How to Trade Forex i.e Foreign Exchange
I have a few ideas I would like to share with you, that you need to know, before making any Forex trade what so ever.
It takes years to become a doctor, lawyer, etc., but for some reason people thinkthey can just open a Forex account and start trading and be successful.
Of course it doesn’t work that way.
So the first thing I want to get across is once you decide you want to trade commodities,don’t be in a big hurry to start trading.
You have to learn to trade, before you start to trade.
That sounds so obvious, but most do start trading before they even have a clue how to trade.
There are many reasons for that,the biggest one being the idea,
that when they put on a trade they have a 50-50 chance of winning,
which of course couldn’t be further from the truth.
The best advice I can give you to save you lots of heart ache and money,
is that you have to have a plan before you start trading.
Again sounds obvious and sounds easy, but very few start out with a plan.
The other thing is that the plan has to have an exact set of rules.
Most people will learn a couple general trading ideas, and feel like they have a plan.
When they start trading they don’t know what to do next, if the trade moves for them or against them, which means they really didn’t have a plan in the first place.
Your trading plan has to be specificand not just specific on how to get into the market.
It has to be specific for every step along the way, or said another way, you should not have to think at any time from the beginning of a trade until the end.
You should know exactly what you are going to do,
every step of the way, before the trade is ever made.
If you don’t have a plan you will lose.
If you do have a plan you will put the odds in your favor.
Of course there is more we could talk about, but we’ll save that for another day.
But let me just say without a doubt, if you are looking to learn how to trade Forex,
starting out with the above rules is the best start you could ever have.
Write it down on a piece of paper.
I will not make a trade until I have an exact trading plan.
Sign it and date it, put it on the wall in front of your computer,
and then start learning how to trade commodities.
I honestly know trader’s that if they did exactly as I just wrote above,
could have saved hundreds of thousands and some millions of dollars.
So this is very imprtant information,and should be taken to heart, by anyone serious about making money in Forex.
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