Forex For Dummies – 3 Iron Rules In Manual Trading And The Real Solution For Dummies
If manual trading is your choice, don't waste your time looking for a forex for dummies theory that can works because you won't find any. You can't keep being a dummy in forex trading while scoring winning trades on regular basis, thus your goal should be become a trader that posses the ability to do so. Of course, it can't happen overnight, but you can make the process less complicated by paying attention on these points first:
1.Learn how the game is being played
You won't go anywhere without first understanding how forex trading works and how people make a living out of it. I recommend you to get free lessons at forex trading course where you'll get step by step tutorial to master the basis of forex trading. After you finished studying the trader, study the broker and how they gain their money; this is important for later step when you have to choose an online forex broker to put your money.
2. Short term trades or scalping strategies are bad idea
Many "experts" will suggest you to trade with minimum risk by utilizing scalping strategy; unfortunately, this is a recipe for disaster, not a "forex for dummies" strategy. While it seems like a low risk trading strategy due to the tight take profit and stop loss placement, you have to win multiple trades during the day to gain decent profits. Please also remember that during the day, you will also have a few loss trades as well, so your profits at the end of the day must be large enough to cover the loss.
3. Stick to proven strategies
Trying to master all trading strategies known to men is simply stupid. Search for only a couple proven and reliable strategies and test them in a demo account. If you can obtain decent profits by using those strategies, open a mini live account and continue the test there. You should do this for a few months just to make sure that the strategies can hold against different market conditions. I suggest you read forex wealth builder review for details about profitable swing trading strategies.
As a manual trader, there are no forex for dummies solution for you aside from step by step learning. The true forex for dummies strategy is having an expert trade for you (simple isn't it?). An easy solution for this is having an EA with proven trading system behind it to manage your trades; read more about using an EA at forex robot software.
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