When I talk to people who are thinking to start forex, or newbies at forex, the first things i get to hear are..."Its too risky"....or..... "Its just a gambling"....yes, I want to talk specially to those people here.
When we start forex, without any study, and start investing money, specially only 20-25$ and lose it without any knowledge of where to take the deal, such statements involve. Most of them are result of frustration and are heard when the person has lost some money initially. Neither it is risky nor is it, a game of luck. If you want to learn this business, find some experienced person to guide you. Learn the details of the trade, be confident, choose a proper platform like (Easy-Forex)the one, I am trading with, and then move forward.
The very general outline of the tips for newbies are as under-
- When you start trading in the morning, first compare the rates of the previous day. See if the market has started with a rise or fall. This is the very first point to decide, if it has started with rise the tendency will be upwards and if it has started with low, much chances are there that it may go low. This is very rough outline to decide, though any day the pattern may change, and we should remember that forex trade depends on the real time event taking place in market.
- The second thing that decides the taking of deal is the percentage of buyers of both the currencies of a pair. You have to see it and when there is lower percentage of any one, mostly the market goes in favor of that currency. But you have to watch out that don't be in hurry to take that currency as with every percentage increase in buyers of that currency, you will get more better rates. So better buy it late, so that you can expect good profits.
- If you are a small trader, decide the limit of profit as well as loss, as while trading, many times you may take deal in hurry, and later when you realize that it was taken at improper time, then you decide that you will take very small profit in that deal and close it, and if you have taken it after long waiting, means when the percentage of currency you have bought, has increased a lot, then you can wait for more profit. If the margin to risk is suppose 25$ then if the loss goes more than half, that is above 12$, without showing you even a small profit, then you should leave that deal on low profit, if at all you get it, or if it goes still more down, then take another deal at lower rate, and then in average close both the deals, as it is showing you the signs that either you have not taken proper currency or not at proper time.
- Be strong at points, when you realize that you have taken wrong deal, then decide the amount you are ready to lose, and close the deal at proper place, and then take another deal in opposite direction, you can cover that much loss on the same day or at least the next day, but don't get caught in the critical situation of 2-3 deals that will give you a big loss at least to 100$. So better decide in one deal that you have taken a wrong one.
Now reading the above points, don't be scared that Forex is very risky business, its not so at all. Let's discuss the benefits of Forex trade as well-
- There is no other business as profitable as Forex trade, with so low investment. You can take one deal at the amount as low as 25$ and there are many chances that in 2-3 days you can double your amount. Even the shares and stocks work on same principles, but there investment is big.
- You can trade at the time that is comfortable to you. As this market is international, it works right from Monday to Friday, all 24 hours.
- Easy-Forex requires no software downloads and you can do it easily along with your other online works.
- You can carry your deal to the next day with very minimal amount of rolling fees.
- There is no force of deposits and withdrawal, you can deposit minimum of 200$, and later if you find that you need money, you can withdraw any amount on any day, its just like your bank account, you have full control on your money.
- You can also earn money from affiliate programe.
To take tour of the best platform to start Forex-trade click on the banner on the side. Good Luck !!!
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