Currency Trading Advice
Advice me in Forex Tradinfing..?
Hi guys am from india i want to start trading in Forex..but with how much amount is better to start..? which cross currency is better to trade in Forex? …Thank You
Hi,
1. Firstly I would like to tell you that nobody could predict the market. Therefore Elliot waves together with some other technical indicators are very useful when you are making analysys for enter/exit point
2. All currency pairs are good. Some of them have higher volatility and some lower volatility. Usually traders are trading with several currency pairs that they like.
3. As you have noticed leverage could be as profitable as detrimental. For that reason traders use money risk management rules. The main rule is don’t risk more than 2% of your trading funds, which is rule No.1.
4. Rule No.2 – Listen and follow the market. Trend is your friend.
5. Rule No.3 – Don’t listen experts. They are paid for their speech. If their forecasts are so successful why they don’t trade themselves? Trading is much more profitable than salary for making forecasts.
6. Rule No.4 – Never trust “black boxes”. All of them are created by historical data. Their presentations looks very good but market is alive because traders are live personse and nobody could predict next movement of thousands live traders.
7. There are many online forex brokers. I know nothing about forex.com as brokerage company. But I don’t like their trading terminal. I preffer MetaTrader 4.
Trading forex is very exciting and profitable business
Good luck!
FX Trading Advice
