How to trade Forex?
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1.Your first account
FotoGraf - It is through practice that we learn. So if you want tosucceed in making gains, you will have to get wet. Of course, you can keep youraccount. As we have seen above, with micro lots, you can start with a smallcapital.
On the forex, it is possible to earn much money. Intelligentand talented traders can make much money quickly by starting with a modest capital.
But it's not by putting in more than you can afford that youwill imitate them. It is better to go little by little and grow your capitallittle by little rather than trying to gamble and end up with nothing.
The capital you will need will depend on your objective. Ifyou want to try your hand at trading a little, a small capital of 200 euroswill be enough. This will allow you, with the micro-lots, to last a long timeand learn from your mistakes. If your goal is to earn a living on forex, astarting capital of 200 euros will also be sufficient to see if you can beprofitable regularly. On the other hand, only expect to become rich and quityour job after three months with this starting capital.
Many beginners lose their starting capital. This is becauseit takes time to find a trading strategy that works for you. Just as it takestime to learn how to manage risk, you will also have to avoid manypsychological pitfalls, such as managing frustration when a position youthought was winning turns out to be losing.
You will need to acquire the discipline to close a positionat the right time when emotionally, you would like to gain even more tocompensate for losses. You have to remain calm and rational, especially in theheat of the moment. These are the essential qualities of being a good trader.
Before you start, you should realize that learning to tradeprofitably takes time, money and much patience. Only start with the capitalthat you want to retain.
It is impossible to earn a living with 200 euros. But youwill be able to get an idea of how profitable or unprofitable you are, givingyou plenty of time to learn.
To choose a broker, you will have to look at the quality ofthe platform they offer for trading. It must be user-friendly because you willspend some time monitoring your positions. It is also essential to consider thequality of service of the broker. Is it easily reachable? Is customer servicefriendly and available?
It is also necessary to consider the financial regulatoryauthority that has approved a trading platform. A broker whom a significantorganization regulates inspires more confidence.
2.Should you start on a real or demoaccount?
You will need to learn how to make money using a demoaccount. The psychological aspect needs to come into play more. You will beconfronted with situations that will not be easy to manage psychologically. Inthe same way, you don't learn to surf on sand; you don't learn to make money inForex with a dummy account.
However, a fictional account can be fascinating tofamiliarize yourself with a platform or test new strategies.
All you have to do is find a broker you like and open a demoaccount. Or, if you want to get down to business straight away, open a realmoney account and put some small capital into it.
3.Manage your money
Lack of fund management is one of the main reasons why newtraders quickly lose their starting capital. Attempting everything by putting acapital of 2000 euros and opening positions of 200 dollars per trade will leadyou nowhere.
·Survive
Your primary mission is to stay in the race (in fact, it'sthe 2nd, the first being to earn money, winking smile ). You will inevitablyhave losing trades. You must have more money to be able tocompensate for these losses.
It is, therefore, essential that you know what your averagerisk/reward ratio per trade is. That is how much you risk to make X% profit.This will let you know how much money you can invest in a position and yourexpectation of gain. A rule frequently used by traders is only to stake 2.5% ofyour capital in each trade.
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