowing your account.
Your first goal in trading as a newcomer in this business is to last. Not to make profit, but to last. How many months can you go on trading before you hit 0 on your fund. We can mind the profitability later, what you need first and foremost is experience.
Money makes more money if placed in the right spot. There are a lot of brokers around the internet and I suggest you do some research first before giving them your money. There are a lot of scams out there so be careful.
You need a demo account to practice your trading strategy. You need real account to practice your trading strategy with the components of emotions and the feeling of earning and losing money.
A Trading Strategy — In any business, you need a strategy and forex is the largest business in the world. Your entry and exit strategy and money management skills will play a big role in your success. Create your own trading strategy and practice it with your demo account for at least 6 months. You can develop you own trading strategy or customize the strategy of others.
You can find a lot of strategy from books and indicators. Do your research well and practice it. Just make sure you follow it when you trade, you already invested a lot of time developing it.
Competitiveness — Forex is the battle between the bulls and the bears. The buyers and the sellers. You will win and lose sometimes. The important thing is, do you have what it takes to get back up in case you lose? You should be well prepared of the lost and keep moving on up to the point till you become successful. Emotions — Its like poker. Emotions cloud your judgement. You need to have a strategy and the discipline to follow it.
Do not give in to emotion. Emotion has no place in the market. If you have questions or suggestions for the next forex series of posts, kindly put them in the comment section below. Is there any seminar about forex trading in the Philippines?
And what are the online forex brokers do you suggest that i open my account to? Thank you so much. Can you advice a good demo trading account to start with? I would like to start investing and going through a demo account before the real thing can help me prepare.
You are the first filipino forex trading blog i have ever seen. I have account in FX,but i really dont know how to play. Its on this post http: I do have a very important question though on to which broker would you suggest? There are a lot of brokers out there but I would like to know which broker works well especially with us here in the Philippines.
There have been a lot of scammers out there and would like to know, with your experience, on which broker you chose and why. FXCM is the largest fx retail broker in the world today. I have an account with them and so are with other brokers.
These things are part of learning and experience. Do you have funds you wish to withdraw from your binary brokers or forex brokers? Hi, I am really interested in forex. Hello, same here I want to know more about forex. I am interested to know how to start and where to start. Hi ferdy, Its on this post http: