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Published On: Mon, Feb 11th, 2019

Secret Tips to Become a Better Forex Trader

The foreign exchange market which is popularly regarded as ‘forex” or “FX” is the largest financial market in the world. It is so large that compared to the measly $74 billion a day volume of the New York Stock Exchange, the foreign exchange market looks absolutely ginormous with its $4 trillion a day volume.

Many have failed at forex due to an inability to grasp a full understanding of the basic circumstances that influence the world market. Factors such as the appropriate currency pairs to trade, the sessions of trading, the use of analysis, investment and security will all be considered to ensure you enjoy a career in forex.

photo/ Gerd Altmann

There are a number of tips that can enhance your chances of becoming a better forex trader and they include:

UNDERSTANDING WHAT YOU WANT TO ACHIEVE:

To become a better forex trader, setting a realistic and feasible goal is highly essential. This goal could be weekly, monthly, quarterly or yearly. For instance, your goal could be to achieve about 30% monthly return on your investment, earn about 400 USD on a monthly basis, and amass a staggering amount of 800 pips per month. Advisably, it is better to set a goal that can last for a long period of time and as a result, setting annual goals plays a crucial role in bettering your chances of a better forex expenditure.

ATTENDING FREE FOREX WEBINARS FOR BEGINNERS

In the school of forex, there are experts who by virtue of practice and long-term experience have been refined to trade in forex with little or no losses. Being present at certain forex webinars and seminars anchored by such experts exposes you to a better combination of technical, fundamental and sentimental analysis involved in trading. Free signals are also provided at such seminars to increase the number of pips you get on a monthly basis.  Being able to talk about ratios, charts, indexes, and trading should be regarded as a skill to aspire when you start to learn about forex trading in free forex webinars.

PRACTICE MAKES PERFECT

If you desire to get the feel of the trading platform and get acquainted with its features, constant practice with a demo account provides the best option. Using a Demo account for practice ensures that you get fully acclimatized with marketing strategies without losing any investment.  Perfect knowledge of channels creation, uptrend, and downtrend, pullbacks etc. is achieved by constant practice and consistently keeping tabs on trading news that influence the forex market.

RECOGNITION

In order to make maximum profit and become a better forex trader, you must acknowledge the risk and safety zones in the market. In order to ensure this, you need to be self- aware to make sure that any capital invested and risk tolerance to forex trading are at the right levels. In summary, you have to do appropriate analysis of your aims and objectives, and then trade accordingly. This is the most important thing to note on how to trade forex for starters.

Author: Andrew Ma

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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