Need some quick advices and tips on currency trading?
Saturday, November 29th, 2008 at
8:13 am
▲ßûІІѕ vş ßèāŗѕ▼ asked:
I am trying to learn currency trading as soon as possible and need some someone expert to tell me the most important things I need to know about currency trading.
I am trying to learn currency trading as soon as possible and need some someone expert to tell me the most important things I need to know about currency trading.
Thanks
Tagged with: Advices • Expert • Important Things
Filed under: Forex
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The most important thing you need to know is that it is not as easy as it sounds. Investools has a good course. It’s not something you learn quickly it’s something that takes a lot of practice. Investools has a great practice account.
If you are depending on quick advice and tips, you are doomed.
You need to read a lot of books and articles and use the educational materials that most forex web sites provide for free.
If you keep listening to people who tell you to read, read, read, and keep reading more until you understand the trade then you’ll be doomed for sure. Don’t bother with learning technical analysis. The best tools you’ll ever need are your eyes for reading price action and your brain for analyzing news releases. Keep trading simple. All you need to know are 3 things and they may sound real stupid.
1. Entry Point
2. Exit Point
3. Risk Management
If you have a trading idea that doesn’t include any one of those. You can instantly filter away that thought, because no consistent winner can do it w/o keeping those 3 things in mind.
I’m currently making 5-10 percent return a week. If you can give me three good reasons to teach you, I’ll fink about it.