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Learn about Forex
WHY YOU SHOULD GIVE THE FOREX A SECOND LOOK
> Large returns
> Currencies trend well.
> There are no commissions.
> US$6 trillion a day and growing
> The forex is a very efficient market.
> High leverage: Each pip is worth US$10
> There is lots of movement in this market.
> You can trade 24X5 from home or anywhere.
> Little capital is required – as little as US$200.
> You can easily start out by taking 20 pips a day.
> You can trade whether you have a day job or not.
The key is to find a winning forex strategy and sticking to it. So, how do you find a profitable forex trading strategy which works best for you? Here is are some guidelines.
3 Golden Rules of Forex Trading Strategy
There are certain guidelines that any forex trading strategy should follow and these are true for everyone. These guidelines are called the golden rules of trading.
1. Trend is Your Friend
Always follow the trend. Majority of the forex trading strategies and systems concentrates on identifying trends and that is a right approach. Do not try to go against the trend and depending upon the rising or falling trend, choose to go long or short as appropriate. Resisting the trend will result in losing your money in most cases.
2. Goal Setting for Individual Trades
Before you enter a trade set a clear profit goal. This means you know when close the trade and exit. Sometimes people get greedy and try to stay in there with the hope of making more profits. New forex traders often commit this mistake. They might even get few high profit trades only to see that finally a huge drop in currency price destroying all their funds.
Similarly, if a trade goes against you, do not try to hold on in the hope that the market will turn back your way. In such a case your forex trading strategy should be to cut your losses and get out and when you set proper goal for each trade you know when to quit. You can also make use of stop losses to do this automatically.
3. Protect Your Funds
Forex trading is of course a risky business. However risking too much on one trade is a mistake you should avoid. Even experienced traders fall in this trap. You may have strong confidence on a particular trade, but never risk too much money on a single trade. You may feel that nothing will go wrong with that trade, but anything can go wrong in forex trading.
So how much risk is too much? The amount of risk depends on your funds and the forex trading strategy you use. I would say risking 2% of your fund per trade is a safer option though you could go up depending upon the trade. However never risk more than 5% of your balance for a single trade. Also remember that if you go with a fixed percentage, as your profits and funds increase the amount of money you risk in each trade will increase.
The above three golden rules will serve as a guideline when choosing the best one from the forex strategies or while developing your forex strategy.
**Set stop-loss around 3%. So if a trade starts to go sour, you will almost never lose more than 3% of your investment.
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